本周SW 交运指数-1.40%，表现弱于沪深300 指数3.30 个百分点。交运行业子板块中，表现最好的板块为机场板块(-0.2%)，其次为公路板块(-0.3%)及公交板块(-0.4%)。

铁路改革深度研究系列（一）中，我们从铁总财报出发，拆解其ROE，发现净利率下滑与资产周转率下降是导致铁总ROE 水平远远低于海外的原因。对此我们提出四大突破口：价格市场化；盘活资产；清算机制透明化及资产证券化。

Automated storage and retrieval system (ASRS) is complex automated device having tall racks, stacker cranes, inventory in/out systems, automatic storage and retrieval equipment, and computer management systems. These systems are used for automated retrieval and placement of loads from different defined storage locations.ASRS can be of different types such as unit load, mini load, and tunnel style

systems. These systems can be used in various industries such as automotive, retail,and food and beverage (F&B).

The revenue generated from non-aeronautical services conducted in airports is known as non-aeronautical revenue. These services include hangar rentals, food and beverages, car rentals, and vehicle parking.In this report, Technavio has considered five major sources of non-aeronautical revenue, including the revenue generated from concessionaires, parking and car rentals, land rent, terminal rentals, and other services.Technavio expects the global airport non-aeronautical revenue market to grow at a CAGR of 8.95% during the forecast period. In 2016, Europe, Middle East, and Africa (EMEA) led the market with a share of 37.21%, followed by the Americas with a share of 32.69%, and Asia-Pacific (APAC) with a share of 30.1%. Over the forecast period,APAC will be the fastest growing market in terms of generating non-aeronautical revenue, with a major share of expenses from China, India, Singapore, Japan,Malaysia, Indonesia, and Thailand.

A cold chain is an uninterrupted supply chain that includes a network of facilities and distribution options. Various stages and processes in this supply chain operate under controlled temperature and humidity. China’s cold chain system is growing exponentially, resulting in various enterprises integrating such systems for the preservation of their products. The government of China is also integrating laws

related to food safety and investing in cold chain projects. This is further driving the growth of the cold chain market in China.This report covers the present scenario and the growth prospects of cold chain market in China for 2017-2021. In this report, the market is segmented based on the type of cold chain, which is refrigerated storage and refrigerated transport. The market is also segmented based on end-users, which include meat, fish, and seafood; fruits and vegetable; dairy and frozen food; and bakery and confectionery industries.

Barge transportation refers to the mode of transporting dry and liquid bulk commodities in a barge vessel (a flat-bottomed boat) through rivers and canals.Some barges have to be pushed or towed, while others are self-propelled.Barge transportation is a sustainable mode of transportation and is environmentfriendly,with respect to emission of CO₂ (carbon dioxide) gases and energy consumption.The barge transportation market in Europe is expected to grow at a CAGR of 1.80% during the forecast period. Decline in oil prices in Europe since 2012 has had a positive impact on the inland waterway operators. The falling oil prices and low-interest rate have reduced the operating cost of barges. However, environmental agencies are concerned that the decline in oil prices will likely increase the use of fossil fuels, which could lead to a rise in the global temperature by 35.6℉.

Packaged refrigeration systems are gaining momentum as they provide substantial cost, space, and time advantages. Packaged refrigeration systems of all individual systems in-factory as opposed to filed fitted systems, which are completed on-site, require only electrical and piping services. As the fabrication of these systems can be completed before hand, they can be instrumental in reducing the overall delivery timeline. Packaged refrigeration systems are manufactured in a controlled environment, which helps to ensure higher standards of quality control. The ease of customizing these systems in relation to the required application is a major factor that will drive the demand. This reduces designing and adaption cost of single elements, as well as installation time and cost on-site. Also, these systems can be manufactured in almost all sizes, requiring minimal on-site connections. Also, the flexibility in the use of refrigerants and compressors will also encourage their adoption. Services such as commissioning are available from one source.

有轨电车成为解决城市“治堵+减排”的新思路。有轨电车作为我国轨道交通重要组成部分，具备运量大、节能减排、路权灵活、建设运营成本较低四大优势。并可以显著加强城市主城区与新城区、工业区的联系，有效缓解了城市主城区内部交通压力。随着城市轨道交通在建总规模持续扩大，现代有轨电车优越性突显。

An offshore supply vessel is a sea motor vessel used for transporting cargos, goods, supplies, crews, and offshore exploration and production (E&P) across oil platforms. OSVs support marine offshore drilling activities through transportation of offshore energy resources, and they also facilitate the installation process of oil rigs. They are mostly used by oil and gas companies for E&P activities. The OSVs are operated by ship owners or by companies that take OSVs on lease. In addition, the OSVs facilitate maritime logistics operations for different industries such as subsea and deepwater mining.

Through mobile ticketing, customers purchase tickets using their smartphones or other mobile devices. There are a number of applications for mobile ticketing in the transportation sector including airline ticketing, transit ticketing, and metro/train ticketing. Mobile ticketing is an initiative to enhance the role of mobile phones in ticketing services. The use of mobile phones enables consumers to buy tickets and carry the tickets within the phone’s secure universal integrated circuit card.