城市地下物流系统作为一种新型的物流配送方式，可有效释放城市地面交通压力，减少环境污染。本文以最优化理论为基础，对如何构建地下物流网络问题进行了研究。首先考虑二级节点的容量和服务半径约束建立聚类模型，通过应用K-means算法求解模型，将地下物流需求点进行分类，即求得二级节点的数量与位置；其次，根据节点的固定建设成本和运输成本，在已求得的二级节点中选取部分作为一级节点，建立了混合整数线性规划模型，采用Lingo软件对其进行求解，以南京市仙林区为案例进行分析，最终得出综合成本最小的地下物流网络建设方案。

多式联运这两年比较热，特别切合今年的运输调整。从物流界来看，特别是综合性的企业都会把多式联运作为下一轮提升核心竞争力非常重要的蓝海，所以大家在关注的同时也有必要了解一下国家整个在多式联运方面发展的一些战略和新的政策以及新的动向。

Indonesia’s transportation sector is dominated by state-owned enterprises (SOEs), with limits imposed on foreign ownership. Rapid urbanisation and a growing population have driven the need for more efficient transportation modes. Despite the dominance of SOEs across the land, air, water and urban transportation subsectors, there are opportunities in underserved areas and services. Transportation companies make up 7% of all companies listed on the Indonesian Stock Exchange as of end-2017, a majority of these being maritime shipping companies due to the country’s sizeable oil and gas industry.

The highly attractive and prospective Indonesian tourism sector has attracted both domestic and international hotel groups. The market structure of the tourism sector is highly competitive, especially in areas such as Bali and Jakarta, where the majority of visits with tourism purposes are concentrated. These two islands attracted a large influx of investment, leading to excess supply. There were 2,387 classified hotels operating in Indonesia as of end-2016, according to the latest available data. Nearly 40% of the hotels are based on Java and 13% on the resort island of Bali. That is mainly explained by the poor infrastructure outside of Java and Bali.

The Czech Republic’s transportation and storage sector is highly competitive, especially the road transport subsector, where 79.4% of the total number of sector companies were active in 2016. The rail and water transport subsectors are less fragmented but more concentrated. The costs of market entry vary across the different subsectors. Road infrastructure is well developed and the geographical location of the country is the main positive factor for the rapid development of road transport.

未来十至二十年，是中国物流业发展的重大战略机遇期，也是优化升级、竞争力提升和企业大规模走出去的重要时期。

The pressing need for transport infrastructure development has been recognised by the government of Myanmar, with a total of USD21.4bn set aside for rail, road, port and air projects by 2030 under the guise of the National Transport Master Plan. We continue to believe that road’s dominance in the freight mix in Myanmar will only increase over the medium-term forecast period at the expense of both inland waterways (the second most prominent mode) and rail freight. Rail will also be impacted by a lack of reliability, as well as increasing investment attention given to road freight, both in the region and internally. Myanmar has been actively seeking to strengthen its trade ties and the country's active participation in multi-lateral trade agreements such as the ASEAN-led Regional Comprehensive Economic Partnership (RCEP) agreement, which is likely to bode well for export-oriented manufacturing sector's longer term outlook, thus boosting the freight industry in Myanmar in the coming years, due to trade liberalisation.

The barge transportation market is expected to witness significant growth over the forecast period owing to the growing intermodal transportation in several industries, including petrochemicals, crude oil, food processing, and others. The initiatives being undertaken, and the investments being made by various governments to develop inland water transport infrastructure are also driving the growth of the market. The growing demand for petroleum products and petrochemicals is expected to increase the demand for barge transportation. The efficiency and cost benefits associated with the transportation of bulk cargoes, such as coal, crude oil, and agricultural products, among others, on barges are expected to bolster the growth of the barge transportation market.

美国电商对快递业推动较弱系电商件增长不快且价格低，商务件增长放缓，亚马逊存分流效应等原因。虽然电商对美快递业推动有限，但其已形成三足鼎立、脱离价格战的垄断格局，预计未来中国快递业将通过整合胜出3~4 家快递巨头。

首推进攻性强，高β的航空板块。目前宏观经济相对偏弱，市场对于航空的判断较为悲观，各公司股价已部分反映悲观预期。我们认为航空目前所处的外部环境相对宽松，未来景气度将与需求直接相关。我们判断2019年油价均价将维持在60-70美元/桶，人民币兑美元仍然有小幅贬值压力，在供需相对平衡的条件下，2019年三大航利润同比或有50%以上增幅，是最具有进攻性的板块。