2021年5月份，中证军工指数上涨115%(4月-47%)，跑赢大盘和创业板。在4月最后1个交易日又现“非理性下跌”后，行业在5月重归基本面逻辑航空装备产业链标的领涨，验证我们一直推荐的“两条主线”投资逻辑。展望6月，我们认为:在1)行业基本面强劲，业绩持续兑现;2)我们的产业链调研显示行业高景气和订单及生产任务饱满:3)个股PEG<1且行业估值中枢处于近5/10年中枢之下;4)7月建党百年和9月珠海航展等催化因素下。我们认为6月结构性机会较大，行业向上趋势明确。

航空锻造是引领产业升级和支撑军机迭代的关键驱动因素，推重比提高牵引超大尺寸、整体成型工艺和精密锻造趋势，军机航发双轮驱动景气上行，军转民长赛道红利释放可期，设备前置叠加工艺积累，商业模式创新加持先发优势富集。

对比美国、韩国、台湾地区等国家和地区，我国大陆医疗器械的“严进”政策筑高壁垒。审批时长看，我国大陆械III 类申请时间约为3-4 年，花费时间比美国长1-2 年（美国械III 类医美产品的审批时间约为6 个月-2 年）；韩国III 类审批时长在材料齐全下，半年即可获批。相比之下，我国大陆对医疗器械的审批较为审慎，无论从III 类医疗器械占比还是从审批流程看，我国大陆相对“严进”，由此形成了医美上游制造商的高进入壁垒，优先获证的企业享受先发优势，能在市场竞争中率先建立品牌影响力。

空管雷达及系统是空中管制的“千里眼”，近期备受美军重视。十四五军机升级换代加速列装，配套空管雷达及系统有望受益。运输和通用航空迎来快速发展期，工业无人机或成为通航发展新动力，配套 空管雷达及系统需求旺盛。

军工行业 2020 年及 2021Q1 业绩回顾：2020 年 115 家核心业务涉及军工领域的上市公司共实现营业收入 4749 亿元，同比增长 11.41%，增速在一级行业（SW）中排名 9/28；实现归母净利润 287 亿元，同比增长 69.84%，增速在一级行业（SW）中排名 4/28。2021Q1，国防军工行业实现营业收入 981 亿元，同比增长 31.49%，增速在一级行业（SW）中排名 19/28；实现归母净利润 69 亿元，同比增长 7.65%，增速在一级行业（SW）中排名 21/28。

Solar shading systems eliminate the permeation of sun rays into the buildings. Besides, they seek substantial adoption to shield against the overheating of commercial and residential spaces. These systems provide robust architectural solutions and features for solar protection & shading. Further, they entirely change the look of a refurbished or a new building by making a spectacular design influence while reducing energy costs by lessening solar heat gains. They are suitable for schools, offices, and other public and commercial buildings, both refurbished and new. In addition, solar shading can benefit to meet the energy conservation necessities of building regulations while lowering building running costs and growing comfort for occupants.

A baby monitor is an electronic device that transmits sound and video-related activities of a baby to a receiver that is usually at the parents’ end. The basic version of a baby monitor consists of a radio transmitter that relays sound to the receiver. The receiver contains an inbuilt speaker that enables sound transmission between the baby and parents. This basic version of the baby monitor works within a short or limited range of transmission area. Technological advancements have led to the embedment of advanced features in baby monitors that keep parents updated and connected with their babies, even from a remote location. Vendors have integrated baby monitors with the latest technologies such as video transmission, Wi-Fi, and Bluetooth connectivity, to connect them with smartphones and to provide parents with continuous inputs of the baby’s activities. This, in turn, has paved the way for the growth of smart baby monitors with enhanced features for modern-day working parents.

Safes and vaults are secure storage systems wherein valuable items, such as money, documents, records, and others, can be stored. These are intended to protect the contents from unauthorized use, theft, natural disasters, fire, and others. They usually comprise metal boxes made up of thick metals, making it difficult to break them by force or to protect them from fire breakouts. In addition, these safes and vaults require passcodes, numerical pins, or passwords to open them. This report features information on the safes and vaults market offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share & sustain competition and an in-depth analysis across North America, Europe, Asia-Pacific, and LAMEA has also been included.

销量保持高位，供给瓶颈显现。碳中和带来光伏发展正周期，各环节迎来扩产潮。抽水蓄能价格机制浮出水面，万亿市场空间有望开启。新能源汽车方面，强烈推荐量利齐升的六氟环节（天赐、 多氟多、天际），电解液环节建议关注新宙邦，正极建议容百科技、 德方纳米以及中伟股份，隔膜建议关注恩捷股份和星源材质，负极领 域建议关注璞泰来，锂电池环节建议关注亿纬锂能、宁德时代、国轩 高科。