前期物业管理合同是一种特殊的合同，定价较自由，并实际捆绑了物业销售行为。且新房的设备较新，物业管理的实际盈利前景较好。一些高品质的服务商，如万科物业，更强调大力拓展存量项目，而不是承接第三方开发企业的前期物业管理合同订单。

Gabon's consumer-facing sector will continue to be largely made up of informal street vendors and independent stores for the foreseeable future. The country's small population and low median income mean that few international retailers have expanded into the country, and those that are present are almost exclusively French, an indication of the countries' historical ties. Modern retail formats are present in the major urban areas of Libreville and Port-Gentil, but here, the organised sector remains small.

国内化妆品市场消费红利遭遇日韩等外资品牌强势抢占。2017 年中国跃居成为全球第二化妆品消费大国，行业规模达3615 亿元，但国产品牌总体市占仅约20%，高端市场市占仅约7%，去年对日韩进口额更是攀升至12/13.37 亿美元。回顾日韩市场发展进程（也曾受到外资品牌打压），吸取日韩优秀企业经验，探寻国产品牌在国际品牌竞争中的突围之路。

免税板块中国国旅营收同比增长67.77%，已占行业总体营收的32.81%，比2017年底的24.45%提升8.36pct，净利润占比也提升8pct 至36.65%。中国国旅子公司中免整合日上之后免税业务市占率超过80%，占据北上广及海南、香港等

我国主要的免税核心消费场景，规模增长提高对供应商议价能力的长线核心逻辑不变，随着中免公司旗下83 家免税子公司股权划转至中免集团（海南）运营总部有限公司，海南布局有望加快。同时，未来市内店、国产品退税、国际

化进程等也望提供强劲增长动力。

Cold storage is a temperature-controlled storage space. The method is used by industries such as fisheries, aquaculture, horticulture, agriculture, processed food, and dairy. A cold storage system and refrigerated transportation facility, connecting farm-level storage facilities, distribution outlets, and processing units, are expected to improve supply chain efficiency and reduce wastage of agricultural products.