Equipment Type: Aviation gasoline (excluding jet fuel), including finished base stocks and blending agents This industry comprises establishments primarily engaged in manufacturing basic organic chemicals (except petrochemicals, industrial gases, and synthetic dyes and pigments).

An aircraft digital cockpit comprises electronic flight instruments for Displays such as large LCD screens controlled by flight management systems It is used in commercial military aircraft across the globe Three types of displays are used in aircraft digital cockpit, including primary flight display, multifunctional display, and engine indicating crew alerting system display

Establishments described in this report are primarily participating in the smart beacon market. Smart beacons are small electronic transmitters that periodically transmit bluetooth signals for marking places and objects.

A recreational or pleasure boat is a vehicle built to move in waters close to shores or inland waterways. Leisure vessels are classified as boats used for recreational activities, such as hunting, kayaking, and canoeing, among others. Apart from recreational activities, these vessels are also used for commercial purposes, such as water travel and short-distance freight. The global recreational boat market is witnessing steady growth despite witnessing a drastic decline during the global recession of 2008−2009. However, the market is yet to achieve pre-recession levels in terms of retail sales globally.

（1）航空航天：回归自下而上，议价权向下游转移，关注细分赛道募投变化，关注无人装备新增供应商；（2）船舶：量价齐升， 行业进入中期景气上升期；（3）陆军装备：俄乌冲突凸显重要性，外贸将成新增长点；（4）信息化：被动元器件估值已在低位， 关注航天产业链需求端变动；（5）新材料：高温合金供给上升，增材制造、特种材料募投达产，新增赛道增多。

整体来看，军工行业年初开始出现大幅回调，在4月26日达到最大跌幅后开始小幅反弹，截至12月9日，申万军工指数及中信军工指数仍分别下跌22.92%及22.64%，跑输同期沪深300指数及上证指数。 截至2022年12月9日，在31个申万一级行业中，国防军工行业涨跌幅排在第29位，在传媒及电子等之前。

港口企业的估值方法，正从PB-ROE 体系转向股息率。2000-2010 年， 港口吞吐量和上市港口业绩高增长，增速决定PE，PEG 在1 倍左右。 2010-2020 年，港口吞吐量和上市港口业绩增速大幅放缓，PE 和PB 大 幅下降，估值方法转向ROE 决定PB，10%左右ROE 对应1 倍左右PB。 2020 年开始，部分投资者基于对公司治理的悲观预期，用股息率对港口企 业估值。2021 年唐山港的股息率12.7%，具有投资吸引力；上港集团、青 岛港、北部湾港的ROE 对应的PB 较合理。但是产业资本对港口企业的估 值高于二级市场，这或许来自港口企业的分红潜力、提价空间、土地变现等 价值。

事件：2022 年11 月29 日，中国民航局向中国商飞颁发C919 大型客 机生产许可证（PC）。 取得生产许可证标志着C919 即将步入产业化生产阶段。生产许可证 是适航当局颁发给飞机制造商的证书，允许飞机经批准的质量控制系 统，进行持续生产。取得生产许可证是C919 大型客机从设计研制阶 段到批量生产阶段的重要里程碑，标志着C919 大型客机向产业化迈 出了坚实的一步。