The aviation sector has been witnessing a significant growth in demand for jet fuel in the recent times, mainly due to the increasing number of air passengers, on account of cheaper airfare and an increasing number of routes. In 2017, civil aviation emitted around 859 million metric ton of CO2, accounting for around 2% of all human-induced CO2 emissions.

Deliveries of firefighting aircraft are witnessing a significant increase, globally, with various countries taking deliveries of the aircraft. The rotary-wing segment is expected to register the highest CAGR, during the forecast period. The mobility, speed, and delivery capabilities of the rotary-wing aircraft, over fixed-wing, are very effective in supporting firefighters on the ground. Thus, their use is now being popularized, and their procurements are expected to increase in the coming years.

Offshore oil and gas sector had been hit hardest by the sustained low oil prices during 2014-2017, owing to higher breakeven prices of offshore production compared to onshore conventional and unconventional oil production. • The oil prices witnessed a substantial recovery during mid-2016 to mid-2018. This has helped in driving the onshore oil and gas activity. The deepwater and ultra-deepwater offshore drilling activity, on the other hand, witnessed a further decline during the same period.

纪念新中国成立每十年一大庆，逢大庆举行阅兵是新中国的传统。天安门前除了举行过 14 次国庆阅兵，2015 年还首次举行了庆祝抗日战争胜利 70 周年的阅兵庆典。历次天安门阅兵的形式均以开国大典阅兵方案为蓝本，并根据当时军队现行编制和装备的变化情况进行一定的创新。今年庆祝新中国成立70 周年阅兵是创下规模新纪录，在形式创新方面也有望达成诸多“首次”和“之最”，反映了我军改革以来的新面貌。今年的阅兵将全面展示我军按改革重塑的中国特色现代军事力量体系，展示国防和军队建设的最新成就。  

我们根据军工板块的历史行情，结合当下市场风险偏好和深度研究结论，在梳理今年以来的军工行情演绎的基础上，对四季度和明年军工板块的走势情况进行展望。 

本次 70 周年国庆阅兵的规模之大、类型之全创历次国庆阅兵历史之最，编组之新、要素之全集中体现了国防建设强军成果。新装备的不断涌现，彰显了国家对行业的持续投入并保持稳步快速增长，行业整体维持高景气度，维持“增持”评级。