The presence of a number of large enterprises in several key segments of the chemical industry means that domestic competition hardly exists in them. There are a few major companies in the country that not only dominate their respective local markets, but are important players on a European scale. Not surprisingly, M&A transactions happen rarely in this industry, but once they do they are usually massive. Such was the case with the consolidation of the chemical synthesis segment into Grupa Azoty in 2012 and its subsequent defence against what have been perceived as a hostile take-over attempts by Russia's Acron. In recent months, the biggest deal was the purchase of shares in Synthos from minority shareholders when the company's majority owner Michal Solowow decided to delist the firm - the deal's value was EUR 486mn.

Managed print services (MPS) are used to gain visibility and control of the printing infrastructure, which helps the organizations to save money and boost productivity. These services also help improve environmental sustainability and document security. MPS usually begins with requirement gathering process. The next step includes a partial or complete replacement of existing hardware, which includes scanners, printers, faxes, photocopiers, and multifunction (MFP) devices. The service provider oversees the printing environment, services hardware, and provides parts and supplies. An MPS provider may also monitor and report on usage, problems, and user experience.

Managed print services (MPS) are used to gain visibility and control of the printing infrastructure, which helps the organizations to save money and boost productivity. These services also help improve environmental sustainability and document security. MPS usually begins with requirement gathering process. The next step includes a partial or complete replacement of existing hardware, which includes scanners, printers, faxes, photocopiers, and multifunction (MFP) devices. The service provider oversees the printing environment, services hardware, and provides parts and supplies. An MPS provider may also monitor and report on usage, problems, and user experience.

收入端有望量价齐升。客运量稳定增长：首先，国内较强的经济发展韧性，预期会带动航空需求持续稳定增长；其次，国内人均乘机次数相比发达国家还有很大提升空间；另外，高铁对航空业的冲击已经过了最坏阶段，负面影响消除。票价提升预期较强：在航空供需逐渐优化（客座率逐年抬升）的背景下，新的催化因素不断出现，催化一，国内主要航线市场化定价逐渐放开，航空提价逻辑理顺，热门航线提价空间大；催化二，良好的供需环境叠加波音事件的影响，进一步优化供需格局，助力提价。

军e_工Su持mm仓a市ry]值 占比出现回落，连续 7个季度维持低配。1）2019Q1基金重仓军工市值占比出现回落，由Q4 的1.9%下降至1.7%，超配比例由-0.93%下降至-1.06%，板块连续7 个季度处于低配状态。2）横向来看，2019Q1 基金重仓军工市值占比排名第21/30，保持平稳。3）我们认为，军工板块超配比例创5 年来新低，接近2012-2013 年初底部水平，整体微观结构较好。

根据World Air Force 2019 数据，美国现役军用直升机数量达5429 架，遥遥领先其他国家，俄罗斯现役1448 架，位列世界第二。相比之下我国近年直升机发展虽然保持快速上升势头，但仅保有902 架现役直升机，数量上相距美俄两国都有较大差距。目前我国国防战略正从“积极防御”向“攻守兼备”转变，各型军品装备快速发展，同时我国军用直升机发展已经从前期的进口为主进入到自主研发阶段。随着陆军改制逐步完成以及陆军航空兵、海军航空兵的大力发展，军队对军用直升机的需求正快速提升，并有望逐步实现国产替代。

ROE 分析：盈利能力改善带动ROE 提升。军工板块ROE 在2015 年之后明显提升，2016-2018 年保持稳定，2015 年为2.85%，2016-2018 年分别为3.84%、3.95%和3.96%。ROE 提升的主要原因是净利润率的提升和盈利能力的改善，2015-2018 年军工板块净利率分别为2.10%、3.17%、3.50%和3.73%，同期总资产周转率并未出现明显变化、稳定在0.46 左右，而权益乘数则呈下降趋势。