A transportation management system is a platform designed to streamline a shipping process. It is a subset of supply chain management concerning transportation solutions. A TMS allows shippers to automate processes within supply chain and receive valuable insights to save time and reduce spend on future shipments. Distribution companies, e-commerce organizations, or any other entity that moves freight on a regular basis realizes there are many moving parts to a shipping process, both literally and figuratively. From quoting to delivery, shipping freight almost always looks for ways to optimize spend and improve processes. Transportation management systems (TMS) helps shippers with a solution on their side to manage all processes easily and effectively.

首选航空和跨境电商物流、配置高速、关注干散油运。航空&机场：国内线支撑需求恢复，航空景气度有望持续向上。航运&港口：下半年集运和干散有望维持高景气度，油运或将触底回升。快递&物流：邮政局干预缓和竞争。公路&铁路：公路受益于制造业高景气；铁路货运即将进入旺季。

投资策略：盈利驱动决定论。莱特定律是探究军工业绩可持续的第一性原理思维。莱特定律对于我国军工企业的作用或将更为显著。基于历史上经营表现，白马股的选股思路：【中航光电】、【中航高科】；公司治理结构反 转带来戴维斯双击机会：【航天电器】；基于赛道景气度的 GARP 成长性选股策略：振华 科技、睿创微纳，此外，建议关注主机厂在贝塔型板块效应带动的引领性机会：中航沈 飞、中直股份。

民航恢复势头良好，客运量创 2020 年以来新高。从航司整体需求增速情况来看，4 月需求增速明显高于运力增速，供 需结构持续改善。目前国内疫情管控成效显著，居民出行信心增加，民航客运恢 复趋势良好。此外，随着疫苗接种进度的推进，国际航线有望逐步放开。

产业链挤压与内部竞争导致激烈的快递价格战，但也带来显著的正外部性。 义乌提价表明政策主基调从“高速增长”向“高质量发展”转变。政策干预 将有助于：1）产业链盈利的再分配；2）抑制非理性竞争。当下，通达系市 值颇具吸引力，建议积极参与板块性机会。

近两周，沪深大盘下跌0.3%, HSCE工指数下跌3.9%, A股交运指数上涨 0.35%，跑赢沪深大盘0.6ppt，在各行业中排名第17/28。分板块看，航运板 块上涨4.5%，港口板块上涨2.6%，公路板块上涨1.6%，航空板块上涨0.2%, 物流板块下跌0.2%，铁路板块下跌2.0%，机场板块下跌4.Q %。