The maintenance, repair, and overhaul (MRO) services are an essential and unavoidable aspect of every business. A proper MRO of an aircraft or its component can help businesses avoid significant risks to their survival. Thus, aviation industry players majorly focus on creating appropriate business processes and infrastructure to support industry growth. The rising demand for air travel worldwide is encouraging aircraft manufacturers such as Airbus and Boeing to increase their production volumes and offer maintenance services for these aircraft as well. With the constant growth in air traffic, carriers are more liable to maintain the optimum condition of the aircraft so as to extend their life span; otherwise, they would have to procure new aircraft. The cost of procurement of a new aircraft is much higher than the cost of the maintenance of the existing aircraft.

The maintenance, repair, and overhaul (MRO) of an airframe or its component can help businesses maintain their functions for the long term. As a result, aviation manufacturers majorly focus on creating appropriate business processes and infrastructure. Governments of various countries across the globe are highly engaged in massively investing in aviation infrastructure to deliver better MRO services. They also plan to develop the airports as MRO hubs, integrating all the capabilities, facilities, and warehouses in the facility to offer high-quality services to aircraft. Several engine development programs are being adopted, owing to the ever-increasing spending toward aircraft modernization, norms and regulations, and environmental concerns for the retirement of older fleets. Most of the engine manufacturers are robustly focusing on the development of economical and efficient engines for new aircraft fleets. The procurement of advanced aircraft parts is expected to double in the next few years, which will result in the retirement of older planes across the globe. Further, the integration of the Internet of Things (IoT), blockchain, artificial intelligence (AI), and other advanced technologies into aircraft is boosting the need for high-quality maintenance services, which is fueling the airframe maintenance services market.

The airborne pods are an external pod structure primarily fabricated to offer enhanced aerial recognition, identification, communication, targeting, data linking, and self-defensive potentials to an aircraft. High-end airborne pods with a wide range of advanced sensors and laser technologies can operate in extreme weather conditions, which is also one of the prime factors boosting the application of airborne pods in advanced fighter jets, aircraft, unmanned aerial vehicles, and helicopters. The changing modern warfare scenario has forced governments of various countries across the globe to allocate substantial funds and financial aid toward respective defense and military forces. The growing defense expenditure budget indicates the government's emphasis and importance on modernizing the defense sector to meet the mounting need for security, which is one of the major market drivers.

Compact tractors, generally known as compact utility tractors, are primarily useful for small farms. The compact tractors are designed for small-scale farming requirements. Based on capacity, the compact tractors are categorized into below 30 HP (Horsepower), 30 HP–40 HP, and 40 HP–60 HP. In terms of drive type, the compact tractors market is segmented into two-wheel drive and four-wheel drive. The agricultural sector is the major application area of compact tractors, followed by utility-scale applications.

军工行业 2023 年及 2024Q1 业绩回顾：2023 年 141 家核心业务涉及军工领域的上市公司共实现营业收入 6680 亿元，同比+12.73%，增速在一级行业（SW）中排名 5/31；实现归母净利润 380 亿元，同比+5.53%，增速在一级行业（SW）中排名 13/31。2024Q1，国防军工行业实现营业收入 1300 亿元，同比+10.27%，增速在一级行业（SW）中排名 4/31；实现归母净利润 73 亿元，同比-14.50%，增速在一级行业（SW）中排名 20/31。

低空经济作为资本市场的新主题，被视为具有巨大潜力的新领域，有望成为今年投资的主线。我国低空经济正迎来快速发展的新阶段。经过长期积累，国家需求明确、政策法规支持加强、供应链完善、技术基础扎实，多条件共振，为低空经济的腾飞创造了有利条件。新领域的投资行情通常经历从初期的普遍上涨到回归理性，再到市场的重新评估和确认，最后可能迎来新一轮的增长。

我们复盘 2023 年初至 2024Q1 末船舶制造板块主要标的股价，中国船舶/中船防务（H）/中船防务（A）/中国重工/中国动力/扬子江分别涨幅 66%/46%/25%/34%/33%/40%，大幅跑赢沪深 300，区间最大涨幅分别为 76%/81%/60%/54%/66%/68%,中国船舶和中船防务 H 股赚钱效应更为显著。区间上看，2023H1 受益新船订单和新船造价持续向好，以及 2023 年 11 月至今在新船造价和订单持续高景气的基础上，叠加红海危机情绪加持，板块涨幅显著。

电动垂直起降飞行器（ Electric Vertical Takeoff and Landing，eVTOL）区别于常规飞机的主要技术特点包括可以实现垂直起降、采用分布式电力推进以及运用全电/混合动力技术。得益于电动机、电池和自动化技术的发展，与常规直升机相比，eVTOL 更加低碳环保、噪声更低、自动化等级更高，并由此产生了运行成本低、安全性和可靠性高的优势。随着城市空中交通（Urban Air Mobility， UAM）的兴起，引起了 eVTOL 的研制热潮。据统计，目前全球已有百余家 eVTOL 企业。

机械板块 24Q1 收入毛利率温和改善：（1）板块收入和毛利率温和改善：从收入增速看，在经历了 2022 年的增速下降后，板块在 2023 年整体保持相对平稳的增长，23Q4-24Q1 收入增速分别为 3.4%、4.2%。从毛利率看，板块毛利率保持相对平稳。从 ROE 看，机械板块 ROE 波动上升，在 2013、2017、2020 年出现了较多季 度的同比正增长，24Q1 的 ROE 水平与 23 年初接近。（2）季度收入增长较快的是 印包设备、光伏设备、船舶制造等板块，季度毛利率提升较多的是铁路设备、内燃机、其他通用机械、农用机械等板块，24Q1 提升较多的细分板块包括油气装备、纺织服装设备、其他通用机械、农用机械、印刷包装机械等。