目前我国正在实施北斗三号系统建设，2018 年将发射 18 颗北斗导航卫星，数量达历史之最。另据规划，我国 2018 年面向“一带一路”沿线及周边国家提供基本服务；2020 年前后完成 35 颗卫星组网，服务全球。考虑到卫星导航不仅是重大空间和信息化基础设施，而且具有富于想象力的民用市场，我们认为在当前时点，以北斗导航为核心的“北斗+”将成为中国未来智能信息产业的时空轴，随着北斗系统与大数据、云计算、移动互联网等信息技术的融合，未来几年，北斗产业及其创新应用将在推动生产方式和发展模式的变革中得到快速发展。

Over the one decade, nanotechnology has emerged as a practical alternative for producing various aircraft parts and components to the conventional manufacturing process. The advances in engineering technologies and the material selection process have significantly supported the adoption of nanotechnology in the global aerospace industry. Technavio expects that the global aerospace nanotechnology market will post a CAGR of 5.75%, reaching $5.951 billion in 2021 from $4.5 billion in 2016.

The global transportation industry is progressively adopting decarbonisation strategies. These have been relatively accomplished in transportation companies through the adoption of land-based transportation but are yet to establish in the shipping industry. This is due to the fact that the global maritime industry is heavily dependent on fossil fuels. Additionally, oil prices have also encountered an all-time low, which further acts as a deterrent factor for shipping companies to shift toward a more carbon-free economy.

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%。