国内略放缓，越南提速。国内：2022 年6 月纺织服装出口315.5 亿美元，同比+14.0%，前值+20.2%，其中纺纱/服装出口金额135.0/180.4 亿美元，同比+7.9%/+19.1%，前值+15.7%/+24.6%，；鞋靴出口57.7 亿美元，同比+45.7%，前值+49.5%。原材料端，棉花价格下滑。越南：2022 年6 月越南鞋类出口25.0亿美元，同比+25.0%，前值为+5.1%；纺织品出口36.5 亿美元，同比+21.7%，前值为+21.6%。

以招商军工上市公司数据库143家上市公司为样本，在基金前十大重仓股中，22Q2军工行业整体持仓规模及持仓比例有所回升。

近来家电刺激政策预期升温，目前看政策的能级较上一轮更高，也更专注，对于资金来源、权责划分等的吹风表述也相对更清晰，加上“2008 年家电下乡”级别的刺激于当下必要性不强，我们认为对此次对政策的看法或可适当积极。方向上主要是“全国范围内的以旧换新”和“绿色智能家电下乡”，智能家电在城市市场的渗透和农村市场的更新升级迭代均有望提速。“低估值+低仓位”背景下，股价对利好反应热烈，政策及需求边际需要重视。

Establishments described in this report are primarily participating in the space robotics market. Space robots are considered to be more capable devices that can facilitate manipulation, assembling, or servicing functions in orbit as assistants to astronauts, or to extend the areas and abilities of exploration on remote planets as surrogates for human explorers.

According to BIS Research, operating room management refers to processes that ensure a smooth surgical workflow while reducing surgical times and enhancing patient outcomes. These involve processes such as those that enable data management, inventory management, scheduling and planning of surgeries, communication among surgical staff within and outside the OR, and improved visualization, reporting, and documentation. The definition of each of the types of OR management solutions has been outlined as follows.

Disposable contact lenses are single-use lenses that are removed and discarded after use. These lenses are more convenient compared with reusable contact lenses. Increasing adoption of disposable contact lenses and popularity among practitioners are some of the major factors driving the market. As of 2021, at least 2.2 billion people across the globe have near or distant vision impairment. The most common reasons for vision impairment and blindness are uncorrected refractive errors and cataracts.

Establishments described in this report are primarily participating in the switchgear market. In an electric power system, switchgear is composed of electrical disconnect switches, fuses or circuit breakers used to control, protect and isolate electrical equipment. Switchgear is used both to de-energize equipment to allow work to be done and to clear faults downstream.

军工集团的资产证券化率已经超过50%，上市公司体内已经有为数不少的军工核心企业资产，回顾这十年以来的板块逻辑变化，是从关注军工体外核心资产注入上市公司的以国企改革为主的“资产注入逻辑”变为关注上市公司体内军工资产在当今时代背景下的业绩成长和业绩兑现为主的“业绩成长逻辑”。

医学影像设备分支众多，CT、XR、MR、超声设备占据主导，2020 年分别占据国内市场32%、23%、17%、19%的市场份额。根据灼识咨询数据，到2030 年，全球医学影像设备市场规模有望达到627 亿美元，2020-2030 年复合增长率达3.8%，增速基本保持平稳。2020 年，中国以23%的市场份额成为医疗器械的第二大市场，医学影像行业增长更为突出，预计到2030 年我国医学影像设备市场规模将接近1100 亿元，2020-2030 年复合增长率达7.28%，增速远高于全球。