本期机械板块上涨 0.07%，跑赢沪深 300 的-0.38%，行业表现位于中信 29 个一级行业的中游。子板块涨跌互现，船舶制造板块涨幅居前，机床设备板块跌幅较大。

我们曾于 5 月 9 日指出，4 月份以来随着监管层金融监管加剧，市场风险偏好下降对于具有高杠杆、高贝塔和高估值的军工行业形成直接冲击，中证军工指数自高位以来下跌幅度超过 20%，短期风险大部分释放，军工股近期建仓时机或随时出现。

中印双方的边境对峙在短时间内仍将持续，预计在近期局势会进一步发酵，而所出现的军事对峙和紧张失态都有可能成为军工板块的催化剂，建议关注军工板块相关投资机会。 

6月，新船市场行情继续向好，累计订单量达1151万载重吨，同比下降29%，降幅较上月收窄2.5个百分点；造船完工量达到2654 万载重吨，涨幅明显回落；手持船舶订单量继续下降，已减至8284 万载重吨；随着手持订单量持续减少，新船价格指数承压下滑；经营绩效水平再次滑跌，利润总额降幅显著。

This report covers the present scenario and the growth prospects of the global semi-automatic motorcycles market for 2017-2021. The reports an overview of market conditions for different types of semi-automatic vehicles that are available in the market.  

A civil flight simulator recreates the aircraft flight environment and various aspects of flight artificially for pilot training purposes on civil and military aircraft. There are two types of training: initial training for new pilots and recurrent training for existing pilots. Flight simulators cover simulation in the aircraft, environment, and cueing.

The global heliports market was valued at $485.4 million in the year 2015 and isexpected to grow at a CAGR of 2.36% during the forecast period. Withadvancements in designs (rooftop, tabletop, and floating decks) and improvedfeatures in construction materials such as lightweight, highly durable, and corrosionresistance materials replacing the old concrete models, this market is expected to witness an upsurge in the coming years.

Avionic systems are a combination of electro-mechanical and electronic systems, which allow effective operation of aircraft. Each avionic system depends on electronic devices for its functioning. For instance, the fly-by-wire control system depends on digital computers for its operation. Avionic systems provide pilots with data such as aircraft altitude, airstream incidence, and air speed using air data sensors, aircraft motion using accelerometers, control stick sensor assembly, and rate gyros. Avionics include communication systems, cockpit display systems, control and monitoring systems, navigation systems, and other electro-mechanical arrangements.

Before designing an aircraft wing, the primary step taken is the designing the airfoil, which is the horizontal cross-section of the wing. The structure of the airfoil plays a vital role in deriving the type and limitations of the aircraft. For instance, aircraft wing with thick airfoils generate more drag than the thin airfoils, therefore, aircraft with thick airfoils are not preferred for long-haul flights.

2017 年上半年，中证军工指数跑输沪深 300 合计 23 个百分点，一方面是由于金融监管及去杠杆，市场风险偏好降低，市场出现整体回调下，高估值高 β 的军工板块首当其冲；另一方面是军工板块行情多为事件驱动，随诸多催化因素兑现，利好落地成利空。从过去 5-10 年来看，60xPE是军工板块的底部区域，90xPE 为估值中枢，目前军工板块大约85xPE，整体回落至中枢水平，但估值压力依然较大。