Farmers are considered to be the backbone of the agricultural economy. Both the Indian and Chinese governments have been helping their farmers by providing subsidies toward farm machinery and equipment, which has helped farmers easily avail tractors and other farm machinery. Rising consumption of machinery and tractors drives the market for agricultural lubricants in these regions and will follow suit through 2024. The Indian government, in order to promote agricultural mechanization, launched the “Tractor Subsidy,” under which the government provides 25% subsidy for buying a tractor, power tiller, self-propelled reaper, paddy transplantation, and other similar self-propelled machines, specialized power-driven equipment, such as zero-till- seed drill, raised bed planter, sugarcane cutter planter, potato planter, potato digger, groundnut digger, straw reaper, strip-till drill, tractor-drawn reaper, cleaner-cum- grader, dryer, stubble shaver, mobile fruit harvester, and power weeder, etc. The ministry of agriculture, Government of India, has approved the list of tractor models up to 35 HP eligible for this subsidy program, and this scheme is open to all categories of farmers.

The modern generation of consumers is inclined to pursue a healthy lifestyle with a rising focus on how healthier produce is manufactured, how raw materials are sourced, and what is the impact of the production and consumption of these foods and beverages on environmental sustainability, workplace conditions, and worker sustenance. Apart from this, there is a visible shift among consumers to non- conventional foods that are becoming alternatives to traditional meat and dairy. Although conventional food and beverages, including meat and dairy products, are favored in terms of price and flavor, the changing consumption habits and lifestyle choices are driving the growth of products with ethical labels in recent years.

近期，快递行业的新入局者极兔速递、众邮快递等纷纷布局起网，受到市场广泛关注，在行业竞争白热化阶段入局，行业新兵能否站稳脚跟，对未来对行业竞争格局影响如何？

技术进步与应用创新持续推动流量需求增高，通信行业成长的根本性驱动力持续增强，流量增长趋势前景较为乐观。

1）业务受疫情较小的增速确定、估值较低相关标的，重点受益标的海格通信、网宿科技、航天信息、金卡智能等；

2）基本面拐点明确：重点推荐中恒电气（5G 电源+数据中心HVDC+充电桩）。

本月5G 相关政策密集出台，运营商2019 年报陆续发布，5G 相关投资计划也随之公布。行业内公司相继发布一季报，受疫情影响，一季度5G 建设或有所延迟，但是一季度被耽搁的进度有望在二季度及下半年追回，5G 相关的需求只是暂时延迟并未消失，行业全年仍有望保持高速增长，不必过于局限一季度业绩，半年报业绩更具有参考意义。

本月5G 相关政策密集出台，运营商2019 年报陆续发布，5G 相关投资计划也随之公布。行业内公司相继发布一季报，受疫情影响，一季度5G 建设或有所延迟，但是一季度被耽搁的进度有望在二季度及下半年追回，5G 相关的需求只是暂时延迟并未消失，行业全年仍有望保持高速增长，不必过于局限一季度业绩，半年报业绩更具有参考意义。

3 月31 日，华为公布2019 年年报，全年实现销售收入8588亿元人民币，同比增长19.1%，实现净利润627 亿元人民币，同比增长5.58%，经营性现金流914 亿元人民币，整体经营稳健。

光伏行业长期受到产业技术进步、能源政策导向、产能周期波动等众多瞬息万变因素的影响，因此对相关板块的研究判断结论通常充满各种不确定性，并造成一定程度的板块估值折价，新冠疫情肆虐更是平添了新的不确定性。