受宏观经济高速发展+消费升级下的电商双轮驱动，零担快运行业达万亿规模。目前行业格局分散、集中度低，且快递跨界入局竞争激烈，处于黄金整合期。群雄争相产品变革，竞争层面从网络上升到产品。未来随着市场走向成熟期，快递快运融合渗透成为大势所趋。

2018 年上半年广义基建投资增速快速下滑，主要是受紧信用环境下融资困难以及一季度PPP 清库影响。本文梳理了2004 年以来三次基建投资增速下滑与基建资金变动的关系，并通过测算2018 年基建资金的来源进而测算了基建投资的增速。我们认为随着PPP 合规性提升和紧信用环境的改善，下半年基建投资增速有望触底回升。

Russia’s passenger traffic has been on a decline since 2000. The transportation sector lost about 15% or 3.4bn passengers between 2011 and 2016. The main reason was the economic crisis that erupted in 2014 on the back of collapsing energy prices and the sanctions some Western countries imposed on Russia following its annexation of Crimea. The number of passengers carried in the country in 2016 fell by 2.3% y/y to 18.7bn. Buses were the most preferred mode of transport in the country, accounting for 60% of the passenger traffic in 2016. Subway transport came next with a share of 18%, with the bulk of the traffic concentrated in larger cities, mainly the capital Moscow and St. Petersburg. Some 8% of the passengers in 2016 used trolleybuses, 7% travelled by tram and 6% by train. The railways, however, were the only main transportation mode to register an increase of the passenger traffic in the 2011-2016 period. The number of railway passengers increased by cumulative 10% in the said period and subway passengers inched up by 0.5%. Bus passengers, on the other hand, shrank by 16%, tram passengers fell by a third and trolleybus passengers dropped by 33% between 2011 and 2016. The marine and air passenger traffic also recorded higher demand, the marine passenger traffic expanding eight times between 2011 and 2016, and airline passengers surging by 54% over the same period. However, the marine and air passengers made up just 1% of all.

The study on flexible packaging market has been segmented based on raw material, application, and region in terms of volume (kilo tons) and revenue (USD million) over a forecast period of seven years between 2015 and 2022. In terms of raw material, flexible packaging market has been divided into three major segments including paper, aluminum foil, bioplastics and plastics. The plastic segment includes PVC and PE wherein bioplastics include PLA. In terms of application, the market is divided into four major segments including food & beverages, pharmaceutical, cosmetic and others. The others segment includes pet food and tobacco.

1H18，我们预计：1）铁路货运企业的盈利保持增长趋势，主要受益于“公转铁”政策、清算办法调整、多元化板块释放业绩；2）铁路客运企业的业绩向好，主要源自动车组客运量强劲增长；3）高速公路企业的盈利增速存在分化，主要因为地域差异较大、多元化方向和程度不同。运输结构调整对两个板块有深远影响，建议买入与货运改革相关、增长潜力较强的铁龙物流，增持股息率高、可作为防御配置的粤高速 A。 

新零售驱动冷链物流収展，国内巨头纷纷布局：冷链物流泛指产品在生产、贮藏运输、销售，到消费前的各个环节始终处于觃定的温度区间，以保证产品质量、减少过程损耗的一项系统工程。最主要的应用领域集中在食品生鲜和药品领域。特别是农产品斱面，随着我国农产品经营斱式的转型升级，农业生产与现代化大流通及城市大市场的有效衔接，客观上对农产品尤其是生鲜农产品的物流配送提出了更高的要求。

上半年经济运行总体平稳，消费逐渐降速，资管新规细则落地。本周，国家统计局发布上半年国民经济运行情况，上半年我国GDP 为418961 亿元，同比增长6.8%。消费方面，社会消费品零售总额6 月同比增长9.0%，单月消费增速呈震荡下降趋势，2018 上半年同比增长9.4%，较17 年全年增速10.2%下降了0.8pct。7 月20 日，中国人民银行发布了《关于进一步明确规范金融机构资产管理业务指导意见有关事项的通知》，这是对4 月27 日发布实施的资管新规的进一步细化，细则明确了细节，增强了政策的确定性，有利于消除市场不确定性，稳定市场预期。

The warehouse industry is rapidly changing, and as customer demand is rising, logistic companies are undergoing a change to counter the challenges that are created by the fluctuating product markets and shipping schedules. Warehouses worldwide are adopting latest technologies to stay competitive in the market. WMS facilitates the optimization of storage and management of goods in a warehouse.

The retail sourcing and procurement market was valued at USD 2.74 billion in 2016 and is expected to grow at a CAGR of 11.5% over the forecast period. This growth is attributed to the retail landscape that is evolving continuously in line with the consumers’ changing mobile and online shopping behavior as well as the market pressures such as volatility of fuel prices and increasing need to manage inventory in the retail sector.