Maritime surveillance is an integrated solution that provides safety & security on borders at sea level. It is essential for creating awareness at coastal and aids in real-time monitoring at maritime. .Operations of marine activities such as irregular migration/border control, maritime security, fisheries control, anti-piracy, oil pollution, and smuggling are supported by many maritime solutions and assemblies. The report provides market dynamics and trends related to the global maritime surveillance market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of maritime surveillance solutions and assemblies. For the purpose of analysis, the global maritime surveillance market is segmented into application, type, component, and region. The applications covered in the report include naval, coast guard, and others (port & critical infrastructure security and vessel security). In addition, the report includes the details about the components such as radar, sensors, AIS receivers, and others (adapters, multiplexers, interfaces, convertors, software, long-range Wi-Fi boosters, routers, CCTV, SX software, control room, and frequency detector). Moreover, it provides information on surveillance & tracking, detectors, and others (screening & scanning and communication). The report covers the revenue generated from the sales of products related to maritime surveillance offered in regions such as North America, Europe, Asia-Pacific, and LAMEA.

Mortars are infantry weapon platforms used by the defense forces to target hostile ground infantry troops. While mortars with a caliber size of more than 120mm need to be towed on wheels, smaller caliber mortars are generally man-portable. While the high explosive power of mortars render it highly effective against ground targets, the low firing rate and limited range of mortars render them susceptible to aerial threats and render them ineffective in long-range combat scenarios. Several countries are expending significant resources toward augmenting their current military prowess by procuring new weapon systems or modernizing their existing deployed systems with advanced ammunition rounds.

In asymmetric warfare, the opposing sides have unequal military resources. Generally, in these types of warfare, the weaker opponent uses unconventional methods and tactics, to exploit the vulnerabilities of the enemy. The use of remote weapon stations is one such tactic, where the operator firing the weapon is in a safe area, away from the weapon. Remote weapons allocate risk asymmetrically, allowing those who use these weapons to minimize their exposure to risk, while their opponents can be easily attacked. The growth in insurgent groups, with better awareness of the local battlefields, has necessitated the demand for methods and techniques for mitigating these threats, especially in counterinsurgency operations. Non-state actors have started employing the techniques and tactics of asymmetric warfare, and conventional forces require new capabilities to become successful in modern combat situations and post-conflict scenarios. In this regard, the use of remote weapon systems is becoming widespread in several anti-terrorist and counter- insurgency operations.

 2019 年我国国防预算同比增长 7.5%，预计 2020 年增速将在 6.8%-7%。 2019 年我国国防预算 1.19 万亿，同比增长 7.5%，占当期 GDP 及财政支 出比重分别为 1.20%及 4.98%，占比基本持平。3 月 27 日，中央政治局会 议提出“要加快释放国内市场需求”、“要合理增加公共消费”，而国防支出 是公共消费的重要内涵，兼具经济效益、军事效益和社会效益。虽然近年 来我国国防预算增速逐渐下滑，但考虑到促进公共消费、保障国防等因素， 我们预计 2020 年国防预算增速与去年相比或将基本保持不变，预计将在 6.8%-7%之间。

（1）坚定看好环卫行业，推荐迎来经营拐点，业绩超预期的龙马环卫，预计2020-2021 年公司实现归母净利润3.6、4.6 亿元，对应估值21、16 倍；推荐受益行业催化，业绩高增持续的玉禾田，预计2020-2021 年归母净利润至5.0、6.5 亿元，对应估值37、28 倍；同时建议关注环卫领域优质头部企业北控城市资源、侨银环保。（2）看好垃圾焚烧领域的优质企业：瀚蓝环境，受疫情影响有限，长期现流金稳健保障发展，预计2020-2021 年归母净利润达到10.5、12.4 亿元，对应估值15、13 倍；同时建议关注上海环境、伟明环保及港股龙头中国光大国际。（3）建议关注水处理领域：建议关注PPP领域公司博世科、国祯环保，受益宽松政策，后续发展向好。

我们跟踪的 161 只环保及公用行业股票，本周跑输上证指数 0.14 个百分点，年初至今跑赢上证指数 0.12 个百分点。本 周中持股份、大通燃气、盈峰环境分别上涨 8.58%、7.94%、 6.51%，表现较好；兆新股份、神雾环保、盛运环保分别下跌 19.82%、15.12%、12.77%，表现较差。

申万公用事业指数 申万公用事业指数 申万公用事业指数 2019 全年相对大盘表现不佳； 2020 年前四个月，受疫情 影响，指数走势低迷，但子板块中的环保及水务迎来估值修复逆势向上。