最近，在竞争走向白热化的医药物流战场，巨头们的一招一式“你来我往”，针对医药供应链布局展开对垒。

The retail sourcing and procurement market was valued at USD 2.74 billion in 2016 and is expected to grow at a CAGR of 11.5% over the forecast period. This growth is attributed to the retail landscape that is evolving continuously in line with the consumers’ changing mobile and online shopping behavior as well as the market pressures such as volatility of fuel prices and increasing need to manage inventory in the retail sector.

The warehouse industry is rapidly changing, and as customer demand is rising, logistic companies are undergoing a change to counter the challenges that are created by the fluctuating product markets and shipping schedules. Warehouses worldwide are adopting latest technologies to stay competitive in the market. WMS facilitates the optimization of storage and management of goods in a warehouse.

新零售驱动冷链物流収展，国内巨头纷纷布局：冷链物流泛指产品在生产、贮藏运输、销售，到消费前的各个环节始终处于觃定的温度区间，以保证产品质量、减少过程损耗的一项系统工程。最主要的应用领域集中在食品生鲜和药品领域。特别是农产品斱面，随着我国农产品经营斱式的转型升级，农业生产与现代化大流通及城市大市场的有效衔接，客观上对农产品尤其是生鲜农产品的物流配送提出了更高的要求。

上半年经济运行总体平稳，消费逐渐降速，资管新规细则落地。本周，国家统计局发布上半年国民经济运行情况，上半年我国GDP 为418961 亿元，同比增长6.8%。消费方面，社会消费品零售总额6 月同比增长9.0%，单月消费增速呈震荡下降趋势，2018 上半年同比增长9.4%，较17 年全年增速10.2%下降了0.8pct。7 月20 日，中国人民银行发布了《关于进一步明确规范金融机构资产管理业务指导意见有关事项的通知》，这是对4 月27 日发布实施的资管新规的进一步细化，细则明确了细节，增强了政策的确定性，有利于消除市场不确定性，稳定市场预期。

1H18，我们预计：1）铁路货运企业的盈利保持增长趋势，主要受益于“公转铁”政策、清算办法调整、多元化板块释放业绩；2）铁路客运企业的业绩向好，主要源自动车组客运量强劲增长；3）高速公路企业的盈利增速存在分化，主要因为地域差异较大、多元化方向和程度不同。运输结构调整对两个板块有深远影响，建议买入与货运改革相关、增长潜力较强的铁龙物流，增持股息率高、可作为防御配置的粤高速 A。