各子行业景气度不一，城轨地铁、小部分智能制造、核电装备处于景气周期。分子行业来看，轨道交通：受国内车辆招标延期的影响，剔除中车后板块中报业绩整体低于市场预期，但城轨地铁投资呈加速迹象；智能制造：并购驱动的高收入增长或暂时告一段落，中长期看人工智能仍有广阔空间； 核电装备：关注核电招标进展，景气或迎反转； 油服装备：油价低迷业绩延续下滑，预计仍需时间进行调整；工程机械：需求小幅回暖，营收逐步企稳，盈利仍在低谷；电梯：行业整体平稳，龙头盈利能力改善；冷链设备：行业景气度回暖，盈利改善；重工装备：市场延续低迷，各公司仍在积极推动战略转型.

机械军工行业收入和净利润增速仍处于低位，但相较去年同期下滑幅度连续两个季度收窄，我们认为行业景气度或许已经结束了持续下降趋势正在探底。2016 年上半年机械军工行业营业收入总和为 4522.1 亿元，同比下滑 1.9%，净利润总和为 142.8 亿元，同比下滑 18.1%。行业收入和利润继续下行，但是趋势明显减缓。

Transponders receive an electromagnetic or radiofrequency signal from the Earth, amplify it, and send it back to Earth. Transponders are designed to exhibit various functionalities and they work based on a particular frequency band like C, Ku, and Ka. Depending on the signal strength and encoding/decoding techniques used for transmission and reception, a transponder can change the frequency, polarization, and modulation technique for signal regeneration, amplification, and retransmission back to Earth. The speed and centrifugal force of the satellite depend on the distance from the Earth's orbit. The speed and the gravitational pull of the satellite orbiting closer to Earth are higher than the ones that are orbiting farther. Different satellites placed in different orbits require transponders as per their band spectrum such as C, Ku, and Ka, for various communication and broadcasting purposes.

The global construction market has changed drastically in the past decade. The economic recession of 2008 led to a sharp downsizing of the construction sector in mature markets such as the US; however, this area is currently recovering. In emerging markets in Asia-Pacific (APAC), investments in the construction sector increased following the 2011-2012 global economic crisis. Though growth in the global construction market was initially moderate, it has now recovered and is rising significantly.

军工科研院所具备从事生产经营活动特点，将逐步分类改制并且转为企业。我们认为，2016 年下半年部分军工科研院所将率先启动试点改制工作，军工科研院所相关配套政策有望于部分试点改制后陆续出台。

公司基于多金属复合材料解决方案，多点开花，逐步从军工、航天航空向民品拓展： 公司军工钛材实现从无到有，同时民品化开始确定性提速，多个市场高达百亿以上空间。