行业同比高增长主要受 益于低基数、就地过年政策以及快递公司春节不打烊等原因，但单票价 格依然保持连续 12 个月同比下滑，反映价格竞争的激烈程度。顺丰业务量与市占率较去年同期整体略有下滑，我们判断一方面由于去年疫 情期间相较同行出色的表现使基数较高，在今年通达系普遍不打烊的 情况下优势有所缩小，另一方面春节期间商务活动减弱或导致时效件 需求减少。21 年通达系竞争的主 要焦点在于韵达与圆通。

低基数+服务保障能力增强，快递业务量及业务收入维持同比高增长。单票收入环比小幅增长，集中度小幅下降。选股建议 关注两条主线，一是业务量市场份额持续领先、规模效应显著、拥有成本 优势的加盟制快递龙头；二是主打中高端市场，单票收入高，产品结构完 善、服务质量突出的直营龙头服务商。

由于造船的环保规定和融资能力抑制，目前在手订单与运力之比处于历史 低点，建议关注低估值、高股息个股。航空：我们看好未来两年航空业基本面改善，预计航空板块将伴随疫苗落地，国 际线逐步恢复而有明显涨幅。公路：随着疫情逐步得到控制，经济企稳回升，我们看好业绩向上弹性较大的个股。

Commercial refrigeration is the process of eliminating excess heat from a source or a material to maintain the temperature lower than its surrounding. Commercial refrigeration equipment are used for preserving food such as vegetables, fruits, meat, and other similar products by maintaining a specific temperature to increase the shelf life of a product. For the purpose of analysis, the report segments the global commercial refrigeration market based on product, end user, and region. It provides information about various commercial refrigeration products such as deep freezers, bottle coolers, storage water coolers, commercial kitchen refrigerator, medical refrigerator, chest refrigeration, beer dispenser, and others. In addition, the study outlines the details about end users such as full service restaurant & hotels, food processing industry, hospitals, retail pharmacies, supermarket/hypermarket, convenience stores, quick service restaurants, and others.. Furthermore, it summarizes the data about the revenue generated by commercial refrigerators across North America, Europe, Asia-Pacific, and LAMEA.

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。