回顾：军工板块连续调整两年，中证军工指数跑输同期沪深300指数47%。估值过高、业绩增速低、市场风格切换是造成板块大幅回调的主要原因；展望：行业基本面向好，估值回到历史中位以下，同期美国军工股估值提升使得A股军工板块的估值溢价大幅降低，机构持仓比例处于历史低位，叠加“板块两年轮动”的历史规律，军工板块已经具有上涨基础。

Satellite transponders receive electromagnetic or radiofrequency signals from the Earth, amplify these, and send them back to the Earth. These are important elements in communication satellites and receive signals with the help of frequency changers. A satellite consists of a number of transponders, which are used to receive a specified band of frequencies. A typical transponder provides a capacity of 36 MHz, which is the requisite for broadcasting an analog channel.

Over the one decade, nanotechnology has emerged as a practical alternative for producing various aircraft parts and components to the conventional manufacturing process. The advances in engineering technologies and the material selection process have significantly supported the adoption of nanotechnology in the global aerospace industry. Technavio expects that the global aerospace nanotechnology market will post a CAGR of 5.75%, reaching $5.951 billion in 2021 from $4.5 billion in 2016.

The global transportation industry is progressively adopting decarbonisation strategies. These have been relatively accomplished in transportation companies through the adoption of land-based transportation but are yet to establish in the shipping industry. This is due to the fact that the global maritime industry is heavily dependent on fossil fuels. Additionally, oil prices have also encountered an all-time low, which further acts as a deterrent factor for shipping companies to shift toward a more carbon-free economy.

目前我国正在实施北斗三号系统建设，2018 年将发射 18 颗北斗导航卫星，数量达历史之最。另据规划，我国 2018 年面向“一带一路”沿线及周边国家提供基本服务；2020 年前后完成 35 颗卫星组网，服务全球。考虑到卫星导航不仅是重大空间和信息化基础设施，而且具有富于想象力的民用市场，我们认为在当前时点，以北斗导航为核心的“北斗+”将成为中国未来智能信息产业的时空轴，随着北斗系统与大数据、云计算、移动互联网等信息技术的融合，未来几年，北斗产业及其创新应用将在推动生产方式和发展模式的变革中得到快速发展。