机械工业增加值增速上半年逐月提高，下半年逐月放缓，1～11 月同比增长6.6%，比1～10 月回落0.2 个百分点；机械工业重点监测的120 种主要产品中，产量同比增长的产品有62 种，占比51.67%，比上年减少26 种；1～10 月全国机械工业企业主营业务收入178782.32 亿元，同比增长7.38%，利润总额11729.23 亿元，同比增长2.1%；1～10 月机械工业亏损企业亏损面17.78%，同比上升1.24 个百分点；1～11 月全国机械设备出口额3920.85 亿美元，同比增长13.7%，进口额1869.23 亿美元，同比增长21.7%。

1～11 月，我国家电零售增速环比略有上升，限上家电企业商品零售额7964.6 亿元，同比增长8.3%。产量方面，空调、冰箱产量回升，彩电产量增速回落，洗衣机产量同比下降。11 月原材料价格总体下滑，家电价格指数为99.2，创年内新低。进出口方面，彩电进口下滑、出口增长明显，空调进口微弱增长，出口大幅上涨。

1～11 月，八大工程机械产品累计总销量为90.3 万台，同比增速为27.1%。其中，挖掘机累计销量为187393 台，同比增长48.4%；累计出口17351 台，同比增长106.6%。1～10 月，累计实现主营业务收入4643.8 亿元，同比增长20.3%。截至2018 年10 月末，工程机械行业应收账款余额为1842.8 亿元，同比增长10%；产成品资金占用额为455.8 亿元，较9 月末增加29.6 亿元，同比增长23.9%。

我们预计2019 - 2020年铁路投资将至少保持稳定。  我们重申铁路设备行业的增持评级。我们认为该行业受益于铁路投资上升和铁路改革加速带来的需求增长的机会。 中国中车(1766.HK)仍是我们首选的铁路设备股。我们重申对该股2019年盈利增长前景的正面看法，预计其核心铁路业务收入增速将回升，同时利润率将进一步扩张，从而推动其2019年盈利加快增长。

The domestic market is small in Puerto Rico, per capita drug consumption is high and comparable to the US mainland which distinguishes it from other markets in the Americas. Local drug prices are significantly higher than on neighbouring islands and are more in line with US levels, having risen at an annual rate of around 3% in recent years.Strong growth in previous years has been linked to demographic and macroeconomic factors, with more innovative pharmaceuticals available in Puerto Rico than anywhere else in Latin America and the Caribbean. However, the island's poor economic prospects and the increasing number of plant closures have weakened its future growth outlook. Downward pressure due to economic recession and fiscal consolidation overall healthcare spending is expected to expand over the coming years.

The following section discusses in detail the different intelligent pumps used across industry verticals. Intelligent pumps have garnered much attention attributed to their features such as high energy savings, improved pump efficiency, and reduced costs, among others.

Agriculture holds an important role in the growth and sustenance of the Indian economy. With farming and allied activities, the agriculture sector is also the largest employers of the country and accounts for engagement of close to 50% of the total working population. Agriculture also amounted to 17.4% of India’s national GDP in 2018. Considering the vital importance of agriculture and farming households, the government of India has been quite serious in its budget and infrastructure planning pertaining to the agriculture sector and its allied activities.

核心军品在一季报“淡季强势”、中报业绩超预期靓丽表现的基础上，又临三、四季度军品交付旺季，有望实现全年业绩增速再超预期。展望2019年，在建国70周年“逢十周年”纪念经验下大阅兵或是当年的重头戏，军工板块有望迎来反复事件催化，本篇报告试图从策略角度自上而下探析2019年核心军品或将明确受益的投资机会。