Pharmaceutical packaging has been garnering increasing attention due to growing emphasis on the packaging and safety of pharmaceutical products. Pharmaceutical packaging helps keep pharmaceutical products free from contamination and microbial growth, thereby resulting in increased shelf life of these products.

With a population of nearly 147mn people, Russia ranks the ninth most populous country and the largest by territory in the world. That alongside Russia’s favourable geographic position and the wealth of natural resources predetermine the central role the transportation sector plays in the country’s economic development. The sector generates some 6% of the GDP, employs 10% of the country’s workforce and attracts 13% of the fixed capital investments. Russia has the second largest railway network in the world. Nevertheless, road transportation is the preferred mode for carrying both passengers and freight.

随着年报一季报披露完毕，市场持仓风格轮动以后，我们倾向于认为，交运板块的选股逻辑在于：1）具有较高的基本面业绩弹性；2）估值偏低或者至少在中位数以下。目前时点来看，我们的配置排序为航空、铁路、快递。

机场与快递是另外两个具备消费属性的子行业。机场的消费属性来自于因私出行的提升以及非航空性业务的持续快速增长；而快递行业的消费属性则来自于电商市场以及终端消费者。同时我们认为机场公司盈利的稳定性来自于源源不断的高价值流量客户，快递行业则从长期格局而言仍有进一步整合空间，因此我们建议这两个行业是优中选优，选择行业龙头，即业绩持续领跑子行业的上海机场与韵达股份。

对比各国千人保有量，汽车行业中世界500强公司数量，中国千人保有量低于全球水平，远低于美国日本，有很大提升空间与潜力，世界五百强数量居前列，中国汽车行业营收规模优势明显，后续有望借助规模优势做强。