Latin America is one of the few regions in the world with significant natural resources and vast expanses of unexploited agricultural land. With the current scale of agricultural activities, the region stands as a key contributor to the world food supply, accounting for 16% of the global food and agriculture exports in 2016. The Latin America region is playing a pivotal role in global food supplies, with some countries registering respectable growth rates in agricultural productivity over the last few decades. Nevertheless, the increase in productivity trails food demand in the region and beyond. Brazil, Argentina, Mexico, and Chile are the major food exporters, contributing to annual food and agricultural exports of more than $100 billion.

After 17 straight profitable quarters, airlines based in the United States can be expected to keep the winning streak going in 2018 and beyond. Even as the industry’s two largest operating costs – fuel and labor – edge up, a combination of persistent demand for air travel that’s outpacing the overall economic growth and newfound discipline on adding capacity is keeping network and value carriers in the black. A return to growth in passenger yield – the measure of the average fare paid per mile per passenger – is an example of the industry’s enduring strength. After years in decline, year-over-year yield rose 2.3 percent in second quarter 2017, driven primarily by network carriers’ capacity restraint. Passenger yield fell 13.4 percent from 2014 through 2016, hitting a year-over-year quarterly low in third quarter 2016 of 13.4 cents. The systemwide yield by second quarter 2017 was 13.9 cents.

Agricultural tractors are machines that are used for farming and other purposes in fields. It is an engineering vehicle specifically designed to deliver at a high tractive effort at slow speeds, for the purposes of hauling a trailer or machinery used in agriculture or construction. This report only covers agriclutural trators.

中美贸易战由短期施加压力反复试探转向中期实质性正面对抗，美方针对 “中国制造 2025”发展战略制造摩擦从而遏制中国崛起，从阶段性政治手段转向长期政策性战略。2018 年 6 月 15 日，白宫对中美贸易发表声明，对 1102 种产品总额 500 亿美元商品征收 25%关税， 7 月 11 日，美再次公布对价值 2000 亿美元的中国商品额外加征 10%关税的清单。2017 年化工及化工制品对美出口额为 1996亿美元，约占中国对美出口总额的 40%。同时，国防支出 2008-2017年复合增长率达到 11.9%，国防支出增速高于同期 GDP 增速，军工行业具有极高的壁垒，同时考虑到军品定价机制，原材料供应端的相关企业具有稳定增长的刚性需求支持以及较高的盈利水平。

7 月上证综指上涨 1.02%，深证成指下降 2.14%，创业板指下降 2.83%，沪深300 上涨 0.19%，军工指数上涨 4.68%。个股方面，月涨幅前五的个股为雷科防务、耐威科技、新研股份、中航机电、*ST 船舶，涨幅分别为 26.90%、20.93%、 15.47%、15.06%、14.14%。跌幅前五的个股为星网宇达、晨曦航空、天海防务、中国应急、四创电子，跌幅分别为 15.10%、11.34%、10.60%、10.24%、9.57%。