工程机械经历了长达 40 个月以上的景气周期，在高基数下 2019 年销量继续保持稳步增长。在行业保有量大幅增加、下游投资需求保持稳健、应用场景扩展、环保政策趋严、更新需求持续、海外出口发力、行业竞争格局优化等多因素驱动下，行业周期波动性明显收敛，从主机厂的开工小时数能验证下游需求的真实性。

Lenses are continuously evolving to accommodate the needs of video capture, sensors are emerging in new sizes and designs, and Wi-Fi connectivity is being enabled in cameras. While the fundamental laws of optics will not change, there is a lot more to a camera lens, than just the glass elements and the zooming features. Both electronics and mechanics play key roles in the performance of a camera. With the advent of contrast-based autofocus in interchangeable lens compacts, the lenses of these systems have developed more robust communications with the camera bodies.

Mining is a composite industry. Extracting raw material of different shapes, sizes, and chemical compositions from the earth’s crust and transforming it into a standardized and high-quality final product is a challenging process and has pushed the industry to opt for solutions that improve its efficiency and productivity. Typically mines are located in remote areas and adopting automation helps in resource utilization in a better manner. Automation plays an indispensable role in the mining industry to achieve such strategic goals. However, for the majority of those in the mining industry, automation is a much more comprehensive concept than regulative systems, supervision, and instrumentation. Automa tion can cover the geological/ geographical information systems sof tware to autonomous machines and from mine execution software to optimization or expert systems.

年初至今， 国防军工指数上涨23.88%，跑赢上证综指（16.77%），跑输沪深300（29.62%）及创业板指（38.09%）。

本分析内容主要分析对象是围绕儿童过敏检测及干预提供相关产品及服务的厂商及用户。通过对产业链的梳理，我们理解市场的发展、寻找行业机会，预判发展趋势。通过对厂商的梳理，我们明确领域内厂商的竞争优势与发展方向，树立行业典型。通过用户画像的描绘，我们理解用户需求，为厂商运营及产品走向提供方向。

工程机械行业协会数据显示，2019 年 11 月挖掘机行业销量为 1.93 万台 /+21.7%，1-11 月销量合计 21.55 万台/+15.0%，行业维持高景气状态。大挖与小挖增速向上，中挖增速反弹，出口增速平稳。我们判断 2020 年挖掘机行业仍将保持平稳发展，得益于基建投资增速有望温和回升、地产投资保持一定韧性。龙头企业竞争力持续提升，估值处于历史低位、且低于全球龙头，具备长期发展潜力。建议关注三一重工、中联重科、徐工机械、恒立液压。 

2019 年 1-10 月固定资产投资累计同比增长 5.20%，相对上半年有所下降，其中基建/ 房地产/ 制造业/ 采矿业投资分别同比增长3.26%/9.60%/2.60%/25.10%。

The Europe ski gear and equipment market was valued at USD 1,011.91 million in 2018, and it is projected to reach USD 1,141.66 million by 2024, registering a CAGR of 2.06% during the period 2019-2024 (henceforth, referred to as ‘the forecast period’). The growth of tourism sector specifically during the winter is poised to act as a favorable factor, following a strong participation from the baby boomers' segment. Apart from this, the fusion of gadget in skiing and snowboarding with respect to a strong inclination toward technological innovation and implementation is expected to boost the market for ski equipment and gears.

Casino gaming equipment such as slot machines, gaming tables, video poker machines, VLTs among others facilitate smooth day-to-day casino operations. These sophisticated gaming equipment are the back-bone of the gambling industry where casinos are the major revenue contributors. The sale of gaming equipment is proportional to the growth in the gambling market worldwide. Gambling is an activity where one wagers money or something of value on events with uncertain outcomes. When permitted by the law, gambling is often referred to as gaming in many countries. Consideration, chance, and prize are the three major elements of gambling that need to be present. Some of the major gambling activities are poker, casino, betting, and lottery.