我们认为，以混改为代表的军工改革，将给军工产业带来中长期制度红利；以军机产业链为代表的高端装备行业正进入业绩拐点阶段，建议加大对军工行业和高端装备公司配置比例。

2017 年军工板块 157 家上市公司共实现营业收入 6262.95 亿元，同比增长 12.08%；实现归母净利润达 242.79 亿元，同比增长13.31%。营收、净利润增速相较去年均有所下降。2017 年军工板块净利率、毛利率、ROE 三项与去年同期相比基本持平，板块盈利能力稳定。 

2017 年军工板块 157 家上市公司共实现营业收入 6262.95 亿元，同比增长 12.08%，与去年增速 15.57%相比有所下降；实现归母净利润达242.79 亿元，同比增长 13.31%，板块整体营收继续维持稳步增长态势。主要呈现三个特点：一是民参军标的盈利表现优于军工央企；二是核电和国防信息化领域营业收入增速较快且盈利能力最强。三是整机厂商预收款大幅增加，表明新订单放量增长。 

3 月，新船市场订单量依然大幅增长，但涨幅有所放缓，累计新船订单量达 1553 万载重吨，同比大幅增长 180%；新船交付速度继续放缓，完工量同比降幅进一步扩大；手持船舶订单量缓慢回升，同比涨幅有所扩大；新船价格继续小幅攀升，三大船型价格保持上涨；出口需求继续下滑，出口额累计同比降幅再次扩大；主营业务收入同比继续下探，利润总额由负转正。

1～2 月，新船市场需求旺盛，订单量大幅反弹，累计新船订单量达 1229 万载重吨，同比大幅上涨 456%；新船交付速度明显下降，完工量同比降幅显著；手持船舶订单量筑底企稳，实现正增长；新船价格升势持续，三大船型价格均有上涨；出口需求有所回落，但同比降幅在逐步收窄；主要经济指标同比下降，利润总额亏损超 5 亿元。

北京时间 2018 年 2 月 7 日，美国太空探索技术公司（SpaceX）成功发射了“猎鹰重型”火箭，这是自美国和苏联开始太空竞赛以来，全球最强大的运载火箭首次由一家民营公司设计和制造，标志着人类太空探索的重大转折点。猎鹰重型火箭全球现役运载能力最强、可重复使用，并且令人类移民火星成为可能。

Saudi Arabia's construction industry remains largely dominated by domestic firms, many of which have close ties to the government and are often first in line for major public contracts. Foreign firms are gradually gaining market shares, with South Korean and US firms targeting industrial projects while several major European firms are involved in transport and energy projects. The broad range of projects in the pipeline does mean opportunities are present for domestic and international firms, although the latter will be presented with challenges in the form of a restrictive operating environment.

Ambitious economic diversification plans coupled with a robust PPP framework will continue to attract foreign firms to the sultanate's infrastructure market. This will facilitate a sustained diversification of the competitive landscape. Our Key Projects Database indicates the dominance of domestic firms in Oman's construction sector has been eroded significantly since 2015 (when Omani firms accounted for 60% of the market). The market share of Omani firms has since fallen to 46%, a notable decline in such a short period (see 'Foreign Construction Players Increasing Market Share,' May 5 2015).