The Aircraft Manufacturing market in China is expected to experience steady growth during the period 2011–2015. Since this market is closely connected to the national economy, the government has set strict requirements for entering the Aircraft Manufacturing market in China.The majority of current players within the market are state owned. This makes it difficult for new players to enter this market. The Aircraft Manufacturing market in China is expected to grow at a CAGR of 9.76 percent during the forecast period.

回顾2012年，天相机械板块涨跌幅位居天相45个二级行业排名的第29位，全年跌幅5.33%，同期上证指数上涨1.54%，跑输大盘6.87个百分点。

我们认为下半年机械行业投资机会主要存在于享受政策红利的子行业中，同时，只有长期趋势向好的子行业，才能真正把握政策红利带来的机会，实现飞跃式发展。因此下半年的投资主线应该是把握长期向好与短期政策红利叠加带来的机会。具体而言，铁路设备行业、新型煤化工设备以及水利设备行业符合上述投资主线，值得重点关注。

Rail transportation equipment is used to transport passengers and goods from one place to another. There are various types of rail transportation equipment such as multiple units, locomotives, and railroad cars. Multiple units are self-propelled carriages and can be connected with other units and are controlled from one driving compartment. Locomotives are rail transportation equipment used to provide propulsion to the train. Lastly, railroad cars are the railway equipment used to carry goods and passengers.The Rail Transportation Equipment Manufacturing industry in China is growing steadily. Recently,the production of rail transportation equipment in China has gained momentum and the demand for rail transportation equipment is expected to rise during the forecast period. The Rail Transportation Equipment Manufacturing industry in China is dominated by the state-owned enterprises. The two major players in this market are China South Locomotive and Rolling Stock Corp. Ltd. (CSR) and China CNR Corp. Ltd. (CNR). The Rail Transportation Equipment Manufacturing industry in China is expected to grow at a CAGR of 16.98 percent during the forecast period.

根据中财网（http://www.cfi.net.cn/）报道，财政部、国税总局发布新版"营改增"试点税收政策，进一步明确了今年8月1日起“营改增”试点扩至全国除铁路外的交通运输行业。尽管并未涉及铁路行业营改增，但《交通运输业和部分现代服务业营业税改征增值税试点实施办法》中第22条“下列进项税额准予从销项税额中抵扣”第四项“接受铁路运输服务”中，明确提到“接受铁路运输服务，按照铁路运输费用结算单据上注明的运输费用金额和7%的扣除率计算的进项税额”。我们认为，考虑到未来铁路进行营改增时和现有政策的衔接问题，铁路潜在的适用增值税率大概率就是7%。