物流被视作经济収展的第三利润杢源，我国物流成本占 GDP 比重进高于欧美等収达国家，収展智能物流降低物流成本成为大势所趋。2017 年我国智能物流系统市场将超过千亿空间，国内系统集成商行业集中度有待提升，优秀系统集成商有望成就全新的行业龙头。

近期我们观察到了三四五线城市服装及金银珠宝零售表现优于一二线城市的现象，主要推动力量是：1）短期来看，低层级市场基数低、品牌普及率低、开店空间大；2）中长期来看，在城市化加速、农民工踊跃回乡臵业的宏观背景下，低层级市场空间正在不断拓展。服装及珠宝板块年初以来跑输大市，我们看好持续推进渠道下沉的服装及珠宝零售品牌，随着业绩增速的回升，这些公司具备补涨动力。

我们认为，在宏观经济稳增长及中西部地区乘用车需求崛起的情况下，汽车行业高景气度有望维持。传统的周期性龙头受益于行业景气度较高，销量和盈利能力有望双升。同时，在行业整体盈利能力较高的情况下，企业研发的积极性更高、转型成功的可能性更大。

豪华车需求明显好于其他合资品牌。17 年 1-2 月，ABB 中除了奥迪保险数同比下降，奔驰、宝马分别同比增长 34%和 14%。此外美系豪车凯迪拉克交强险销量高达 170%。相比之下，其他合资品牌表现整体表现较弱，除产品周期强劲的广菲克、广汽三菱同比高增长，大众、别克等主流合资品牌同比下滑 20%以上。 

Labels are made of different types of material, such as cloth, film, paper, and plastic and have different features, such as in-mold and pressure-sensitive adhesives. The glue applied labels hold a substantial percentage in the global label market, but because of the increase in demand for pressure-sensitive and sleeve labels, the glue applied label market will be affected. Glue applied labels have become popular in many retail outlets. With several new products being launched by vendors, packaging companies are being encouraged to adopt technologically advanced glue applied labels, which has resulted in the growth of the market.

The production of ceramic filters has gained momentum over the past few years. The global ceramic fibers market is expected to grow at a CAGR of 12.32% during 2016- 2020. By region, APAC accounted for the highest market share in 2015. The global market exhibits considerable growth potential.

Baby carriers provide mobility and hands-free convenience of carrying babies while performing other activities. The global baby carriers market is growing at significant rates in APAC and ROW. An increase in the number of dual-income families and the increased awareness about child health and safety have led to the high demand in these regions. The global market will grow at a CAGR of 3.68% during the forecast period.

本周汽车板块上涨 0.02%，上证综指下跌 0.17%，深成指下跌 0.52%，沪深 300 上涨 0.0008%，汽车板块领先沪深 300 共 0.02 个百分点。其中，整车下跌 1.54%，乘用车下跌 1.54%,商用载货车下跌 2.23%，商用载客车下跌 0.93%，汽车零部件上涨 1.07%，汽车服务上涨 0.36%。汽车各大概念板块本周情况如下，新能源汽车上涨 0.25%，锂电池上涨 1.52%，燃料电池下跌 1.23%，充电桩上涨 0.15%%，智能汽车上涨 2.07%。

2月重卡继续好于乘用车：中汽协公布2 月份产销数据，产销216/193.9 万辆，同比增长33.8%和22.4%。前两个月累计汽车销量达到445.9 万辆，同比增长8.8%。其中商用车销量增速明显好于乘用车行业，商用车2 月销量达到30.7 万辆，同比增长49.9%，其中重卡2 月销量同比增长1.46 倍超过8.6 万辆；整体来看，重卡依旧是景气度最高的行业。

上周，上证指数下跌-0.17%，沪深 300 指数上涨+0.03%，东财汽车行业指数下跌-0.38%，不及大盘。上周涨幅最高的为美力科技，跌幅最高的是上海凤凰。2017 年 2 月受假期因素影响，汽车产销整体水平较低，但同比保持较快增长。