中华人民共和国交通运输部于2018年12月6日新版《船舶大气污染物排放控制区实施方案》将于2019年1月1日起正式实施，我国沿海和内河主要通航水域将全面纳入排放控制管理，降低船舶硫氧化物、氮氧化物、颗粒物和挥发性有机物等大气污染物的排放，持续改善沿海和内河港口城市空气质量。

本报告定义的在线旅游市场指服务提供商通过互联网或呼叫中心 ，以线上 或线下多种支付形式 ，为用户提供交通 、 住宿 、度假旅游等产品的综合信息检索 、 咨询与预订服务 ，从而形成的市场 。本报 告中的在线旅游市场包括交通 、在线住宿 、在线度假旅游三个细分市场 。

Road transport accounts for nearly all the freight movement around Kenya, with rail and air transport accounting for only a small proportion of the mix. This dominance is likely to become more marked over time as oil prices remain low and investment in infrastructure goes some way to reducing congestion and increasing efficiency. The role of air and rail will diminish slightly in the country over the next few years, despite some investment leading to growth in the two sectors. With much of the country's trade carried out with neighbouring African territories, roads are the most efficient way of cross-border travel. Key trade indicators, such as agricultural products, manufactured goods and raw materials, are all set to see growth in the medium term, which will account for growth in the demand for road transport.

Beverage packaging plays a key role in beverage industry owing to its function in both logistics and marketing channels. It acts as a merchandising tool during the point of sale of beverages. Beverage packaging is ideally preferred by the beverage manufacturer in order to prevent leakage, chemical deterioration, and alteration in the flavor of the products. Furthermore, packaging offers advantage of convenience in storage as well as usage of the beverages. The Nordic beverage packaging market has been segmented based on four parameters including product, material, application, and country. In terms of product, the market has been segmented into cans, bottle, jars, pouches, cartons, and others. Others include cups, bowls, stick packs, and sachets. These products are used for the packaging of various beverage products such as carbonated drinks, non-carbonated drinks, alcohol, and beverage powders such as coffee.

国家对于铁路线网规划一直稳步推进，到2017年底，随着石济高铁的开通运营，“四纵四横”中的最后一横已完全打通。在不

到十年的时间里，国内高铁网络建设已经实现2008年修订的中长期铁路网规划中的主要任务，向着新的“八纵八横”目标迈进。

各项新政策实施，电商有望维持高景气，带动电商快递稳中求进。随着近期《电商法》等国家新政策实施以及拼多多新模式拉动低线城市线上消费，电商中期维持较高速发展大势所趋，未来两年仍有望维持20%左右的较快增速。快递行业主要分为电商快递和商务快递两大细分市场，当前，我国近八成的快递市场都与电商相关，快递市场的增速与电商增速相关性越来越大，从而我国快递行业未来两年也有望维持较高景气度，我们预计2019年快递行业业务量仍然维持20%+的较高速增长。

上证指数 +0.63%，交通运输行业 -0.29%，录得负收益，跑输上证指数，在A 股28 个申万一级行

业中排第15。交运行业子板块（申万二级行业）中，机场、铁路涨幅居前。春节前一周涨跌幅：机场 +3.56%，铁路 +1.99%，航空 +0.05%，公路 -1.04%，港口 -1.08%，物流 -2.01%，航运 -2.09%，公交 -3.01%。

现阶段下，电商快递驱动核心仍是“以量为先”，性价比是核心竞争力，其量价循环：降价→业务量增加→单位成本下降→降低价格。我们预计单票价格的降低在未来两三年内仍然会持续。