GDP增速换挡减缓：2015年GDP年增速自2000年来首次低亍7%；2016、2017年增速分别为6.7%、6.9%。社零总额增速趋势性下降：2018年1-9月社零总额达到27.43万亿元，同比增长9.30%，较去年同期增速下滑。

教育、休闲旅游、餐饮等非必需消费的习惯正在养成。现阶段居民可支配收入预期谨慎，一二线可选消费支出已收紧；三四线仍处于惯性扩张期，消费升级尚未结束。

Sysco 是全球食材供应链行业巨头：立足美国（市占率16%），并通过持续兼并收购成长壮大；分销品类丰富，可提供一站式服务，重资产布局物流系统，叠加多元的增值服务布局，打造核心竞争力；终形成规模优势，保障了盈利能力；同时重资产扩张下，高杠杆推升ROE。

国内旅游市场增长平稳，迎来结构化投资机会。回顾2018年，国内旅游市场整体增长相对稳定，上半年国内旅游人次达到了28.26亿人次，同比增长11.4%，实现旅游收入2.45万亿，同比增长12.5%。出境游复苏态势明朗，2018年上半年出境游人次达到了7131万，同比增长15%，较去年同期提高了近10pct。我们认为在目前宏观背景下，各个子板块逐步出现分化，免税、演艺、酒店依旧是行业增长的主要动力。

业绩高基数基础上实现稳健增长，龙头继续引领板块。业绩表现方面，2018年餐饮旅游行业在高基数基础上仍实现稳健增长， 1-9月申万休闲服务板块实现主营业务收入1197亿（同比增长26.4%）和归母净利润138.6亿（同比增长46.3%），行业龙头仍为板块主要业绩支撑。市场表现方面，各个细分板块龙头继续引领板块，板块整体估值先扬后抑，中国国旅等权重股在三季度出现较大幅度调整带动板块整体估值下修，低估值质优龙头存在布局机会。

城镇化红利下的地产繁荣及民众觉醒的服务消费意识为物管行业提供长期增长支撑。行业处于高速发展阶段，面临较低的周期风险和政策风险。预计到2020 年全国物业管理规模可达243 亿平米，基础服务收入规模将突破1 万亿元。目前行业亦处于整合初始阶段，市场格局依旧高度零散。但持续发酵的市场化进程令行业集中度加速提升，行业领先集团初露峥嵘。物业管理轻资产扩张的商业模式也意味着出色的资本回报率和现金转化率。

The report discusses the different types of industrial refrigeration systems and components used for various applications. Industrial refrigeration systems are used for massive freezing and refrigeration plants that are involved in food & beverage processing, cold storage, and others.

Russian and Chinese companies are set to play a larger role in Egypt's infrastructure landscape in the coming years, gradually eroding the market share of traditionally dominant domestic companies. Egypt's proven public-private partnership framework will continue to offer international companies an avenue to gain exposure in the country's infrastructure sector. Egypt's challenging macroeconomic environment will impel a gradual diversification of the country's infrastructure competitive landscape, as the government's fiscal woes deepen its reliance on foreign investment to deliver critical infrastructure projects. Mirroring growing bilateral ties, we expect countries like China and Russia in particular to emerge as key financiers of Egyptian infrastructure assets, and subsequently, for Chinese and Russian construction companies to thereby increase their market share in the coming years. Despite the growing presence of Chinese and Russian firms, international investors will still be able to capitalise on a robust public-private partnership (PPP) framework in capturing contract opportunities, especially in higher value-added roles, such as consulting, design and equipment supply, where we expect firms in developed markets to retain a competitive advantage.