matter:
The general office of the State Council issued the cold chain logistics development plan for the 14th five year plan (hereinafter referred to as the plan).
Ping An View:
Initially form a cold chain logistics network connected internally and externally, and finally build a modern cold chain logistics system. The plan proposes that by 2025, a cold chain logistics network connecting the origin and sales, covering urban and rural areas and connecting China International will be initially formed, and the ability and efficiency of regulating Shenzhen Agricultural Products Group Co.Ltd(000061) cross seasonal supply and demand and supporting the cross regional circulation of cold chain products will be significantly improved. Basically build a three-level cold chain logistics node facility network with the national backbone cold chain logistics base as the core, the production and marketing cold chain centralized distribution center and the cold chain logistics facilities at both ends as the support. The temperature compliance rate of cold chain logistics has been comprehensively improved, the temperature compliance rate of cold storage facilities in the national backbone cold chain logistics base has reached the world-class level, the low-temperature treatment rate of meat, fruits and vegetables and aquatic products has reached 85%, 30% and 85% respectively, Shenzhen Agricultural Products Group Co.Ltd(000061) postpartum loss and food circulation waste have been significantly reduced. Looking forward to 2035, a modern cold chain logistics system will be fully completed, the facility network, technical equipment and service quality will reach the world advanced level, the industrial supervision and governance capacity will basically be modernized, the construction of a modern economic system will be strongly supported, and the growing needs of people’s beautiful life will be effectively met.
The scale of the industry has been significantly expanded and the development quality has been continuously improved. In recent years, the scale of China’s cold chain logistics market has grown rapidly, the construction of national backbone cold chain logistics base and cold chain facilities of origin and land sales has been steadily promoted, and the level of cold chain equipment has been significantly improved. In 2020, the scale of cold chain logistics market will exceed 380 billion yuan, the capacity of cold storage will be nearly 180 million cubic meters, and the number of refrigerated vehicles will be about 287000, which is about 2.4 times, 2 times and 2.6 times respectively at the end of the 12th Five Year Plan. A cold chain logistics service system integrating origin and sales, transportation and warehousing, and logistics and industry has been preliminarily formed. The service functions of cold chain logistics facilities have been continuously expanded, and the whole chain temperature control and whole process traceability have been continuously improved. The development of cold chain drop and hitch transportation and multimodal transport was accelerated. The customs clearance efficiency of cold chain logistics ports has been greatly improved, and the organizational capacity of international cold chain logistics has been significantly enhanced.
There are deficiencies in policy environment, industry chain, operation system and development foundation, which restrict the overall development of the industry. The plan points out that there are the following deficiencies in China’s cold chain logistics industry. From the perspective of policy environment, there is a lack of overall planning, uneven distribution of cold chain logistics infrastructure in the East, central and western regions, North and South and between cities and villages, and there is a structural imbalance; The problems of land use, financing and vehicle access of cold chain logistics enterprises are more prominent; The cold chain logistics supervision system is incomplete and effective supervision is insufficient, and the whole chain supervision system needs to be improved. From the perspective of industry chain, the construction of facilities such as precooling, refrigeration and supporting sorting and processing in origin lags behind; The specialization level of cold chain transportation facilities, equipment and operation needs to be improved, and the development of new energy refrigerated vehicles lags behind; The cold chain logistics system in large and medium-sized cities is not perfect, and the cold chain facilities in the traditional Shenzhen Agricultural Products Group Co.Ltd(000061) wholesale market are short. From the perspective of operation system, there is a lack of intensive and large-scale cold chain logistics hub facilities, low integration and comprehensive utilization of stock resources, insufficient networking and organization of industry operation, the backbone cold chain logistics network covering the whole country has not been formed, and insufficient integration with the modern logistics operation system of “channel + hub + network”. From the perspective of development basis, the specialization, scale and networking of cold chain logistics enterprises are not high, and their international competitiveness is not strong; Informatization and automation technology are not widely used; The cold chain logistics standard system needs to be improved. There are few mandatory standards, many recommended standards, the connection between standards is not close enough, standards in some fields are missing, and the overall coordination and implementation of standards need to be strengthened; The lack of training of cold chain professionals restricts the development of the industry.
Cold chain logistics backbone channel and cultivate leading enterprises. In view of the shortcomings of the cold chain logistics industry, the plan proposes to build a “321” cold chain logistics operation system, That is, three-level nodes (national backbone cold chain logistics base, production and marketing cold chain centralized distribution center, cold chain logistics facilities at both ends), two systems (two cold chain logistics systems serving China’s production and marketing and international import and export) and integrated network; build a “four vertical and four horizontal” cold chain logistics backbone channel to promote the formation of cold chain logistics industry corridor; improve the cold chain logistics service system and focus on “6 + 1” Key categories (meat, fruits, vegetables, aquatic products, dairy products, frozen foods and other major fresh foods, vaccines and other pharmaceutical products), enrich the application scenarios of digital and intelligent technologies, promote the innovation of cold chain logistics formats, models, organizations and technologies, expand the value space of upstream and downstream industries, and promote the professional development, large-scale operation and digital transformation of third-party cold chain logistics enterprises, Focus on cultivating leading enterprises with strong international competitiveness.
Cold chain equipment ushers in a new era of standardized, intelligent and green development. Cold chain equipment is divided into quick freezing device in production and processing link, cold storage in storage link, refrigerated truck in transportation link, display cabinet for terminal sales, etc. This plan puts forward new development requirements and plans for cold chain equipment: 1) for the link of refrigerated vehicles, on the one hand, the plan requires the standardization of refrigerated vehicles, eliminate non standardized vehicles and crack down on Illegal Refitting; On the other hand, it is required to accelerate the R & D and manufacturing of light and micro new energy refrigerated vehicles and refrigerated containers, and actively promote new refrigerated vehicles, railway refrigerated vehicles and refrigerated containers. 2) For the terminal retail link, it is planned to encourage the application of mobile cold storage, intelligent cold chain automatic vending machine, cold chain self lifting cabinet, etc. 3) For intellectualization, the plan proposes to “strengthen the application of cold chain intelligent technology and equipment”, promote the wide application of big data, Internet of things, 5g, blockchain, artificial intelligence and other technologies in the field of cold chain logistics, and improve the utilization efficiency of cold storage and refrigerated vehicles. 4) For green development, it is planned to encourage the use of green energy-saving equipment and eliminate high emission refrigerated vehicles, so as to realize the “new task of carbon peaking and carbon neutralization for the low-carbon development of cold chain logistics”. We believe that this plan will lead the cold chain equipment to a new era of standardized, intelligent and green development. With innovative advantages, the leader of cold chain equipment is expected to share more incremental markets.
Investment suggestion: the development of cold chain logistics is highly related to national strategies such as high-quality life, rural revitalization, expanding domestic demand and healthy China. The food cold chain accounts for more than 90% of the scale of China’s cold chain logistics industry. In terms of food cold chain circulation rate, the cold chain circulation rate of fruits, vegetables, meat and aquatic products in the United States is more than 97%, the cold chain transportation rate of fruits, vegetables, aquatic products and other products in Japan is also more than 95% and 90%, and the cold chain circulation rate of meat and poultry has reached 100%, while that of fruits, vegetables, meat The cold chain circulation rates of aquatic products are 35%, 57% and 69% respectively, with a large gap. We believe that under the condition that the objectives of the 14th five year plan are successfully achieved, the cold chain logistics field will still maintain a relatively rapid development, and relevant enterprises still have sufficient development space, Many enterprises are expected to take advantage of the high-quality development opportunity of China’s cold chain logistics industry to become industry giants with global influence. In terms of cold chain logistics, it is recommended to pay attention to S.F.Holding Co.Ltd(002352) , JD logistics and Sinotrans Limited(601598) ; In terms of cold chain equipment, it is recommended to pay attention to Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) (cold chain commercial display cabinet) and Moon Environment Technology Co.Ltd(000811) (refrigeration equipment).
Risk tips: 1) policy risk: the progress of policy introduction and support may not be as expected; 2) Macroeconomic risk: the level of economic development affects the demand of the cold chain industry; 3) Food safety risk: the main object of cold chain logistics is fresh food. If the company cannot always control food safety, food safety events may affect the company’s brand and reduce consumers’ trust
