Flexible packaging is used in products such as hot drinks, beauty and personal care products, and home care products, among others. The smaller pack segment is witnessing innovations as there is increased demand for mini and micro packs. The products comprise bags, sachets, envelopes, and pillow packs. Trends have changed and packaging today is seen as an integral part of a product. Efforts are being made toward making it sustainable for the environment. Increased complexity and more number of stocks keeping units (SKUs) demand unique packaging for various products.

本篇报告是《供应链视角看商流》系列的开篇，我们以市场最为关注的京东物流的仓配为切入点，剖析京东物流高效背后的成本结构；同时，我们试图从供应链视角来对比仓配、网络快递、社区团购等模式的履约成本差异，分析未来商流与物流的发展趋势。

国务院总理李克强5 日政府工作报告中指出，用改革办法推动降低企业生产经营成本，取消港口建设费，将民航发展基金航空公司征收标准降低20%。

2021 年春运航空需求再陷低谷，但自2 月中下旬疫情逐步得到控制，短期航空需求迅速回升，目前国内线客运量已恢复至2019 年同期超过90%的水平，并且主要商务、旅游区域出行限制政策放松，或将进一步催化航空需求。中期伴随疫苗接种范围扩大，航空需求恢复风险降低，我国在人均可支配收入不断提升的过程中，预计民航需求快速增长趋势不变。供给方面，“十四五”期间我国民航业供给存在缩紧趋势，飞机引进或将放缓，推动中长期航空供需结构优化。目前板块利空风险较低，收益水平有望边际改善，带动估值持续抬升。建议积极布局景气持续向上的航空板块。