The report considers the present scenario of the global tractor market and its market dynamics for the period 2018−2023. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market. While arriving at the market size, the report has included Russia and Turkey as part of Europe.

从年初截至8 月 20日，中证军工指数下跌 20.57%，同期相对沪深 300、创业板指、上证 50 指数分别跑输 1.63、2.49、4.79 个百分点。但相较其他行业，军工行业表现也说不上差，申万军工下跌 24.99%，在全部 28 个申万一级行业居第 18 位。军工行业在年内存在明显结构性波段行情，结构性主要体现在以上证 50 为代表的蓝筹与创业板之间表现博弈。

2018 年7 月，三大大航ASK 同比增长10.5%，国内航线ASK 同比增长9.4%；国际航线ASK 同比增长12.4%；地区航线ASK 同比增长11.4%；三大大航RPK 同比增长10.8%，国内航线RPK 同比增长10.2%；国际航线RPK 同比增长11.9%；地区航线RPK 同比增长10.9%。

美国总统特朗普当地时间8 月13 日签署了总额达7170 亿美元的“2019 年国防授权法案”。法案认为美国军事面临多方面的挑战：严重军事训练事故频发，俄罗斯、中国等竞争者的再次出现，伊朗、北朝鲜核威胁，ISIS 等恐怖组织威胁。法案将中国作为重要的威胁和竞争对手，并确立了众多从军事、政治、经济上针对中国的全面战略。

各国军民融合发展过程中，并购整合是重要的手段，通过资本运作，形成大型的综合化军工集团，在国际竞争中有显著优势。我国正处于军民融合快速发展阶段，各领域的核心企业优势更为显著，推荐估值相对较低、成长性好的核心企业，如舰船动力核心供应商中国动力，地面兵装龙头内蒙一机。

7 月上证综指上涨 1.02%，深证成指下降 2.14%，创业板指下降 2.83%，沪深300 上涨 0.19%，军工指数上涨 4.68%。个股方面，月涨幅前五的个股为雷科防务、耐威科技、新研股份、中航机电、*ST 船舶，涨幅分别为 26.90%、20.93%、 15.47%、15.06%、14.14%。跌幅前五的个股为星网宇达、晨曦航空、天海防务、中国应急、四创电子，跌幅分别为 15.10%、11.34%、10.60%、10.24%、9.57%。

中美贸易战由短期施加压力反复试探转向中期实质性正面对抗，美方针对 “中国制造 2025”发展战略制造摩擦从而遏制中国崛起，从阶段性政治手段转向长期政策性战略。2018 年 6 月 15 日，白宫对中美贸易发表声明，对 1102 种产品总额 500 亿美元商品征收 25%关税， 7 月 11 日，美再次公布对价值 2000 亿美元的中国商品额外加征 10%关税的清单。2017 年化工及化工制品对美出口额为 1996亿美元，约占中国对美出口总额的 40%。同时，国防支出 2008-2017年复合增长率达到 11.9%，国防支出增速高于同期 GDP 增速，军工行业具有极高的壁垒，同时考虑到军品定价机制，原材料供应端的相关企业具有稳定增长的刚性需求支持以及较高的盈利水平。

After 17 straight profitable quarters, airlines based in the United States can be expected to keep the winning streak going in 2018 and beyond. Even as the industry’s two largest operating costs – fuel and labor – edge up, a combination of persistent demand for air travel that’s outpacing the overall economic growth and newfound discipline on adding capacity is keeping network and value carriers in the black. A return to growth in passenger yield – the measure of the average fare paid per mile per passenger – is an example of the industry’s enduring strength. After years in decline, year-over-year yield rose 2.3 percent in second quarter 2017, driven primarily by network carriers’ capacity restraint. Passenger yield fell 13.4 percent from 2014 through 2016, hitting a year-over-year quarterly low in third quarter 2016 of 13.4 cents. The systemwide yield by second quarter 2017 was 13.9 cents.

Latin America is one of the few regions in the world with significant natural resources and vast expanses of unexploited agricultural land. With the current scale of agricultural activities, the region stands as a key contributor to the world food supply, accounting for 16% of the global food and agriculture exports in 2016. The Latin America region is playing a pivotal role in global food supplies, with some countries registering respectable growth rates in agricultural productivity over the last few decades. Nevertheless, the increase in productivity trails food demand in the region and beyond. Brazil, Argentina, Mexico, and Chile are the major food exporters, contributing to annual food and agricultural exports of more than $100 billion.

Agricultural tractors are machines that are used for farming and other purposes in fields. It is an engineering vehicle specifically designed to deliver at a high tractive effort at slow speeds, for the purposes of hauling a trailer or machinery used in agriculture or construction. This report only covers agriclutural trators.