投资建议：行业旺季下9月件量增速提升明显，快递行业需求呈 现明显韧性，2023年快递行业冗余产能逐步消化，新增资本开支有 限，边际展望未来行业价格竞争激化可能性较小，资本市场角度看主 要快递上市标的调整充分，重点关注头部快递企业的布局价值。重点 关注：中通快递：规模效应最强，具备强大且平衡的加盟网络，行业 竞争下凭借管理优势和规模效应持续实现利润提升。圆通速递：快递 龙头企业，深耕快递主页，综合服务能能力和产品定价能力持续兑 现。顺丰控股：中短期看，公司的直营制网络优势将有助于公司在行 业竞争中获得件量增量，持续巩固和提高市场份额，叠加公司持续推 进精益经营，未来件量修复带来的利润弹性将更加明显。

A rail entrance or door system grants entry access to rail transport. The automatic and manual IoT-based rail door systems are designed to be able to open and close automatically and manually. The application of IoT-based technologies for modern trains has a major benefit for the end-to-end system, along with the incorporation of subsystems that can be constructed with an architecture that supports flexible generation and easy collection of data. IoT has a potential effect on reliability and safety, and some areas where further investigation for IoT-based solutions can be effective in enhancing reliability and safety incorporate monitoring of train doors. Therefore, the rising use of automation and IoT in railways is expected to further drive the demand for rail entrance systems during the forecast period.

2023 年10 月17 日至18 日，第三届“一带一路”国际合作高峰论坛在北京 举行，主题为“高质量共建‘一带一路’”，这是“一带一路”框架下最高规格的国 际活动。据官方统计，截至2023 年，“一带一路”共建国家152 个，大多数 为发展中国家，覆盖全球近一半的总人口和约1/4 的GDP。2013 年“一带 一路”倡议首次提出，至今已有十年时间，“一带一路”建设经历了由“大写意” 到“工笔画”的演变，越来越重视投入效益、供给质量、发展可持续，在绿色基建、绿色能源、绿色交通、绿色金融等领域的合作进一步深化。

Temperature-controlled logistics plays an instrumental role in the transportation of temperature-sensitive products in the healthcare sector, such as pharmaceutical products, bio-products, and equipment. Most pharmaceutical products require a temperature-controlled environment during the stage of manufacturing and distribution, which helps in maintaining the quality and effectiveness of pharmaceuticals. Consequently, pharmaceutical companies rely on temperaturecontrolled transportation and cold storage systems. Ineffective cold logistics management tends to result in higher operating costs and delays due to equipment malfunction or breakdown. Additionally, poor handling, wrong practices, and insufficient paperwork tend to increase the cost of cold chain logistics and expose products to risk and companies to substantial losses.

Ground and cargo handling systems are essential components that facilitate the efficient handling and transportation of passenger baggage and cargo shipments within airports. An efficient ground and cargo handling system can enhance baggage and cargo handling capacities, streamline processes, improve the passenger experience, and prioritize safety. Ground and cargo handling services are indispensable to airports, ensuring that baggage and cargo can be handled smoothly, even during peak periods due to their effectiveness and efficiency. Airlines' transportation of over 52 million tons of goods per year highlights the crucial role of air cargo services. Air cargo services are more secure and safer, as the risk of cargo loss is relatively low compared with other modes of transportation. Hence, efficient ground and cargo handling services are vital at airports for safer cargo and passenger handling.

3Q 涵盖复苏后首个暑期长假和中秋节，出游、社交聚会需求迎来集中释放。 据中国旅游研究院，23 年暑期（7.1-8.31，下同）国内出游达18.39 亿人次， 预计占全年总量的28.1%；实现国内旅游收入1.21 万亿元，预计占全年总 收入的28.7%，热度明显超越19 年同期水平。旺盛的出行需求有望带动社 服板块公司收入和盈利继续修复，我们预计部分龙头公司业绩环比2Q 继续 提升，并突破19 年同期水平。看好业绩修复领先，商业模式具有长期韧性 的酒店、餐饮、旅游免税龙头，推荐百胜中国、华住集团-S、亚朵酒店、海 底捞、锦江酒店、首旅酒店、宋城演艺、同庆楼、中国中免。

今年国庆旅游多热闹？中国民航局预计[1]假期期间日均运输国内航空旅客 196 万人次，比2019 年国庆假期增长17%。今年国庆有望成为史上最旺的 “黄金周”，民航运输市场或将受益。 国庆假期航空票价涨了多少？传统国内旅游城市的票价如何？有哪些实惠 而有趣的相对“小众”城市？国庆出境游去哪儿更便利且划算呢？这篇报告 对以上这些问题进行分析，以提供中秋国庆假期出游的简单指南。