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。

2017Q4基金重仓家电板块比例迅速回升，基金超配家电板块达到5.33%，创2010年以来新高。其中基金重仓白电板块比例上升2.14pct至5.90%，亦创新高。基金重仓股继续向优质龙头集中。北向资金亦加速流入。我们认为，业绩确定、估值优势是硬道理，继续看好家电白马行情。

机械行业年报预告亮眼，板块复苏确定性高，继续看好机械行业估值修复带来的投资机会。全球产业链重构视角下投资机械具备优势竞争力企业，继续推荐轨交板块、工程机械板块，推荐油服板块。机械行业已公布业绩预告的146个标的中，有108个标的业绩预增或扭亏，其中39个预告增幅超过100%；有38个标的业绩预减或续亏。PMI印证龙头集中趋势。12月PMI51.6%，连续17个月高于荣枯线，大企业PMI53.0%，高于中小企业，制造业龙头集中趋势显著。重点关注利润有望超预期释放的工程机械、轨交板块，重点关注受益于国际油价上涨的油服板块，高成长预期的半导体、面板行业，以及各细分领域龙头，关注工业机器人、高端机床等高端制造领域机遇。

2017年叉车销量近50万台，创历史新高。根据中国机械工程工业协会工业车辆分会的统计数据，2017年，全球叉车销量再创历史新高，超过130万辆叉车，比去年增长16.2%，中国预计叉车年产量(含出口)达到48万辆，甚至有可能突破50万辆，比2016年的37万辆增长30%。

Transparent conductive films are thin films that possess high electrical and thermal conductivity, along with high optical transmittance, and are used in the manufacture of display panels such as LCDs, touchscreens, and photovoltaics. However, transparent conductive films for photovoltaic applications are not included in this report.

Floor cleaning machines are tools that are designed specifically to clean floors, rugs, carpets, and other areas using suction and other methods. The global floor cleaning machines market is expected to be dominated by walk-in scrubbers, owing to the low price of the product. Vendors in the global floor cleaning machines market mainly cater to the professional and consumer markets. Several businesses and households are potential customers for floor cleaning equipment. However, most of the equipment is sold to the professional market. The global floor cleaning machines market for professional cleaning equipment solutions consists of vacuum cleaners, high-pressure washers, scrubbers, sweepers, and manual floor cleaning equipment.

Electrical components that come in handy at homes, in industries, at workplaces, shopping malls, and retail outlets are known as electrical consumables. This report considers electrical consumables employed in the residential sector. Home electrical consumables are key to all lighting-related activities in buildings. From running gadgets to lighting up spaces, home electrical consumables are at the heart of it all. Several components are available in this regard. However, the report only covers plugs and sockets and extension cords. There are several brands in this market space that are continuously coming up with innovative products that promise to deliver the best.

十九大报告指出，要加快建设制造强国，加快发展先进制造业，促进我国产业迈向全球价值链中高端，培育若干世界级先进制造业集群。工欲善其事，必先利其器，机械设备行业一方面在先进加工过程中提高生产效率，另一方面机械行业产品本身也作为先进制造的一张名片走向世界。我们结合机械行业细分行业特点，从五个维度定义机械行业先进制造：产值先进，技术先进，产能先进，品牌先进，过程先进。

装配式建筑带来塔机需求服务的结构化增长。一方面是对中大型塔吊需求提升，塔吊租赁行业存量设备主要以小型设备为主，而装配式建筑因吊装重量变化催生对中大型塔吊的刚性需求，随着装配式建筑比例的提升，市场对中大型塔吊供给与需求在失衡，催生了应收帐款以及价格的转好；一方面是塔机设备迭代速度加快，从国外及国内领先地区发展经验来看，区域内一年半可能迭代一代，单一设备的全寿命周期如果只是在单一区域内作业回报是有风险，资本开支是有一定的顾忌，有效供给与实际需求失衡加剧，看好上市公司+国企背景+全球战略纵深布局的建设机械。

2017 年装载机销售97610 台，同比增长45%。12 月份，纳入统计的25 家生产企业合计销售装载机8278 台，同比增长49.88%，继续保持4 月份以来的快速上升势头——自2017 年4 月份开始，装载机单月销量始终稳定在7600 台以上，同比增长率保持在40%以上。2017 年，装载机全年累计销量达到97610 台，较2016 年67375 台增长44.88%