核心枢纽机场的流量垄断价值从未改变，伴随新冠疫苗有望在2021年推出，枢纽机场业务量有望逐步恢复。同时，机场运营方与免税运营商有望进一步合作提升机场免税运营效率，远期机场渠道免税销售空间有望打开。推荐上海机场、白云机场、深圳机场。此外，航空业估值仍处底部，伴随疫苗推出，国际出行逐步有望改善供需格局，建议关注中国国航、南方航空、东方航空。

看好行业价值回归：三大航处于PB 估值相对历史低位。2011-19年的十年间三大航平均PB1.8 倍，近5 年平均PB 为1.85 倍，近三年均值为1.63 倍，当前最新PB 为1.3 倍左右，低于历史年度平均水平，具备修复基础。因此我们看好航空业价值回归。预计2021 年航空市场将从逐步走出低迷，并或存在局部时段、区域供需错配推动的业绩弹性，春运或为试金石。看好三大航与吉祥低位修复机遇。

本周休闲服务（申万）指数上涨1.06%，跑赢上证综指3.89 个百分点，跑赢沪深300 指数4.54 个百分点，在申万一级行业中排名第2。

变革加速—疫情后建议关注具备品牌、管理优势的细分行业龙头。旅游： 短期内出境游仍受限制， 但国内游、低线城市出将游逐步恢复高景气。

The growing number of ATM installations across the global and the increasing demand for vaults for cash management are expected to be the major driving factors for the growth of the secure logistics market. Despite the recent growth in online payment transactions, cash continues to be the most frequently used payment method, especially for transactions less than $15. The growing demand for cash in emerging economies and the increasing number of fully automated smart cash-in-transit machines in developing countries such as India and China are expected to generate new growth opportunities for the cash logistics market. However, rapid innovations in technology have led to an increase in the adoption of digital cash transaction services, which, in turn, are expected to hamper the growth of the secure transit market during the forecast period.

Flexible foam is a processed polymer or plastic made up of hydrocarbons and other organic units joined with urethane connections. They exhibit various characteristics, such as high durability and enhanced shock absorption. Flexible foams are used in automotive, furniture, bedding, and packaging end-use industries. Their uses range from sponges in the kitchen and medical dressings to large filters and soundproofing devices. For the purpose of analysis, the global flexible foam market is segmented into type, application, and region. The report highlights the revenue generated from various types of flexible foams, which include polyurethane (PU) foam, polyethylene (PE) foam, polypropylene (PP) foam, ethylene-vinyl acetate (EVA), and others. The applications covered in the study include furniture & bedding, transportation, packaging, construction, and consumer goods. Region wise, the flexible foam market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.