行业需求自“十三五”末年显著加速以来，过去两年行情演绎主要在微观个股投资价值、中观行业（十四五需求释放节奏、细分领域横向比较）层面，后续有望在宏观层面继续演绎。

国防军工2022 年中报整体有所放缓，上游中游形势依然良好：2022 年中报SW 国防军工行业实现营业收入2265.53 亿，同比增长7.84%，实现归母净利润179.9 亿，同比增长5.95%。

截至2022 年9 月25 日，全球报告的确诊病例超6.13 亿例，全球每日新冠新发病例超27.49 万例，每日新增新冠死亡病例611 例，维持稳定下降趋势，值得注意的是，欧洲地区疫情有抬头趋势；Omicron 仍是全球主要流行毒株，占比超99%，截至9 月4日，BA.5 全球相对患病率最高，为76.6%，其次是BA.4，患病率7.5%；国内疫情逐步稳定，整体向好。9 月25 日全国新增本土新冠确诊病例295 例，新增本土无症状感染者704 例，新增病例平稳下降，国内疫情局势整体向好。重点省份疫情趋于稳定。

智能投影符合第三消费社会更重视个人、注重精神需求等时代变迁特质，从信息获取升级为信息享受，渗透提升潜力巨大。极米科技为高成长性赛道优质龙头， 短期回调建议关注。我们预计2022-2024 年公司营收分别为52.77、71.27、96.18 亿元，同比分别增长30.69%、35.06%、34.95%，预计2022-2024 年公司归母净利润分别为6.3、8.4、11.1 亿元，同比分别增长29.9%、33.4%、32.0%，EPS 分别为8.97、11.97、15.80 元，当前股价分别对应2022-2024 年24.2x、18.2x、13.8xPE，维持“买入”评级。

整体看，产业升级+自主可控背景下，光伏/锂电/风电/半导体/工业自动化等新兴战略产业迎来爆发，推动相关企业形成大量的资本开支，带来对中游机械公司巨大的需求，产业链上设备公司均有较好地成长，特别是在增量扩张逻辑下中小制造企业会有更大的盈利弹性。基于此，我们一方面持续看好优质赛道中长期胜出概率大的龙头公司，并自下而上优选细分行业隐形冠军；另一方面建议关注具备极高业绩弹性的优质中小成长公司。

Manufacture of electric, diesel, steam and other rail locomotives Manufacture of self-propelled railway or tramway coaches, vans and trucks, maintenance or service vehicles Manufacture of railway or tramway rolling stock, not self-propelled: Passenger coaches, goods vans, tank wagons, self-discharging vans and wagons, workshop vans, crane vans, tenders etc. Manufacture of specialized parts of railway or tramway locomotives or of rolling stock: Bogies, axles and wheels, brakes and parts of brakes; hooks and coupling devices, buffers and buffer parts; shock absorbers; wagon and locomotive frames; bodies; corridor connections etc. Manufacture of mechanical and electromechanical signalling, safety and traffic control equipment for railways, tramways, inland waterways, roads, parking facilities, airfields etc. Manufacture of mining locomotives and mining rail cars

This class includes: Manufacture of electrical and other industrial and laboratory furnaces and ovens, including incinerators Manufacture of burners Manufacture of permanent mount electric space heaters, electric swimming pool heaters Manufacture of permanent mount non-electric household heating equipment, such as solar heating, steam heating, oil heat and similar furnaces and heating equipment Manufacture of electric household-type furnaces (electric forced air furnaces, heat pumps, etc.), non-electric household forced air furnaces

Manufacture of lenses and prisms Manufacture of optical microscopes, binoculars and telescopes Manufacture of optical mirrors Manufacture of optical magnifying instruments Manufacture of optical machinist's precision tools Manufacture of optical comparators Manufacture of optical gun sighting equipment Manufacture of optical positioning equipment Manufacture of optical measuring and checking devices and instruments (e.g. fire control equipment, photographic light meters,

Manufacture of stringed instruments Manufacture of keyboard stringed instruments, including automatic pianos Manufacture of keyboard pipe organs, including harmoniums and similar keyboard instruments with free metal reeds Manufacture of accordions and similar instruments, including mouth organs Manufacture of wind instruments Manufacture of percussion musical instruments Manufacture of musical instruments, the sound of which is produced electronically Manufacture of musical boxes, fairground organs, calliopes etc. Manufacture of instrument parts and accessories: Metronomes, tuning forks, pitch pipes, cards, discs and rolls for automatic mechanical instruments etc. Manufacture of whistles, call horns and other mouth-blown sound signalling instruments

This class includes: Manufacture of continuous-action elevators and conveyors for underground use Manufacture of boring, cutting, sinking and tunnelling machinery (whether or not for underground use) Manufacture of machinery for treating minerals by screening, sorting, separating, washing, crushing etc. Manufacture of concrete and mortar mixers Manufacture of earth-moving machinery: Bulldozers, angle-dozers, graders, scrapers, levellers, mechanical shovels, shovel loaders etc. Manufacture of pile drivers and pile extractors, mortar spreaders, bitumen spreaders, concrete surfacing machinery etc. Manufacture of tracklaying tractors and tractors used in construction or mining Manufacture of bulldozer and angle-dozer blades Manufacture of off-road dumping trucks