Belgrade is working to develop the SAF into a small, highly-capable force, fit to participate in UN/EU peacekeeping missions, and able to defend Serbia against its security threats. As part of this transformation, much of the SAF's ageing equipment will need to be replaced, and demand for military products - particularly within the aerospace segment - is therefore significant. Serbia has a sizable defence industry, capable of producing armoured vehicles, artillery, missile systems, patrol boats and light attack aircraft, in addition to small arms and ammunition. Consequently, we expect the defence ministry to acquire much of the equipment needed for the SAF - particularly the army - from local manufacturers over the coming decade. That said, we do expect Belgrade to make arrangements for technology transfer in military import deals, which could benefit domestic defence companies over the medium-to-long term. The newly agreed Individual Partnership Action plan with NATO in January 2019 will play an important part in this – particularly with regard to the knowledge transfer of cybersecurity-related systems and practices.

收入、成本三因素均承压，火电行业ROE水平处于历史低点。发电小时数触底回升，2019年有望保持稳定。上网电价满足工商业降价目标，短期内下调概率较小。

电容器是电路中三大被动电子元器件之一。电容器也称为电容，是一种可以储存一定电荷量的元器件，广泛运用在电路中的隔直通交、耦合、旁路、滤波等方面。