Historically, road freight has always dominated the freight sector. Rail freight has been important, although it has historically only accounted for just below 20% of the freight mix. The importance comes from a combination of the country's geography, the economic importance of commodity production and heavy industry in Russia, as well as by the limitations of other transportation networks. Russia is characterised by significant distances both between population centres and between suppliers of raw materials and their intermediate or end customers, which naturally benefits the development of rail freight. Russia's road freight is the fifth longest in the world after the US, India, China and Brazil. Historically, road network development has been of minor importance for the government. Little has changed in the freight mix over the past decade. Only road freight has increased its share slightly on the back of growing consumer purchasing power, whereas the other modes have remained unchanged.

Road freight like in many countries is the dominant freight mode in Panama and will continue to be so in 2018 and over the the course of our forecast period ending 2022. Strong canal usage will support and bolster all freight modes. Road freight has been steadily increasing its influence in Panama, rising from a 95.5% share in 2011 to a 96.6% share in 2018. Air freight and rail have shrunk, but that has not diminished their importance. The low fuel costs and flexibility offered by road have contributed to the speed and cost benefits of this form of transport, while lack of investment in the railways further weakened the rail stronghold.

Road freight is the dominant mode in the Namibian freight mix and will remain so well beyond our forecast period. This mode benefits from the highest level of transport infrastructure, not only in Namibia, but in the region, ranking an impressive 31st in the World Economic Forum's 2017-2018 Global Competitiveness Report. Road freight will account for 97.9% of all freight handled within the country in 2018, and we see little scope for this changing over the forecast period.

我们策略的出发点始终立于去寻找在未来更加激烈、开放的竞争环境中，如何能够尽可能摆脱波动性，（逐步）展现自身盈利稳定性、持续性以及确定性的公司，从而穿越宏观周期。历经三个季度的完善，我们从寻找核心资源具备议价权到寻找周期中的消费再到：进一步提出：护城河将推动企业从优秀走向卓越。我们认为护城河的分类：品牌带来溢价；网络推动延展；区位造就“垄断”。结合行业成长性以及消费属性，选择具备护城河的行业与公司：航空公司、机场、顺丰控股。

外卖催生、新零售驱动，即时配送发展迅猛：即时配送是应O2O 而生的物流产物，是用户通过网上平台下单，平台安排线下配送的一种新兴的物流形式。即时配送的货物不经过仓储和中转，直接是端到端的送达服务。回顾即时配送的兴起和发展，我们认为，首先是外卖催生了即时配送，新零售的提出又对即时配送的发展起到了良好的推动作用，未来随着外卖和新零售的发展，即时配送市场将有很大发展。

三季度VLCC运价已经出现回暖迹象。8月集运市场跟踪。8月国际干散货市场跟踪。

在多重原因叠加作用下，交通运输“公转铁”式结构调整已经不可逆转，但身在其中的公、铁物流企业乃至工矿企业却要面临产业转型，深受政策之惠的铁路总公司也面临着变革的挑战。

从国家发改委等部门，以及多地政府了解到，央地将进一步加大推动实体经济发展的力度，除了将大力推进实体经济支持政策的落实外，还有一批新的支持政策将密集出台。

发展态势现在很好，市场规模在快速发展，2014年中国电子商务网络购物交易总规模是2.8万亿，增长48.7%，这么高速的增长在任何一个业态里是没有的。网购的渗透率去年年度突破10%，这比美国的比例高得多。

Road continues to be the largest freight mode in India, accounting for around 86.0% of the freight mix. The Indian road network is the second largest in the world, behind the US and ahead of China, and its rail network is the fourth largest in the world. In order to maintain such huge networks, investment is much-needed and various projects are in the pipeline to improve road and rail networks and upgrade air and port infrastructure, all of which will boost the freight industry.