铁路市场，需求景气推动增长，政策助力继续提升。铁路市场投资复苏明显，25年将继续维持 较高规模。动车组新车有望维持高位，高级修进入放量阶段；机车在政策和货运需求带动下有望逐步释放。城轨市场，市域快轨是重要新建增量，维修改造需求有望释放。重点关注业绩释放的车辆环节，以及周期位置相对更好且有望拓展低空等成长曲线的信号系统环节。

The ground based aircraft and missile defense systems are used to effectively track, detect, intercept, and neutralize all kinds of air threats posed by combat projectiles, missiles, aircraft, rockets, and UAVs. These systems have the capability to defend a country from all incoming airborne threats.

The role of military aviation has become prominent over the recent years in order to establish air superiority of the battlespace and to safeguard national integrity. Jet fuel used in military aircraft plays a critical role in powering the turbine engine and operating entire aircraft.

Fuel cells are electrochemical devices that convert the chemical energy stored in fuel directly into electrical energy. Traditional gas generators create mechanical energy by combusting fuel and then convert the mechanical energy into electricity through generators. Fuel cells eliminate the need for additional conversion steps and provide usable electrical and heat energy directly from the stored chemical energy. They are used in marine vessels to power main propulsion systems partially or entirely and also cater to onboard energy consumption requirements.

航空运输行业：1月油汇向好、国内线运力同比微增，客座率高位维稳－航空运输月度专题-信达证券

中央和地方齐发力，低空经济加速推进。2 月 6 日，重庆市政府新闻办发布会，提出大力发展低空经济，联合布局打造成渝低空经济带，推动跨省低空飞行架次年增长 20%。2025 年蛇年春晚，重庆分会场开场由峰飞航空 2 吨级 eVTOL 上演飞越两江的胜景，展现了未来空中出行的无限可能。2024 年 12 月，低空司官宣成立后召开 4 场专题会议，重点推进低空基建和低空智联网建设。中央空管委即将在合肥、杭州、深圳、苏州、成都、重庆六个城市开展 UAM 试点，对 600 米以下空域授权部分地方政府。

航空机场行业：新周期起点，再论航空供需差－2025航空系列深度之一-华源证券