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

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）。

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。

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。