Flexible foam is a processed polymer or plastic made up of hydrocarbons and other organic units joined with urethane connections. They exhibit various characteristics, such as high durability and enhanced shock absorption. Flexible foams are used in automotive, furniture, bedding, and packaging end-use industries. Their uses range from sponges in the kitchen and medical dressings to large filters and soundproofing devices. For the purpose of analysis, the global flexible foam market is segmented into type, application, and region. The report highlights the revenue generated from various types of flexible foams, which include polyurethane (PU) foam, polyethylene (PE) foam, polypropylene (PP) foam, ethylene-vinyl acetate (EVA), and others. The applications covered in the study include furniture & bedding, transportation, packaging, construction, and consumer goods. Region wise, the flexible foam market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The growing number of ATM installations across the global and the increasing demand for vaults for cash management are expected to be the major driving factors for the growth of the secure logistics market. Despite the recent growth in online payment transactions, cash continues to be the most frequently used payment method, especially for transactions less than $15. The growing demand for cash in emerging economies and the increasing number of fully automated smart cash-in-transit machines in developing countries such as India and China are expected to generate new growth opportunities for the cash logistics market. However, rapid innovations in technology have led to an increase in the adoption of digital cash transaction services, which, in turn, are expected to hamper the growth of the secure transit market during the forecast period.

本周休闲服务（申万）指数上涨1.06%，跑赢上证综指3.89 个百分点，跑赢沪深300 指数4.54 个百分点，在申万一级行业中排名第2。

11 月份，实体网购零售额同比增长 13.9%至 1.22 万亿元，累计实体网 购渗透率同比提升 4.8pts 至 24.3%。11 月行业单量同比增长 36.52%至 97.26 亿件；单价同比下降 1.32 元至 9.86 元；收入同比增长 20.42%至 959.40 亿元。

看好行业价值回归：三大航处于PB 估值相对历史低位。2011-19年的十年间三大航平均PB1.8 倍，近5 年平均PB 为1.85 倍，近三年均值为1.63 倍，当前最新PB 为1.3 倍左右，低于历史年度平均水平，具备修复基础。因此我们看好航空业价值回归。预计2021 年航空市场将从逐步走出低迷，并或存在局部时段、区域供需错配推动的业绩弹性，春运或为试金石。看好三大航与吉祥低位修复机遇。

2020 年11 月，虽然旺季会有高基数效应，但是行业需求表现依然较好，11 月件量同增37%，同比提速15pcts。旺季行业执行保价措施，价格战边际缓和， 11月同城+异地价格同降14.3%，跌幅环比收窄2pcts。虽然11 月价格跌幅收窄，但是我们对于旺季之后的行业价格仍持有悲观的看法，价格拐点短期难言出现。

2021 年， 疫苗落地消除基本面的不确定性， 国内外以及不同免税渠道将逐步从割裂走向常态弥合，机场板块逐步兑现流量与议价权的值回归。

1）11 月份，全国快递服务企业共计完成业务量97.3 亿件，同比增长36.5%，较10 月增速下降6.5pct。其中同城、异地、国际/港澳台地区业务量同比增速分别为+2.3%、+43.3%、+38%；分地区来看，东、中、西部业务量增速分别为 36%、44%、30%。2）1-11 月，全国快递服务企业累计完成业务量741 亿件，同比增长30.5%。从业务结构看，同城业务量累计完成110.3 亿件，同比增长11.1%；异地业务量累计完成614.3 亿件，同比增长34.8%；国际/港澳台业务量累计完成16.4亿件，同比增长27.8%。

核心枢纽机场的流量垄断价值从未改变，伴随新冠疫苗有望在2021年推出，枢纽机场业务量有望逐步恢复。同时，机场运营方与免税运营商有望进一步合作提升机场免税运营效率，远期机场渠道免税销售空间有望打开。推荐上海机场、白云机场、深圳机场。此外，航空业估值仍处底部，伴随疫苗推出，国际出行逐步有望改善供需格局，建议关注中国国航、南方航空、东方航空。

后新冠疫情时代的交通新格局：数智物流，复苏出行。数智物流：全面支撑后疫情数字时代的智能物流体系。新冠疫情催化数字经济发展，基于互联网应用的电商交易加速，2020 年前3 季度通过海关跨境电商管理平台进出口额同比增长52.8%，依托国内电商发展的快递业预计2020 年业务量增速达30%。

变革加速—疫情后建议关注具备品牌、管理优势的细分行业龙头。旅游： 短期内出境游仍受限制， 但国内游、低线城市出将游逐步恢复高景气。

加盟制创造了电商与快递行业的中国奇迹。加盟/直营是组织成本和服务溢价的抉择，降低成本的国际惯例与中国特色的生态系统遥相呼应。以面单为货币基础，总部与加盟商形成独具特色的央地关系。“管道化”与“内卷化”酝酿着风险，“新商流”与“新物流”孕育着机会。我们建议坚守龙头企业，静待竞争结构变化和新业务突破。