油运正处由淡转旺的转换期，且近日伊核协议有所进展，如顺利达成，100 万桶/天的原油供给增量有望带来油价的回落，全球原油的补库需求有望随之开启。当前我们看好旺季运价趋势性向上，叠加补库存的预期有望持续支撑市场对行业进入景气周期的信心，TCE 或易涨难跌，标的上建议关注中远海能；集运方面，虽然当前运价下行趋势明显，但是我们认为强劲的需求或为行业形成托底，消费端来看，历史上美联储加息对耐用品消费的影响均较为有限；库存端来看，全球企业对库存管理的重心已从效率切换为安全。当前欧美的港口环节及美国内陆物流仍在拥堵当中，且劳动关系或仍存变数，如持续出现罢工等情况，集运的供需格局或再次出现较为明显的转向。

罗尔斯·罗伊斯公司是英国乃至全球最大的航空发动机制造商之一，公司主营业务分别四大板块，分别为民用航空、国防业务、能源系统、新市场业务及其他非核心业务，2021 年收入占比分别为40.44%、30.02%、24.51%、2.72%（受内部核销影响收入占比总和小于100%）。分区域来看，2021 年美国收入占比44.26%，欧洲收入占比20.14%，亚洲地区（除中国）收入占比10.93%，中国收入占比9.09%。

The prevalence of several chronic diseases worldwide and the launch of sophisticated technologies and treatments have contributed to a rapid increase in healthcare expenses. Additionally, patients nowadays expect high-quality care at an affordable cost. Thus, it has become imperative for players in the healthcare industry to reduce the cost of their healthcare services while providing high-quality care to patients. Efficient healthcare logistics services provide a remarkable opportunity for controlling healthcare costs through the implementation of best practices. Moreover, the need for an effective flow of materials and information has been evident throughout history. In the healthcare business, materials and goods are always on the move. Hospitals and healthcare centers have huge central warehouses, small parts storage units, and everything in between. In healthcare warehousing, the biggest challenges entail supervising products with due dates, optimizing item titles, and enhancing processes while ordering supplies. Proper inventory management and the smooth movement of necessary healthcare products within the hospital premises may result in considerable savings instead of frequent new product orders.

Europe is a highly lucrative market. The demand has been fueled by spectacular strides in the food services industry. Food manufacturers have been early adopters of innovative composite materials to meet their end-use functional characteristics. Further, the region has a marked presence of some of the globally prominent flexible manufacturers. North America and Asia Pacific are expected to offer incremental opportunities to players in the global metallized flexible packaging market. Other key reginal markets are expected to be South America and the Middle East and Africa.

国际能源署上调石油需求增速，欧盟对俄煤禁运正式生效，国际 大宗商品价格回升。8 月11 日，国际能源署于8 月11 日上调2022 年全球石油需求增幅预期38 万桶/天，达到210 万桶/天，同时欧 盟对俄罗斯煤炭禁运令正式生效。夏季高温叠加当前天然气、电 力价格飙升，燃煤发电替代作用减小，发电用油需求增长；截至 8 月12 日，布伦特原油期货价格收报98.15 美元/桶，环比上周上 升3.4%。粮食方面，美国农业部于8 月13 日发布农作物供需报 告，上调大豆、小麦产量预期，下调玉米产量预期。

民航总体表现：7 月份，总体、国内、国际、港澳台民航景气度指数环比+23.3%、 +28.1%、+6.3%、+50.5%，恢复到2019 年同期的65.4%、74.0%、90.8%、 101.5%；全部、国内、国际、港澳台民航价格指数同比+19.1%、+15.2%、 +56.2%、+310.8%，运输量同比-29.3%、-29.7%、+11.4%、-86.4%；国内、 国际、港澳台民航客座率分别为71.8%、64.2%、49.1%，环比+2.9pp、+7.1pp、 +5.1pp，恢复到2019 年同期的83.9%、78.9%、60.0%。