工控行业自去年下半年开始好转，今年一季度复苏势头强劲，预计今年持续向好。工控行业2015年下滑8%，去年上半年同比下降，三季度下滑收窄，如我们去年12月深度报告预判，四季度增长6%-7%带动全年实现1%增长。今年一季度工控企业订单增长进一步向好，PMI、固定资产投资和下游机床、通用设备等数据均进一步验证行业需求强势复苏，我们预计今年工控行业将有较好增长，预计外资企业将增长10-30%，国内优秀品牌将增长30-50%。

This Technavio report covers the present scenario and growth prospects of the global peripheral vascular diagnostic systems market for 2016-2020 (base year: 2015; end year: 2020). To calculate the market size, we consider the revenue generated from the sales of peripheral vascular diagnostic systems and its accessories, which are used to diagnose acute and chronic wounds.The report presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market. In addition, it discusses the major drivers influencing market growth and the challenges faced by vendors and the market as a whole. It also examines key emerging trends and their influence on current and future market scenarios.

Stents are used in maintaining the lumen of hollow vessels, organs, and ducts. Today, self-expandable metal stents for gastroenterology, colonic malignant obstruction, and esophageal problems are available for application in the alimentary tract. Stents help to open up the passage for bodily fluids and other things such as food or to hold the channels open during surgery. The material used for preparing stents is artificially engineered for in-body placement that rarely causes serious health issues in patients. But, there is always a risk of infection or blood loss/clot associated with the introduction of the foreign body. Also, the chances of stents migrating or slipping out of their desired position may cause risk to patients. However, in such cases, the stents are normally replaced and revised. Few stents that are mostly used to open the inside channels of heart that is affected with enteral diseases. These stents are also used by gastrointestinal physicians during cancer treatment.

Hearing loss refers to the inability to hear any frequency greater than 25 dB in adults and a frequency greater than 15 dB in children. Hearing impairment is the leading cause of disability worldwide. About 360 million people suffer from hearing loss across the world annually. Out of the total patient pool, 91% of the patients are adults and the remaining 9% are children. About one-third of the total world population over the age of 65 years suffers from hearing impairment and other related problems.

Fighter aircraft are the most advanced aerial platform within the sphere of military hardware as a result of its design, speed, and weaponry. These aircraft enable airborne dominance and neutralization of enemy fighter planes, and they intercept/target enemy bombers. The global fighter aircraft market is dominated by manufacturers in the US, China, and Russia. However, since the past decade, there have been increasing developments from countries such as France, Israel, and India as well.

There is a growing demand for MI surgeries in the market owing to their advantages, such as minimal blood loss, decreased surgical site infection, less pain, and shorter hospital stay. The adoption of robotic-assisted surgery, a type of MI surgery, is growing in the market as it ensures surgical precision and patient safety. It has been used in various complex surgical cases, such as oncology, gynecology, urology, and cardiology. Robotic-assisted surgery for gynecology applications, such as hysterectomy, is growing in the market, thereby increasing the market share of companies, such as Intuitive Surgical, Titan Medical, and TransEnterix.

The global knee pad market is driven by the growing demand from the sports industry. Industrial end-users comprising military, defense, law enforcement, construction, mining, and flooring is the other key end-user segment, which requires knee pads for activities that require kneeling. In terms of geography, demand from countries in North America and APAC will contribute to market growth.

民用大飞机在通过首飞技术评审之后可能进入首飞阶段；朝鲜半岛 可能维持紧张态势；国防部称首艘国产航母正开展舾装工作，好消 息不会让大家久等，这是我们需要关注的三个事件性因素。  习近平将于 4 月 6~7 日在美国与特朗普会晤，中美两国元首正式 会晤将继续减少中美关系发展的不确定性。此外，南海局势持续趋 稳就好，今年中期前中国和东盟将完成南海行为准则框架的草案磋 商，目前第一份草案已经形成。这些与市场前期预期有较大差异。 

煤机设备需求复苏迹象显现，继续关注龙头企业。近期，国内主要煤 机设备企业经营数据好转验证煤机设备需求复苏已有所显现，其中，中煤 能源煤矿装备产值增速在去年 11 月开始转正，今年 1-2 月煤矿装备产值 合计为 7.5 亿元，同比增长 63.04%，超过 2015 年同期；天地科技 2016 年四季度收入增速转正，归母净利结束之前连续 8 个季度下滑趋势；郑煤 机 2016 年四季度收入下滑幅度不断收窄，虽然归母净利增速大幅下滑， 但扣非后归母净利仅小幅下滑。

核心观点 我们认为，2017 年外部不确定性增强，对军工板块具有刺激性的事件 数量将大幅度增加，而内部改革的继续推进也将继续成为板块的驱动 力，因此我们认为军工板块在 2017 年将有整体性的投资机会，建议全 年范围内关注内外驱动下军工板块的投资机会、尤其是整体性机会。因 此，目前时间点来看，军工板块从年初至今有很明显的收益。建议关注 板块龙头标的，包括中直股份、中航黑豹等。