Off-highway vehicle engines growth is dependent on the growth rate of agricultural and construction machinery industries. Rising agriculture mechanization trend in developing countries and spike in residential and commercial construction projects worldwide are driving the construction and agricultural machinery markets.  The market size in terms of revenue for off-highway vehicle engines is dominated by Construction Machinery type followed, by Agricultural Machinery due to high initial cost of the former equipment type, compared to agricultural Machinery. The global construction machinery market is anticipated to grow, owing to the ongoing demand for construction of smart cities across the world and various mega construction, particularly in developing countries may increase the demand for the market. Out of the available range of Construction Machinery types, Excavators capture majority of the share in terms of revenue. The market for excavators was worth USD 28 billion in 2015 globally and is expected to capture 30% of the overall machinery sales over the forecasted period. Europe and North American Markets remained stable in terms of growth due to sluggish import demand from developing countries.

Power electronics is an engineering study of converting electrical power from one form to another. The world- wide average rate of 12 billion kilowatts every hour of every day of every year, more than 80% of the power generated is being reprocessed or recycled through some form of power electronic systems. A lot of energy is wasted during this power conversion process due to low power conversion efficiency. It is therefore very important to improve the efficiency of these power conversion systems. With the extensive use of efficient and cost-effective power electronics technology across the globe, the energy consumption is expected to reduce up to 35% during the forecast period. The scope of the report discusses the potential opportunities for the market players to enter the global power electronics for electric vehicle market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.

4 月份，中证军工指数上涨8.7%（3 月份 -9%），同期沪深300 指数上涨6.1%（3月份-6.4%）。中证军工指数跑赢大盘2.5ppt。4 月板块热度一般，卫星互联网被纳入“新基建”单周交易额4 月份最高。我们对5 月板块表现相对乐观。

新冠疫情导致经济面临下滑压力，老基建（高铁+地铁）和新基建（城际和市域）或将成为稳增长和逆周期调节的重要发力点。