10 月，船市需求再度低迷，订单量环比显著回落，累计新接订单量为 2119 万载重吨，同比下降 25.6%；供给方面，造船完工量环比继续下降，同比涨幅较上月亦有所回落；手持订单量继续回落，同比降幅微幅收窄；新造船价格指数持续下行，仍未有见底趋势；出口需求有所回落，出口额同比降幅持续收窄；行业绩效水平保持向好，收入涨幅继续增加。

The aircraft industry is experiencing considerable demand for various technologically advanced equipment. The inclination curve of air travel is continuously climbing across geographies forcing the manufacturers of aircraft to provide an increased number of aircrafts such as fixed-wing and rotary-wing. On a global scenario, commercial air passenger is expected to maintain a continuous growth over the years, irrespective of numerous challenges faced by the commercial airlines such as aviation fuel price, and other monetary changes in various countries. However, these challenges are succeeded by the growth of several passengers across the world. In the aviation sector across the globe, the quest for advanced technology, robust systems, and rugged products are ever rising. The technological advancements in the field of aircraft are positively accepted by the developed countries as well as developing regions. The procurement of technologically advanced aircraft has bolstered over the years, flourishing the aircraft component manufacturing market.

Landing gears are one of the most critical sub-systems of an aircraft. It supports the aircraft on ground during landing, take-off, and taxing operations. There is an increase in aircraft orders from various airlines around the world. This is primarily due to an increase in the number of passengers opting for air travel. Air passenger growth is the highest in the Asia-Pacific region. Airlines operating in these regions are focusing on expanding their fleet, in order to cater to the increasing demand. For instance, in early 2019, China Aviation Supplies Holding Company (CAS) signed a General Terms Agreement (GTA) for the purchase of 300 aircraft (290 A320 Family aircraft and 10 A350 XWB Family aircraft). This contract was worth USD 35 billion.

The aircraft industry is experiencing considerable demand for various technologically advanced equipment. The inclination curve of air travel is continuously climbing across geographies forcing the manufacturers of aircraft to provide an increased number of aircrafts such as fixed-wing and rotary-wing. On a global scenario, commercial air passenger is expected to maintain a continuous growth over the years, irrespective of numerous challenges faced by the commercial airlines such as aviation fuel price, and other monetary changes in various countries. However, these challenges are succeeded by the growth of several passengers across the world. In the aviation sector across the globe, the quest for advanced technology, robust systems, and rugged products are ever rising. The technological advancements in the field of aircraft are positively accepted by the developed countries as well as developing regions. The procurement of technologically advanced aircraft has bolstered over the years, flourishing the aircraft component manufacturing market.

年初至今， 国防军工指数上涨23.88%，跑赢上证综指（16.77%），跑输沪深300（29.62%）及创业板指（38.09%）。

首推南方航空、中国国航、低成本航空春秋航空以及支线航空华夏航空。未来三四线城市航空出行崛起，一二线航空出行增长乏力。高频数据显示航空四季度经营数据好转，同时 PB 估值较低，油汇企稳，将有跨年行情。随着经济企稳复苏，大众化航空出行需求持续上行，中期春秋航空以及华夏航空最为受益。

看好2020 年行业的高景气度。部分公司在2019 年三季报中已反映出较高景气度，2020 年是“十三五”末年，是装备交付的高峰期，且国产替代处于持续推进阶段，在装备交付及国产替代的综合影响下，预计行业景气度有望进一步提升。

检测行业基本情况概述。检测行业是随着社会的进步和发展，基于全社会对使用产品的质量、对生活健康水平、对生产生活的安全性、对社会环境保护等方面要求的不断提高，并随着检测技术的不断进步而逐渐发展起来的行业。检测服务包括可靠性与环境试验、环保检测、食品检测和化学分析等等。检验检测服务行业的进入壁垒主要包括资质门槛、品牌和公信力、客户资源积累、资本实力。

存量更新是本轮挖掘机复苏周期的重要支撑，但碍于行业缺乏对于存量结构的官方数据，使得对于旧机更新节奏的分析变得难以量化。我们提取了2019 年12 月份（截止日12 月4 日）挖掘机交易平台铁甲二手机的全部二手机挖掘机交易数据，共计5.4 万个，对此前的存量分析初步结论做进一步的验证，主要结论如下。

2019 年 1-10 月固定资产投资累计同比增长 5.20%，相对上半年有所下降，其中基建/ 房地产/ 制造业/ 采矿业投资分别同比增长3.26%/9.60%/2.60%/25.10%。