The Ministry of transport, the State Railway Administration, the Civil Aviation Administration of China, the State Post Office and China National Railway Group Co., Ltd. recently jointly issued the implementation opinions on accelerating the high-quality development of cold chain logistics transportation. The opinions put forward clear requirements from the aspects of improving the network of production and marketing cold chain transportation facilities, cultivating backbone enterprises of cold chain transportation, and improving the supervision system of cold chain transportation. Support international logistics enterprises to extend overseas ground service networks through joint ventures, self built networks, mergers and acquisitions, improve the whole process organization ability of cross-border cold chain logistics, and cultivate a number of modern cold chain logistics enterprises with strong international competitiveness.
China Merchants Securities Co.Ltd(600999) pointed out that compared with developed countries, China’s cold chain logistics industry started late and developed for a short time. At present, the scale of China’s cold chain logistics industry has reached more than 380 billion yuan, thanks to the improvement of the national economic level and the upgrading of household consumption. However, there is still a big gap between China’s cold chain logistics industry and developed countries in infrastructure construction. In 2020, the per capita cold storage capacity is only 0.13 cubic meters. In terms of industry competition, the concentration is still low. The market share of the top 100 enterprises is about 18%, and the first city in the industry accounts for less than 2%. However, in recent years, policy support has been strengthened, and the cold chain logistics development plan has been issued to help the construction of modern cold chain logistics system.
The agency believes that at present, China’s cold chain logistics industry is still in a period of rapid development. Compared with overseas developed countries, China’s cold chain industry has low concentration and low degree of standardization. At present, the competition among the top 100 enterprises is relatively fierce, and each enterprise has entered a period of rising capital investment. Looking forward to the future, the demand for food supply chain and medical logistics is increasing rapidly. At the same time, the improvement of temperature control technology and the improvement of industry standards also drive the development of cold chain logistics industry into a new stage, and the growth potential of the industry is still large. In terms of subject matter, S.F.Holding Co.Ltd(002352) which has laid out the cold chain industry earlier and Yto Express Group Co.Ltd(600233) and Yunda Holding Co.Ltd(002120) which are expanding diversified business are recommended, with emphasis on JD logistics and Zhongtong express of Hong Kong stocks.
