Satellite transponders receive electromagnetic or radiofrequency signals from the Earth, amplify these, and send them back to the Earth. These are important elements in communication satellites and receive signals with the help of frequency changers. A satellite consists of a number of transponders, which are used to receive a specified band of frequencies. A typical transponder provides a capacity of 36 MHz, which is the requisite for broadcasting an analog channel.

回顾：军工板块连续调整两年，中证军工指数跑输同期沪深300指数47%。估值过高、业绩增速低、市场风格切换是造成板块大幅回调的主要原因；展望：行业基本面向好，估值回到历史中位以下，同期美国军工股估值提升使得A股军工板块的估值溢价大幅降低，机构持仓比例处于历史低位，叠加“板块两年轮动”的历史规律，军工板块已经具有上涨基础。

Rail freight transportation is predominantly used for the transportation of bulk commodity items, such as minerals, coal, crude oil, petroleum, natural gas, fertilizers, grains, and forest products. Demand for rail freight services for product exports is mostly confined to grains, coal, and iron ore export. Rail freight transportation is not an option in the case of express delivery as the time frame of shipping may change.

2017 年 12 月 7 日，融通中证军工 B 遭遇下折。截至 2018 年 1月 20 日，前海开源与申万菱信触发下折所需的指数下跌幅度分别为5.07%和 11.13%，其余 4 支分级基金触发下折所需的指数下跌幅度在20%-35%之间。在当前板块整体已出现较大跌幅的情况下，再次出现大幅度下跌的可能性较小；可能面临下折风险的两支基金规模占比合计仅为 27.83%，下折风险整体可控。 

The main purpose of ballast water management systems is to reduce the harmful effects of the introduction of invasive aquatic marine life from one sea area into another through the ballast water discharged from shipping vessels. The International Maritime Organization (IMO) adopted a convention for the control, management, and sedimentation of ballast water on February 2004. After these regulations come into effect on September 8, 2017, it will become mandatory for state authorities all across the globe to formulate and implement their own regulations for ballasting and deballasting operations in ships, which sail into different territorial waters.

历经两年深度调整，军工板块进入合理配置区间。2017年申万国防军工板块下跌16.65%，再次排名倒数。究其原因，业绩释放受阻：受军改影响订单递延，部分型号定型及列装缓慢；高估值受抑制：市场风格偏好低估值高业绩白马股，军工股作为高估值代表遭受重挫；改革进展不及预期：虽然在院所改制、军民融合方面政策持续，但实质进展不及预期，难以演化出强势行情。经过两年多的深度调整，目前军工板块估值已经跌至近三年低点，具备估值修复基础，18年有估值面机会。

2014 年是军工行情最为波澜壮阔的一年，中信国防军工指数上涨近 60%。这一年军工主题基金兴起，公募基金大幅加仓军工股，军工持仓市值从 2013 年底的 310 亿元增至 2014 年底的 604亿元，增幅接近 1 倍，军工股持仓市值占比也从 2013 年底的 2.5%增至 4.1%。

PPE is used to protect workers from hazards in various industries such as construction, mining, manufacturing, and oil and gas. With growing industrial production globally, PPE is employed in almost all industries. This report provides insights into PPE used for aerospace and aviation industry. The global growth in the industry calls for increased protection for the workforce in various operations.

2017年年初至年中，涨跌幅为-14.97%，处于倒数第四位2016年初至今，涨跌幅为-34.27%，处于倒数第三位

2017年航天军工指数累计涨幅-16.17%，跑输上证指数22.84%。在所有SW一级行业中，SW军工2017年表现倒数第4，仅好于SW综合、SW传媒、SW纺服。军工板块PE已经回调87.1X,回到历史中枢，PB目前回调到2.74X，已经接近行业下轨2.5X，接近历史性大底（2X）。