Marine batteries form one of the main components of marine powerboats. Every powerboat requires power for a starter motor and fuel injector, which is supplied by the powerboat battery. The type of marine powerboat battery is determined based on the frequency of boat use and the number of electrical components present in the powerboat. Since boating activities are seasonal in nature, marine powerboat batteries are made to withstand long periods of inactivity unlike car and truck batteries that are used regularly. Periods of inactivity can cause batteries to discharge power, weakening their energy storing capacity. Deep-cycle batteries are largely preferred for powering marine engines as they store energy for longer periods of time without getting completely discharged when not in use. Deep-cycle batteries are able to discharge about 30% of their capacity without damaging the storage capacity.

Looking at the significant increase in global and regional air travel, the aerospace industry has introduced small airplanes (such as light and ultralight aircraft and motor gliders) for personal and business purposes. Such aircraft are also used in military operations and for freight carriage. Moreover, with the steady growth in the tourism industry and in the number of the tourism service providers, there has been a significant growth in the demand for air travel and a simultaneous rise in the number of light aircraft and helicopters.

Since the last decade, the introduction of new tourist destinations has fueled a revolution in the global tourism industry. With the increase in the number of the tourism service providers, there has been a significant growth in the demand for air travel and a simultaneous rise in the number of aircraft and helicopter. Some countries, such as Australia, France, Spain, South Africa, Hong Kong, Indonesia, the UK, and the US have been the major beneficiaries of global tourism over the years.

Sports bicycles are made to be fast and easy to handle on mountainous, rocky terrains as well as on smooth surfaces such as roads. Advanced technologies and high quality gears and brakes are used for sports bicycles, and wider tires than those used in road bicycles are used for mountain bikes. Apart from being used for sports activities, these bicycles can also be used for regular commuting. The global sports bicycle market is expected to grow steadily at a CAGR of 5.60% during 2016-2021.

军贸民品齐增长，看好无人机及国产大飞机中国2012-2016年武器出口总额较2007-2011年武器出口总额增长74.2%，增幅中有67.7%源自“一带一路 ”沿线国家。

2018 年机械行业投资机会可以从两方面寻找： 处于利润上升通道的中游周期行业，通过观察行业中需求、成本和出口方面的三点变化，可以看出明年中游周期处于利润上升通道；行业景气度向上的细分行业龙头，行业景气度向上的驱动因素组要来自于三个方面，通过这三个方面精选行业以及公司。 

自 4Q16 机械行业复苏以来，机械行业迎来景气上行拐点，1-3Q17 行业上市公司整体收入和净利增速分别达到 37%和 96%，彻底走出 2012-2016 年的下行周期实现强势复苏。行业预收账款同比增速 2017 年逐季提升，需求复苏有望延续至 2018 年。规模效应显现对冲成本上升，行业 ROE 进入上行周期。

在时间维度上，产业变迁与股市映射并非线性，而是随着市场预期的变化，经历估值驱动的押注、业绩验证的兑现、市占驱动的扩张，最后演绎出股市中的主导板块。

我们认为 2018 年机械行业整体的盈利能力有望继续提升，而产能利用率将开启上行阶段，资产周转率的提高进一步贡献企业盈利的改善。

机械行业PE仍显著高于沪深300，近一年维持较大差异；机械行业子板块分化明显，年初以来有14个子板块PE下降，4个PE上升，子板块估值水平总体修复。