研究重心法在生产物流中心选址中的运用。首先，梳理国内外学者研究物流中心选址现状；其次，引入重心法对AJ粮食企业生产物流中心进行选址；然后，解析重心法选址在AJ粮企生产物流中心的运用；最后，提出生产物流中心重心法选址的展望。

The Philippines transportation sector has differing structures depending on segment. Overall, it is characterised by decades of government under-investment and lack of adequate infrastructure. The government is a significant player, responsible for all major investment programmes. Governmentsponsored investment programmes related to the transportation sector rely heavily on public funds, as well as loans and grants from global lenders or donors, leaving a smaller share to Public Private Partnerships (PPPs). Competition in passenger and cargo carrying is mostly price-driven, which makes it hard for carriers to upgrade fleets and improve their service offering.

Competition in Brazil’s transportation sector is likely to face several changes in the near future. In the case of air transportation, the sanctioning of foreign capital shares in local carriers may boost investment in the sector. As of March 2019, however, the bill is under congressional approval in the Senate and will still require regulatory specifics to genuinely attract investment. President Bolsonaro’s economic staff seem keen to formalise the sanctions. Road cargo transportation will also experience changes once freight-price control reaches a trading status. As of January 2019, there's a legal battle of injunctions surrounding the minimum pricing of freight contracts. The more legal warfare there is in road cargo, however, the more opportunity for freight alternatives such as waterway cargo carriers, since Brazil has more than 21,000 km of navigable inland waterways.

中国的旅游餐饮行业是成长性的大行业，历经数次经济周期，但持续保持增长。例如统计局数据显示，2018 年国内旅游总花费 5.1 万亿元，同比增长 12.3%；中国餐饮行业收入 4.3 万亿元，同比增长 9.5%。

机场的收入来源分为航空服务业务收费、非航业务收入两部分；航空服务为政府定价，收费标准是基于成本和用户承受能力双重考虑，该业务能为机场贡献稳定业绩，但是业绩弹性较差；非航业务收入具有充分的自主性，也是机场强大客流量变现的重要渠道，可以类比商贸零售，且又有商贸零售不具备的无获客成本、高净值人群、强制停留等优势，使得机场具有一定的成长性；而上海机场和白云机场免税提成的大幅提升事件又让市场看到了机场强大的议价能力和流量变现空间；在中美贸易战升级的背景下，目前市场风格开始趋于保守，具有稳健经营能力板块的投资价值开始显现。而机场板块恰恰符合稳健投资风格。

近两周，沪深大盘上涨 0.3%，HSCEI 指数上涨 0.3%，机场板块上涨 4.4%，铁路板块上涨 0.8%，航空板块上涨 0.2%，公路板块下跌 3.5%，航运板块下跌 4.7%，物流板块下跌 5%，港口板块下跌 7.4%。 

2019 年上半年，机场板块一枝独秀，年初至今上涨 42%。；快递、航空细分龙头走出独立走势。下半年投资策略：机场在 ROE、现金流和净利率三指标上具备明显比较优势，属于有吸引力的核心硬资产；油汇风险逐渐出清，航空业绩低点已过，下半年将迎来超跌反弹。快递行业竞争呈现白热化，龙头公司规模效应明显。重点推荐：上海机场、白云机场、韵达股份、顺丰控股、春秋航空、中国国航、大秦铁路、宁沪高速。