Heat pump is a mechanical-compression cycle refrigeration system that can be reversed to either heat or cool desired space. Therefore, it is massively used in space heating and cooling applications. It is composed of two main components, which include an indoor air handler and an outdoor unit that is quite similar to the central air-conditioner but referred to as a heat pump. The outdoor unit has a compressor that circulates refrigerant, which is known for absorbing and releasing heat that travels between indoor and outdoor units. The key difference between an air conditioner and heat pump is both technologies cool the desired space using similar mechanisms, but heat pumps can also heat residential spaces, whereas the air conditioner cannot.

A self-driving bus is a robotic vehicle designed to travel between destinations without a human operator. They combine sensors and software to control, navigate, and drive the vehicle. This vehicle uses LiDAR and RADAR and several other sensors for its operations. Bus door system is a hinged piece or object that allows entry/exit of the passengers. Many companies are developing these door systems in innovative manner. For instance, Schaltbau Holding offers smart door systems/intelligent door systems for self-driving shuttle buses and other vehicle concepts. There is a wide range of products of bus door systems. Electric inward swinging doors, pneumatic inward swinging doors, pneumatic outward swinging doors are a few examples of these systems. The autonomous bus door system market is driven by factors such as improved safety coupled with the reduction in traffic congestion, rise of connected infrastructure, and increase in demand for fuel-efficient, highperformance, and low-emission vehicles. However, high manufacturing cost and data management challenges restrict the market growth. Moreover, development of smart cities and supportive government regulations create lucrative growth opportunities for the market expansion.

The report covers the study of the heavy construction equipment market on the basis of equipment type, application, end-user industry, and region. Heavy construction equipment includes earthmoving equipment, material handling equipment, heavy construction vehicles, and others. These equipment are used to move large amounts of earth or dig foundations and landscape areas. For instance, material handling equipment are used to move raw, waste materials from one place to another; while heavy construction vehicles are used for transporting construction materials such as sand, gravel, and excavated dirt from one job site to another. The application areas of heavy construction equipment considered in the report are excavation & demolition, heavy lifting, material handling, tunneling, and recycling & waste management. Various industries, such as construction, mining, oil & gas, infrastructure, manufacturing, and others (forestry and agriculture) are extensive users of heavy construction equipment.

挖机销量持续高增， 地产基建复苏下Q3 高景气有望延续。我们预计7 月挖机销量同比+55%，累计同比+27%持续回升。其中国产挖机龙头企业销量同比增速均有望在50%以上，市场份额不断集中。2020 年以来各项投资增速触底回升，疫情后赶工刺激设备需求强劲，地产链条超预期增长，预计下半年基建项目开工刺激需求拉动行业高增长。8 月份核心零部件厂商油缸排产同比+29%，环比正增长，预计8 月挖机行业仍有望保持较高增速。

本周市场表现：本周各细分行业涨多跌少，其中机械行业指数上涨2.59%，同期沪深300 上涨0.27%，机械行业跑赢大盘，在28 个行业中排名第8。本周我们覆盖的机械子行业中，智能物流、检测设备、锂电设备、船舶海工、石化煤机、核心零部件涨幅较高，分别上涨6.29%、6.09%、6.07%、5.94%、5.19%、.10%；

工业制冷、光伏设备、农业机械、半导体设备出现下跌，分别下跌0.06%、0.46%、1.60%、2.72%。

2019 年7 月，美国战略与国际问题研究中心(CSIS)发布《为美国制造业的下一轮变革培训人才》。该报告指出，制造业作为美国经济的重要组成部分，近年来从业人员老龄化、技能工人缺乏等问题日益突出。

By type, the lateral fitness equipment market is segmented into treadmill, elliptical, exercise bike, shoulder press machine, and chest press machine. The treadmill segment is anticipated to account for the highest revenue in 2027 owing to the availability of treadmill with latest technology, such as Wi-Fi connectivity, Bluetooth connectivity, and iFit technology along with smart touch screen display.

7 月 30 日下午，中共中央政治局就加强国防和军队现代化建设举 行第二十二次集体学习。习主席主持学习时强调，强国必须强军，军 强才能国安，当前和今后一个时期是国防和军队现代化建设的关键时 期，要统一思想、坚定信心、鼓足干劲、抓紧工作，奋力推进国防和 军队现代化建设。今年，我军将实现国防和军队建设 2020 年目标任 务，并乘势而上，开启基本实现国防和军队现代化、进而把我军全面 建成世界一流军队的新征程。习主席强调，要拟制好我军建设“十四 五”规划，形成科学的路线图、施工图；要突出军事政策制度改革这 个重点，统筹推进各项改革工作；要加快突破关键核心技术，加快发 展战略性、前沿性、颠覆性技术，加快实施国防科技和武器装备重大 战略工程，不断提高我军建设科技含量。

考虑到 1）“十三五”末、“十四五”期间各型武器装备补缺补强逻辑刚性持续， 而在国际政治遭遇历史性变局的条件下，为保障国家政经、领土安全，先进武器 装备列装存在拐点加速放量的必要性；2）美国中期选举之前在任总统特朗普为 迎合选情需要将持续激化国际政经关系，从而刺激板块投资情绪。两大逻辑短期 不会改变，故我们持续看好军工板块行情。正如同半导体板块的壮阔行情，军工 板块良好的行情对国家与军工企业的发展都具有实质意义，资本市场的支持对国 家迫切需要发展的战略行业而言，在当前及未来的形势下都更加重要。我们持续 推荐军工板块，同时依循选择高景气度子行业的逻辑，继续看好精确制导武器板 块，受益标的新劲刚、精准信息、长城军工、航天电器等；看好升级化航空发动 机板块，受益标的航发动力、航发控制、航发科技、应流股份；看好新型战机板 块，受益标的中航机电、中航电子、中直股份、中航飞机、中航沈飞等；看好泛 在信息化装备板块，受益标的国睿科技、四创电子等。