Traditional air-cushion vehicles were used to transport equipment and troops from ships to beaches or war zones. However, with the changing demand, the air-cushion vehicle industry has witnessed the production of advanced landing crafts that can travel on several types of terrain like ice and sand. Also, the applications of air-cushion vehicles for commercial purposes like ferrying passengers and personal use (like for fishing, transport, and recreational) are rising.

In 2012, Saab successfully developed an instrumentable-multiple integrated laser engagement system combat vehicle tactical engagement simulation system (IMILES CVTESS).The Americas accounted for the highest market share of 55% in 2015, followed by EMEA with share of 27%, and APAC with a share of 18% APAC has the fastest projected growth and is likely to grow at a CAGR of 9.46%,during the forecast period, due to increasing integration of MILES in training exercises.The growing trend toward integrating command, control, communications,computers, intelligence, surveillance, and reconnaissance (C4ISR) applications and commercial off-the shelf (COTS) in MILES is driving the growth of the market.In this report, Technavio covers the present scenario (with the base year being 2015)and the growth prospects of the global MILES market for 2016-2020.

There will be a paradigm shift toward next-generation miniaturized point-of-care (POC) coagulation testing devices during the forecast period. It is expected that these new devices will replace the traditional coagulation devices due to their low cost and effectiveness.Next-generation polymer nanocomposite-based electrochemical biosensors will replace the traditional electrochemical biosensors due to their compact size, high accuracy, and low cost.

In the current era of digitization, there has been a global decline in newsprint production. In the US and Canada combined, newsprint production declined from 13.7 million tons in 2002 to 5.8 million tons in 2015. This decline has been a boon to the containerboard production market as companies are converting their newsprint lines or diversifying into packaging production. For instance, in 2016, the US-based paper and pulp company, International Paper signed an agreement with the specialty paper producer Holmen Paper to acquire its newsprint mills in Madrid,Spain. According to the deal, the mill will be converted to a paperboard production center by 2017.In 2015, there was a 4% (about 35 million tons) increase in global tissue paper consumption when compared with 2014; it was about 1.5 million tons. In 2015,there was considerable growth when compared with the 3.2% hike reported in 2013 and 3.5% in 2011. The rise in the growth rate of global tissue paper consumption is expected to drive the global paper converting machines market during the forecastperiod.The rise in literacy rate and number of offices have spurred the demand for stationery products. The global literacy rate had increased to 86% in 2015 from 76% during 1985-1994. This will lead to a greater demand for paper, reflecting the growth potential of the global paper converting machine market.

The increasing use of multiparameter patient monitoring equipment for remote monitoring applications is expected to fuel the market growth. For instance, the number of individuals using remote monitoring stood at approximately 890,000 in 2015 and is projected to reach four million by 2020. The broader applications of multiparameter patient monitoring equipment in emergency and intensive care unit (ICU) departments and other emerging applications such as mobile and ambulatory care are expected to increase the demand further. The applicability of patient monitoring in mobile and ambulatory care will fuel the adoption of wireless and portable multiparameter patientmonitoring equipment.

The increasing security threats among nations and across borders have heightened the need to bolster defense forces with advanced systems such as multiple launch rocket systems (MLRS). Thus, small-economy countries such as Belarus and Kazakhstan and developing countries such as India, China, and Brazil are constantly investing in the procurement of MLRS to strengthen their strike capabilities.APAC is expected to have a major share in the market during the forecast period due to the increasing investments by countries such as India and China.The technological advancements such as integration of rockets with global positioning system (GPS), gyros, and sensors result in high precision, thus improving the overall performance of MLRS.

Natural gas pipelines are an integral part of the global oil and gas industry. The development outlook of the market is highly dependent on the dynamics of the overall oil and gas industry. The market is expected to grow at CAGR of 0.205% during the forecast period.The global natural gas pipeline market is cyclical in nature and is experiencing a phase marked by low prices. However, the investments in the global natural gas pipeline market are not affected by short-term natural gas price fluctuations and conform to the larger market cycles.

The growing incidence of brain aneurysm and cerebral disorders is expected to drive the market growth. For instance, in 2014, approximately six million individuals were affected by an unruptured cerebral aneurysm in the US. Also, approximately 0.7 million strokes occur every year in the US.The rising demand for minimally invasive procedures is expected to fuel the adoption rates for neuroendovascular non-coils, owing to lesser complications.Therefore, neurosurgeons are shifting from their traditional approaches (surgical clipping) to advanced minimally invasive surgeries. Vendors are also focusing on developing minimally invasive devices. For instance, in February 2015, Medtronic received the US FDA approval for its flow diversion Pipeline Embolization Device,which is used for treating brain aneurysm. It is the first flow diversion device to receive approval from the US FDA.

The growing concerns about health due to rise in water pollution and rapid industrialization and urbanization worldwide are driving the global ozone generation technology market.The need for stringent compliance to water treatment regulations has been driving the ozone generation technology market in EMEA — the leading region in this market.Heavy investments in R&D of ozone generators by major manufacturers, such as Toshiba and EBARA, have improved the efficiency of these devices, thereby driving their demand.Introduction of mobile ozone generator systems and offering the devices on rent are likely to bring down their long-term operating costs, thus driving the growth of the market during the forecast period.The global ozone generation technology market is fragmented; however, there areonly a few big global players in the market such as EBARA, Degrémont, Toshiba,Fuji Electric, and Mitsubishi Electric. The requirement for power products and the simple technology involved in generating ozone have attracted many small local and regional vendors into the market. These vendors are gaining popularity because they can provide customized solutions to clients.

 我们对于未来观点没有发生重大变化，继续看好军工板块一季度行情 。 • 我们12月以来坚持看好军工板块行情，核心逻辑为重点公司走势带动 板块市值空间和估值水平上移，叠加混改带来的主题投资机会。 – 如果重点公司走势超过市场预期，我们继续坚持12月以来观点，板块行情有望 持续。 – 如果重点公司走势在市场预期之内，本轮军工行情将接近尾声。 • 我们推荐的逻辑为： – 1）板块进入复牌密集期，重点公司重大资产重组带动行业热度上行； – 2）重点公司复牌后涨幅若超预期有望打开市值与估值空间； – 3）混合所有制改革，军工行业是混改重点行业。 • 建议继续关注低估值、增长确定性高以及有混改预期或资产注入预期 的上市公司。维持军工板块“买入”评级。

机械部分子行业龙头企业有望在 2017 年迎来一段时间的“量价齐升”的局 面。尽管对 2018 年的持续性尚不好判断，但从投资角度，2017 年机械行 业投资机会将明显好于 2016 年。 （1）价格上涨。2016 年供给侧改革起步，原材料价格大幅上涨， 2017 年 有望逐步传递至中游制造业。 （2）更换需求增加。2008 年金融危机，但“四万亿”刺激下，机械行业 的行业需求高点在 2011-2012 年。经历 5 年左右的不景气后，部分产品设 备生命周期到了，更换需求大幅增加，例如重卡、煤炭机械等。 （3）产能出清。我们发现经历几年的下滑后，装备制造业不少缺乏竞争力 的中小企业逐步被市场淘汰，行业集中度在逐步提升；上市公司往往是细 分行业龙头，市占率在提升，行业竞争格局有所改善。

本周市场回顾: 本周中信国防军工上涨 0.18%，落后大盘 1.35 个百分点， 在中信 29 个一级行业中排名第 27 位。本周央企和地方国企混改概念股仍 保持行业领先（宝胜股份、长城电脑、天虹商城、华锦股份、中电广通）； 民参军板块则出现两极分化；整个军工板块持续调整，湖南天雁、长春一 乐、北方股份等前期上涨过快“壳”标的持续回调。 本周行业热点: 军委装备发展部制定１２条举措４５项任务推进军民融合 深度发展，推动武器装备建设军民融合在更广范围、更高层次、更深程度 上发展。装备发展部今年还将举办第三届民营企业高技术成果展暨军民融 合高层论坛，强力推进航天领域、网络信息体系、军援军贸等方面的军民 统筹。

发展天然气是优化我国能源结构的必由之路。天然气作为最清洁 的能源之一，在我国能源消费的占比仅 6%（64%能源消费为煤 炭），远低于全球 24%的水平。提高天然气占比已成为国家的能源 战略，我们预计 2015~2020年天然气消费量的 CAGR将达到 15%。 多气源保障天然气供给。我国天然气 30%来自进口，70%来自国 产，预计未来进口和国产气源都将有充足的供应。1）LNG未来五 年将迎来投产高峰，预计全球产能 CAGR 将达到 7~15%。而 2020 年以前，预计我国 LNG接收站将投产 9 座以上，同时已建的 LNG 接收站储转能力也将扩大。2）中亚 D线和中俄东线也将于“十三 五”期间竣工，陆上天然气的供给将显著增加。3）我国常规和非 常规天然气也将迎来长足发展，预计未来五年国产天然气计划累 计探明储量增长 4.3%，年产量增长 8.9%。

家电指数（中信）自年初至今上涨6. 59%，在全部29个行业中市场表现居于第3位，领先其它26个行业，超过上证4%的年度至今表现，也大幅领先于万得全A指数2%的表现。

（1）海军综合实力与美国仍有差距。现阶段我国服役的大 型舰艇无论从数量上还是吨位上来看，与美国相比仍有一定差距。航母层面，我国目前服 役航母仅辽宁号，而美国作为海上霸主拥有 10 艘核动力航母在役。其他新型大型舰艇层 面，以美国提康加级巡洋舰为例，美国最高保有量在 27 艘（首舰服役时间 1983 年，重量 达 9589 载重吨，目前退役 12 艘）；而相比之下，我国的最新型导弹驱逐舰截止目前仅 5 艘（昆明舰首舰服役时间 2014 年，载重吨 7000 吨）。 （2）安全局势催生新的海洋战略“近 海防御和远海护卫并重”，以航母为中心建设海军力量已成为我国重要海军战略。现阶段 海洋权益争端不断升温，新的海军战略强调我国在近海防御的基础上，应该加强远洋打击 能力。南沙群岛距离大陆约 1500 公里，陆基航空兵很难在这个距离上完成空中掩护任务， 发展包括航母在内的大型远洋舰艇，是根据中国自身需求的海军强军之路。航空母舰作为 航空母舰战斗群的最核心舰船，重要性不言而喻。

原材料成本上涨影响家电企业盈利。家电行业原材料成本占比高达80%以上，以空调为例，钢材与铜占原材料成本比例分别约为25%、20%，塑料成本占比在10%左右，铝成本占比约为5%。目前行业进入原材料上涨周期，市场担心原材料成本上涨，整机企业的盈利能力将会受到一定影响。

继续推荐空调产业链及低PEG 龙头： 1）家电板块稳健基本面的价值属性在市场上进一步显现，继续推荐安全边际高的低PEG 家电龙头标的，首推小天鹅A，继续关注老板电器、格力电器。小天鹅A 将受益“估值底部+行业稳健增长+份额持续提升+垄断红利释放净利润率快速提升”，未来三年业绩CAGR 25+%确定性强，估值15 倍安全边际高，强烈推荐。2）空调产业链继续复苏，当前格力电器拥有高增长，低估值，高分红，业绩或有惊喜。上游配件龙头三花智控基本面扎实，在原材料波动期间有一定议价能力，17 年估值仅18倍，集团汽车业务继续孵化，建议关注。

去年四季度以来，大宗原材料、包材和运费普遍上涨。考虑到供给侧改革的推进和环保核查趋严，原材料价格上涨的趋势在短期内或难改变。由于竞争格局较好，家电龙头具备一定的成本转嫁能力，我们草根走访经销商及调研配件商也表明，上游零配件价格和经销商进货价分别从今年一季度和去年12 月开始上涨。我们希望通过跟踪周度零售数据，分析各子行业的零售价格实际传导情况。

 本周机械设备指数下跌 0.83%，沪深 300 指数上涨 0.23%，创业板指 下跌 0.50%。机械设备在全部 28 个行业中涨幅排名第 20 位。  在全部机械股中，涨幅前三位分别是尤洛卡、埃斯顿、田中精机，一 周涨幅分别 30.16%、29.51%、10.98%。 2.主要行业动态  油气板块：《2017 年能源工作指导意见》发布，天然气消费比重计划 上调 2 月 17 日，国家能源局公布了《2017 年能源工作指导意见》。《意见》中 提到，计划在 2017 年把全国能源消费总量控制在 44 亿吨标准煤左右。同 时，非化石能源消费比重提高到 14.3%左右，天然气消费比重提高到 6.8% 左右，而煤炭消费比重则下调到 60%左右。从能源局数据来看，去年全国 能源消费总量在 43.6 亿吨标准煤左右，非化石能源消费比重达到 13.3%。 重点关注：富瑞特装、厚普股份、深冷股份。