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。

2021 年春运航空需求再陷低谷，但自2 月中下旬疫情逐步得到控制，短期航空需求迅速回升，目前国内线客运量已恢复至2019 年同期超过90%的水平，并且主要商务、旅游区域出行限制政策放松，或将进一步催化航空需求。中期伴随疫苗接种范围扩大，航空需求恢复风险降低，我国在人均可支配收入不断提升的过程中，预计民航需求快速增长趋势不变。供给方面，“十四五”期间我国民航业供给存在缩紧趋势，飞机引进或将放缓，推动中长期航空供需结构优化。目前板块利空风险较低，收益水平有望边际改善，带动估值持续抬升。建议积极布局景气持续向上的航空板块。

国务院总理李克强5 日政府工作报告中指出，用改革办法推动降低企业生产经营成本，取消港口建设费，将民航发展基金航空公司征收标准降低20%。

Flexible packaging is used in products such as hot drinks, beauty and personal care products, and home care products, among others. The smaller pack segment is witnessing innovations as there is increased demand for mini and micro packs. The products comprise bags, sachets, envelopes, and pillow packs. Trends have changed and packaging today is seen as an integral part of a product. Efforts are being made toward making it sustainable for the environment. Increased complexity and more number of stocks keeping units (SKUs) demand unique packaging for various products.

春运后半程民航运输持续改善：“就地过年”致使大部分行业和企业复工节奏加快，公商务出行与返程客流相互叠加，从元宵节开始，航空旅客运输量逐渐接近2019 年同期水平，客运量恢复至日均120 万人次以上。

（1）能源运输：水运铁路公路以及港口等节点。（2）能源使用：碳合规成本增加带来的成本非对称影响，系统成本（含碳等合规成本）下运输结构迁移，公司供应链中定价能力以及成本管控能力。