Maintenance, Repair and Overhaul (MRO) services are vital to maintain an aircraft operational and airworthy.Military MRO is vital for retaining a robust and operational military force. Military aircraft are more complex compared to commercial aircraft due to increased amount of additional technical military equipment and the level of expertise required for MRO services. With the dynamic nature of security landscape and the continuous upgrade and procurement of newer generation military aircraft, MRO market is constantly evolving and experiencing growth. Older aircraft require frequent maintenance checks, since with age the reliability of the aircraft decreases. Also, the necessary upgrade extends the service life of an ageing aircraft. As military aircraft become more complex, MRO plays an increasingly impor tant role in the operational readiness and the maintenance of these aircraft. However, as the market comprises of several players, competition for the most efficient and costeffective MRO service is increasing. Also, innovation and technological advances have fueled the competition in the market.

上周电力板块下跌 1.64%，沪深 300 指数上涨 2.66%， 电力板块跑输大盘 4.30 个百分点。2020 年初至今电力板块上涨 6.39%，沪深 300 指数同期上涨 18.25%，电力板块年初至今累计 跑输大盘 11.86 个百分点。分子板块看，上周火电、水电和燃气 板块涨跌幅分别为-2.52%、-0.37%和-3.17%。

8 月单月，进口LNG/进口管道气均价环比骤降0.38/0.26 元/方，且单月进口量均创年内新高。考虑到现货气价的反弹，预计与油价滞后挂钩的长约价格有较大降幅。全行业气源成本有望显著下行，利好城燃销气量与价差，城燃自有LNG中长约的战略价值凸显。维持推荐深圳燃气、华润燃气（H）、中国燃气（H）。