The aviation industry and the businesses that support it are experiencing another year of unparalleled growth, thanks to an expansion in the global population able to afford air travel. Rising incomes and consumer spending are pushing passenger travel to record levels and fueling the largest year-over-year increase of the in-service fleet since 2008. Looking ahead a decade, air travel demand is anticipated to be equally robust, with an additional 200 million people expected to enter the middle class across the planet. Growth in revenue passenger kilometers (RPK) will regularly exceed the annual expansion of gross domestic product (GDP) in most economies—particularly in high-growth areas like China and India. Even amid global trade tensions, the projections for commercial air travel remain optimistic across all regions of the world.

1、本周上证综指上涨1.75%，收于3021.75 点。同期上证高端装备制造60 指数上涨4.62%，收于6961.42，跑赢大盘2.87 个百分点。从行业板块来看，电力设备、房地产、食品饮料等板块涨幅较大，计算机、通信、农林牧渔等板块跌幅居前。

事件：3 月20 日，民航局网站刊登报道《民航局迅速传达学习2019 年两会精神》提及：“在减税降费方面，要加快协调推进降低航空公司的民航发展基金征收标准，对涉及企业收费标准偏高的、不利于减负增效的，都要降下来，特别是在空管收费、通航收费、航油销售等领域要开展价格收费专项检查。”我们认为民航系统推进为企业减税降费，实实在在减负正在进行时，也是积极响应国务院推动减税降费为企业减轻负担。同时加快协调推进民航发展基金征收标准，也是我们此前报告中认为2019 年民航业潜在利好之一，另一潜在利好我们认为是国内航线辅助收入或实现松绑。

在改革深化、国防体系改革加快的大背景下，军工国企改革的步伐有望加快。我们梳理了近年来军工体系改革的相关政策，认为军工企业改革有三大方向：1、行业内进行企业战略性重组；2、自上而下的深入改革，提升经营效率；3、军工资产证券化。

我国军用舰船近年来发展迅速。目前，全球造船市场已形成中、日韩三国主导的市场格局，其中，我国是全球造船第一大国。