The United States has the third largest population in the world, and the economy of the country accounts for almost quarter of the world’s economy. The number of internet users in the country accounts for more than 80% of the population, and more than 65% of the population shop online. Amazon is leading the online sales market in the United States. The supply-chain initiation of the company with fast and free shipping presents a tough competition for the other brands and retailers who sell their products directly to the consumers. The two most important factors in the last mile e-commerce delivery are price and speed. Customers prefer to have faster deliveries and at free of cost. This presents the logistics companies with a lot of challenges to address in last mile delivery.

新冠疫情对出行板块影响大于物流板块。2020 年 1-2 月中国运输生 产（CTSI）指数同比跌 24.7%，货运同比降 13.3%，客运同比降 45.9%。

近期，快递行业的新入局者极兔速递、众邮快递等纷纷布局起网，受到市场广泛关注，在行业竞争白热化阶段入局，行业新兵能否站稳脚跟，对未来对行业竞争格局影响如何？

政策加码铁路投资，基建托底作用逐步显现。2020年宏观经济下行压力依然较大，我国政府出台了一系列的政策强化基建投资的逆周期调节作用，预计2020年基建投资有望回归快速增长轨道。铁路建设是我国基建投资的重要组成部分，城际高铁和城际轨道交通更是我国“新基建”的七大领域之一，轨交设备行业也有望在2020年得到快速发展。2020年是“十三五”规划收官之年，铁路投资预计将维持在较高水平，目前全国铁路营业里程距规划目标仍有1.1万公里的差距，2020年任务依然艰巨。