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.

Vacuum packaging is the process of packaging a product by eliminating all the air inside to reduce the chances of spoilage and wastage of the product. Vacuum packaging has been widely used to store various items, including meat, poultry, seafood, cheese, dry fruits, and agricultural produce. It is popular across geographies when it comes to preserving food and keeping away bacteria and microorganisms. Also, vacuum-packed products are protected from moisture, dust, and other environmental gases and are being increasingly preferred by most manufacturers in the global food industry. Convenient packaging and easy handling are strongly driving vacuum packaging. Increasing disposable incomes and urbanization have also increased the demand for vacuum-packed products. Changing consumer trends for ready-to-go and lightweight packaging are some key drivers of the vacuum packaging market. Some advantages of vacuum packaging include the following

中汽协数据显示，国内新能源汽车 10 月批发销量 15.9 万辆，同比+116%， 连续三个月维持了较高增长（8、9 月销量分别同比+27%、+72%）。2020 年 1-10 月批发销量累计 89.4 万辆，同比-8%，下降的主要原因是 1H19 基数较高，且 1H20 生产销售受疫情影响较大。展望 4Q20，受汽车需求改 善、部分新车型销量爬坡推动，新能源汽车销量有望保持较快的同比增长。

线上零售持续增长，电商渗透率维持高水平 23.7%。2020 年 10 月快递行业完 成快递业务量 82.34 亿件（+43.02%），同比增速维持高水平。国内社零总额 同比增长 1.2%，环比增长 9.3pp，较上月实现更高水平增长。10 月市场加速 进入电商促销季，电商渗透率维持高水平，实物商品网上零售额 10 月增速 +23.6%，线上零售结构性增长持续得以验证，网购渗透率达到 23.70%（同比 上升 4.29pp，环比提高 1.53pp）。

看好航空与机场的投资机遇。2020 年受疫情影响，航空机场公 司整体利润大幅下行。但我们认为国内出行已经基本恢复，国际出行或受疫苗 进展而逐步修复，航空公司与机场业绩将逐季改善。对于航空公司，我们认为 2021 年春运或为供需弹性观察窗口，一旦确认，预计暑运旺季更可期待。基 于此，看好三大航与吉祥低位修复机遇；看好上海机场作为核心资产，其流 量变现长期价值不变。

行业数据：1）10 月客运量5032.3 万人次，同比下降11.7%，恢复至去年同期的近9 成，日均客流达到162 万人，环比9 月增长约1.6%。1-10 月同比下降40.4%。2）高频数据：航班管家数据显示11 月以来，春秋、华夏航班量实现同比4-5%的增长，三大航同比下滑约8%，吉祥小幅下降1%。3）后续评估：我们预计Q4 航行业客运量下滑幅度将收窄至9%，其中国内增长2%，国际下滑96.3%。全年客运量下降35.1%，其中国内下降29%，国际下降87%。