In the leather production process, tanning is the second step after the preparation of the hide and is followed by the crusting process. The conversion of raw hides or skins into leather is known as tanning. Hides and skins possess the ability to absorb tannic acid and other chemical substances that prevent them from decaying, besides making them resistant to wetting and keeping them durable and supple. The surface of hides and skins contains hair and oil glands and is known as the grain side. The flesh side of the skin or the hide is much thicker and softer compared with the grain side.

BMI View: The Czech medical device market will grow moderately over the forecast period, but register higher growth in US dollar terms due to local currency appreciation. Good economic growth and rising health expenditure will support market expansion. The Czech Republic is heavily reliant on imported medical devices, although domestically manufactured products are of an increasingly good quality andremain competitive in terms of price.

In this report, Technavio covers the present scenario and growth prospects of the global vital signs monitoring devices market for 2016-2020 (base year: 2015; forecast end year: 2020). These devices are used as a first choice or alternative device to monitor health of patients. To calculate the market size, we use the revenue generated from the sales of vital signs monitoring devices.

BMI View: Denmark represents a mature medical device market with above average per capita spending.The economic outlook has improved in 2017, although cost containment measures will continue to increase pressure to scale back the country's generous welfare system.Nonetheless, the market will exhibit moderate growth driven by the rising healthcare needs of the expanding elderly population. Local production is focused on consumables and patient aids, primarily hearing aids, therefore the majority of the market will remain heavily dependent on imports.

The increasing cases of driving under the influence (DUI) have been one of the major growth drivers for the global alcohol testing equipment market since 2005,particularly in developed countries. Breathalyzers are predominantly used by the law enforcement agencies worldwide where accurate yet quick measurement of blood alcohol content (BAC) is critical. Over 65% of the breathalyzers used by law enforcement officers globally use fuel cell technology to measure BAC.The increasing cases of alcohol-related road fatalities worldwide have led to stricter regulations on drunk driving. Additionally, numerous awareness programs were carried out by various organizations worldwide regularly to train the law enforcement officers and volunteers on the use of alcohol testing equipment and to conduct more random breath tests. This has increased the demand for alcohol testing equipment worldwide.

Capnography is the monitoring of partial pressure or concentration of carbon dioxide (CO2) in respiratory gases, and is an integral part of anesthesia and respiratory critical care. Capnography provides information about the CO2 production, alveolar ventilation, and elimination of CO2 from anesthesia circuits and also shows respiratory patterns on a monitor. This is a quick and reliable method to detect acute or lifethreatening conditions such as ventilator failure, malposition of tracheal tubes, defective breathing circuits, and circulatory failure in both intubated and non-intubated individuals.

Parenteral nutrition refers to the IV infusion of a formula into the blood stream, where total parenteral infusion is the provision of complete nutritional requirement intravenously. Parenteral nutrition can be delivered either centrally, that is into the superior vena cava, or peripherally, that is into other veins. Intestinal obstruction, gut failure, or a complete inability to gain enteral access are some of the situations in which parenteral nutrition is considered imperative to meet an individual's nutritional requirements.

由于军改实施、型号研制进度不及预期以及军品订单释放迟滞等影响，军工板块从2014Q3开始，单季度业绩增速呈现明显下降，直到2015Q3。受益于军改推进顺利、型号研制实现突破以及国防投入增长等有利因素，从2015年Q3开始，单季度同比增速呈现V型反转，呈现加速态势。

据《环球时报》3 月 15 日报道，全国人大代表、中国工程院院士、海军工程大学教授马伟明接受该报采访时表示，我国的全电推进系统处于世界领先位置，整整领先美国一代，美国要想赶上中国，需要十几年。舰船综合电力系统是舰船动力平台的第三次革命。

站在当前时点，我们仍相对更看好中游复苏投资机会，重点推荐工程机械、煤机、天然气产业链等盈利显著改善的细分板块；此外，3C 自动化、机器视觉、物流自动化、城轨等细分行业仍处于高景气阶段，经历近一个季度向下大幅调整后，部分优质成长股估值已经趋于合理，建议投资者逐步布局。

维持行业“中性”评级。近半月机械行业整体估值水平维持稳定，截止到 3 月 12 日， 机械行业 P/E(TTM)为 75.84 倍，与沪深 300 的 P/E(TTM)之比为 5.65x（前值为 5.66x）。我们认为机械行业估值仍处于较高水平，继续维持行业“中性”评级。近期 随着两会的召开以及政府工作报告的出台，行业有望迎来政策性主题投资机会，建议 重点关注天然气设备行业以及人工智能在工业化的应用。从行业数据来看：1）2 月 份，国内挖掘机销量为 14530 台，同比增长 298%，在 1 月出现单月同比增速明显 下滑情况下，2 月销量开始出现强势反弹，增速达到挖掘机有数据跟踪历史以来的单 月最高纪录。2）2 月份 LNG 重卡延续强势表现，行业反转逻辑得到充分印证。继 1 月我国 LNG 重卡产量同比大增 257%后，2 月 LNG 重卡产量达 4119 台，较去年同 期增长 10 倍以上。

2017年1-2月，我国固定资产投资整体增速为8.9%，从三大类固定资产投资情况来看，基建固定资产投资增速仍保持高位，房地产投资增速短期并没有出现大幅下滑，而制造业增速仍然延续了小幅回升的态势。固定资产投资整体增速相对平稳、基建投资增速维持高位为工程机械行业延续复苏提供了良好的宏观基础。建议继续关注三一重工、中联重科、柳工、建设机械等个股。

空分设备是钢铁、化工等行业制取工业气体的重要装备，在下游行业 从增量扩张逐渐过渡到存量升级的过程中，空分设备需求前期经历了大幅 下降后有所企稳，而煤化工等新的应用领域也为空分设备行业提供了增量。工业气体：格局整合，价格上扬 根据 SAI 统计，我国工业气体市场规模达到 92 亿美元，过去五年的年 均增长率为 9.7%，而未来有望实现平稳增长。2016 年，林德、法液空、普 莱克斯、空气产品等跨国企业频繁发动并购整合；而在国内，盈德气体也 收到相关企业的收购意向书。2016 年下半年以来，随着下游相关工业生产 有所好转，零售气体价格出现一定的上涨，特别是液氩的价格涨幅较大。