目前，铁总正在有序实施铁路企业混合所有制改革和资产资本化，预计在年底前拿出一个初步方案。近期，铁路公司化改革有明显加快态势，设立具体时间计划表明改革进入强力推进阶段，铁路局改革已于9月初启动，铁路局更名将于 2017年 11 月底前完成，2018 年起铁路局全面按照新机制运行。

我们认为行业上涨遵循两条线索：受益经济回暖企业盈利能力提升以及核心资产价值被重估。前者典型如铁路货运、港口吞吐；后者典型如机场商业价值再发现、铁路改革、区域港口一体化等。两者交叉共振受益。 

Global logistics is the outsourcing of various elements of logistics and distribution by companies to logistics solution providers. There are various logistics providers catering to different businesses with different services. There are three major logistics models,namely, second-party logistics (2PL), third-party logistics (3PL), and fourth-party logistics (4PL). A global logistics provider is a company to which shippers outsource some or all the supply chain management functions of their logistics services. A global logistics provider is responsible for handling customer logistics requirements and performs transportation, location tracking, and sometimes product consolidation

activities.

A headset – a combination of a headphone and a microphone – has a wide range of functionalities in industries including media and entertainment, sports, gaming,corporate, commercial aviation, and defense. The demand for sophisticated and hightech headsets will see considerable growth over the coming years. The rise in disposable income, establishment of strong distribution networks, focus on personnel comfort, and the emergence of portable music systems such as smartphones, tablets,and digital audio players are the prime factors driving the market for personal use headsets. The demand for attractive and modern designs and styles will also impact the market positively. The corporate and commercial sectors are likely to see strong growth in demand owing to the use of headsets in business process outsourcing (BPO) organizations and digital innovations within the media and entertainment domain,including music industry.

This report covers the present scenario and the growth prospects of the global cold chain market for the period 2017-2021. The report has taken into consideration the
revenue generated by the refrigerated warehousing and refrigerated transportation vendors. These vendors are primarily engaged in the storage and transportation of
temperature-controlled goods that are required to be stored under optimal temperature conditions.The report also presents the vendor landscape and a corresponding detailed
profiling of the key market participants across the value chain of global cold chain market. It includes vendors across all geographical regions. The vendors are
identified based on various qualitative and quantitative parameters and grouped into key players and other prominent players.

昨日零时起，全国铁路运行新的列车运行图。“复兴号"中国标准动车组将在京沪高铁率先实现350公里时速运营。京沪之间全程运行时间缩短至4个半小时左右。由此，我国成为世界上高铁商业运营速度最快的国家。　　而此前几天在美国中西部印第安纳州首府印第安纳波利斯举行的2017美国铁路工业展览会上，中国高铁成为热议名词，中国铁路企业产品受到广泛关注。　　不管是高铁提速，还是中国高铁在美国成为热议名词，传递出来的信息是中国制造的再升级，是中国制造的一张“新名片"，代表着中国高铁技术达到世界领先水平。我们看到，近年来，中国高铁频频“出海"，拿下包括印尼雅万铁路在内的项目。中国中车海外市场份额亦高速增长，2016年国际业务签约额约达到81亿美元，同比增长40%。　　其实，不仅仅只有高铁，近些年来，与中国制造相关的不少东西，都已经成为各方关注的焦点，比如智能工厂、3D打印、物联网传感技术等。　　“中国制造"能够不断发展，并得到世界各国的关注，与“中国制造2025"密不可分。　　众所周知，制造业是国民经济的主体，是立国之本、兴国之器、强国之基。打造具有国际竞争力的制造业，是我国提升综合国力、保障国家安全、建设世界强国的必由之路。　　根据《中国制造2025》通过“三步走"实现制造强国的战略目标，第一步是力争用十年时间，迈入制造强国行列。到2020年，基本实现工业化，制造业大国地位进一步巩固，制造业信息化水平大幅提升。掌握一批重点领域关键核心技术，优势领域竞争力进一步增强，产品质量有较大提高。制造业数字化、网络化、智能化取得明显进展。重点行业单位工业增加值能耗、物耗及污染物排放明显下降。　　要实现制造强国的目标，就要加强关键核心技术的研发，要强化企业技术创新主体地位，支持企业提升创新能力；要提高创新设计能力，在一些重点领域，比如传统制造业、战略性新兴产业等领域，全面推广应用以绿色、智能、协同为特征的先进设计技术；要加强顶层设计，加快建立以创新中心为核心载体、以公共服务平台和工程数据中心为重要支撑的制造业创新网络，建立市场化的创新方向选择机制和鼓励创新的风险分担、利益共享机制；要提高核心企业系统集成能力，促进向价值链高端延伸。　　这是“中国制造"的要求，也是“中国智造"的要求。可喜的是，不管是“中国制造"还是“中国智造"，我们都取得了一定的成就，并且向着更高的目标出发。就像中国高铁一样，不仅运营规模大，而且还具有系统技术全面、造价低、建设速度快等优势，成为“中国速度"“中国制造"的新名片，一再让世界惊叹。

The global cash logistics market involves physical movement of cash from one location to another. Cash logistics services include ATM services, armored cash transportation and management services, and transportation of valuables.This report presents the vendor landscape and a corresponding detailed analysis of the top five vendors in the market, which includes their business segmentations and contribution in the global cash logistics market. In addition, it discusses the major drivers that influence the growth of the market, summarizes the challenges faced by vendors and the market at large, and covers the key trends that are emerging in the market.

2017 年上半年社会服务行业营收及业绩保持快速增长，58 家行业重点上市公司（除去异常和部分非主业公司）实现营业收入 752.85 亿元，同比增长 19.92%；实现归母净利润 59.22 亿元，同比增长 15.09%。去年同期营业收入和归母净利润增长率分别为 37.77%、19.92%。今年业绩增速略有下滑但仍保持高位。 

旅游服务行业集中度低仍有较大整合需求；景点前期受制于天气政策原因带来基数较低复苏阶段的业绩弹性可期；餐饮前期受三公消费政策打压，目前已过了最惨烈的阶段且往下空间不大；酒店方面内生外延俱佳。行业估值处于历史相对低位，我们给予行业“强于大市”的评级。 

供需改善、模式创新、改革优化赋予行业成长动力。上半年，交通 运输行业营业收入整体大幅同比增长 54.3%，铁路、物流、航运、 快递等行业在消费升级、价格提升、运量增长等因素的不同作用之 下，景气度显著提升，特别是航运和快递行业营收规模同比增速分 别达到 268%和 94%，港口、航空、机场和高速则保持相对稳定的增 长，但是增速也都达到两位数以上的水平。伴随交通运输行业的不 断成熟和发展，行业整体进入供需平衡、局部优化、功能升级的状 态。多数行业的资本开支呈现持平或下降的趋势