The pool equipment industry is undergoing a rapid shift with respect to technological enhancements, energy efficiency, environmental impact and customization features. Heat pumps, which are more favorable and preferred options for space heating, are venturing into the pool heating segment owing to the unique advantages over conventional fuels and boilers. They are considered as the next big opportunity to exploit in the heating systems for a pool with competitive fossil fuels and solar heaters in the picture. With North America and Europe being the major markets with over 85% of the share in 2019, growth is expected in growing economies of APAC, Latin America owing to the rise in awareness and growth in disposable income. Global warming is caused by various heating mechanisms that emit pollutants in the air that eventually increases carbon dioxide in the atmosphere. Hence, decarbonizing society is mandatory, where decarbonizing heating and cooling mechanisms are the primary steps for the change. With gas boilers being more dominant for heating pools, the demand for sustainable solutions is enhancing the momentum for heat pumps. With the technology available at present, it is possible to achieve 100% decarbonatization as heat pumps are the most popular solutions in the market. The success of the product also depends on the macro-environmental features such as social, legislative, and environmental aspects.

Power cutters are prominent tools that have unlimited applications across most industrial, commercial, and even household usage. Power cutters have been a convenient resource, aiding workers across industries. The use of power cutters can eliminate the need for strenuous manual labor. Their use in the construction and automotive sectors gives new opportunities for innovation in the power cutters market. The global power cutter market is highly competitive with low market concentration. However, the average price of the product has been declining owing to the maturing technology and declining prices of raw materials. Vendors are, thus, introducing innovative features to differentiate their products in the market. The introduction of innovative products, such as infrared heat guns, can also become a possible threat to the market. However, infrared heat guns are not ideal for all commercial, industrial, and residential use. Furthermore, these products are also more expensive than the average price of heat guns.

The global pump market is expected to grow continuously during the forecast period. Regions such as APAC and Europe are expected to witness significant demand in the market, followed by North America. However, the Middle East and Latin America are likely to develop opportunities with the opening of new water management, construction, oil & gas, and mining projects. Major economices, which include APAC, the Middle East, and North America are expected to take the most competitive industrial initiatives. Moreover, several manufacturing plants for LNG liquefaction and large plant for gas-to-liquids are in the planning stage in several countries, which are expected to generate a high demand for pumps in the oil & gas sector in the future with growth in the infrastructure.

新冠疫情对2020 年国内血液制品采浆量产生冲击，但2021 年处于持续恢复的过程。海外采浆量的下滑情况更为严重，2020-2021 年海外采浆量的下滑将继续冲击人血白蛋白的供应，海外血浆紧张对终端的影响经过1 年左右的时间将传导至中国市场。国内以白蛋白为主的血液制品有望获得价格支撑，国内厂商有望获得量价齐升的发展机遇。政策上来看，单采血浆站的设立将对中小规模企业持续收紧，行业集中度有望提升。

军工行业告别了以往的主题研究阶段，将进入产业研究新时代：我们认为，从行情演绎路径的传导与扩散来看，国防建设“十四五”规划高景气从产业链向资本市场的映射，通过优质赛道上代表性个股的股价极致表现让关键产业信息从“圈内知晓”过渡到被市场广泛传播，通过产业链景气验证与市场风险偏好共振的方式实现了以军工盈利改善预期为新投资主线、叠加预期自我实现与正反馈的新一轮行情。

2020 年12 月上旬以来市场情绪持续高涨，2020 年12 月11 日至2021 年1 月7 日中证军工指数累积涨幅29.35%，中航沈飞、航发动力、洪都航空、中航高科等标的累计涨幅达50%以上。2021年1 月8 日至2 月5 日中证军工指数调整幅度达-21.87%，2 月8 日至今底部盘整，本周跌2.11%。

2021年初至今长江国防军工指数下降8.7%，在32个 子行业中排名第32名； 根据已经披露的2020年业绩预告，长江军工基本面 公司利润增速中位数在55.0%-68.6%，大部分公司 业绩较去年同期相比有所提升，其中上游产业链军用元器件/关键原材料公司增速较高。

考虑到对先进战机的需求迫切程度和正处于爬坡上量阶段，在 航空主战装备中先进战机产业链仍是最为景气板块。此时点，我们再次建 议重点关注先进战机产业链。

中央军委日前印发《关于构建新型军事训练体系的决定》，要 求塑造战训深度耦合格局，推进战训一体运行，深化作战问题研 究，创新实战化训练内容标准，加强战备任务训练，发挥军事训 练牵引和带动作用。