国产航母从 0 到 1 稳步推进，海军现代化建设跨步向前。1）2017 年 8月 31 日，国防部发言人透露首艘国产航母将全面开展系泊试验。从 2012年引进改造的辽宁舰服役起，仅用不到 5 年时间，我国已具备自主研制航母的能力；2）国产航母实现从 0 到 1 的突破，具有里程碑意义，虽然外观与辽宁舰相似，但内部结构和舰载设备大幅提升；3）航母作为海军系统建设的核心，将带动整个海军装备现代化升级，随着未来国产航母服役，投资将由概念向产业转变。本文全面回顾世界航母发展史，展望我国航母发展蓝图，深度剖析航母产业链，寻找未来投资大机会：

2017 年 9 月 14 日，第四届中国天津国际直升机博览会开幕。本次展会吸引了来自全球 22 个国家和地区的 403 家厂商参展，共有 98 架参展飞机进行动态或静态展示。武直-10、武直 -19 等多款陆军主力机型纷纷亮相，中俄合作研制的重型直升机模型、10 吨级通用型直升机发动机也在本次航展上展出。 

古希腊哲学家赫拉克利特有一句名言"人不能两次踏进同一条河流"，但我们希望能够“预见河流的趋势和方向”。回顾机械行业的历史并思考其背后的逻辑，让我们感悟到“预判主线比什么都重要”的深刻道理。“公司分析员型”方法得出的结果往往是“管中窥豹”，而且难以引起市场共鸣、难以成为主线。只有预判到潜在的主线，才可能预见“河流”（即股价）的趋势。

2007 年至今，“和谐号”驰骋的十年代表了中国铁路跨越式发展的十年。 2017 年 6 月 26 日中国标准动车组“复兴号”率先在京沪高铁两端双向首发。9 月 21 日起全国铁路调整新运行图，“复兴号”标动在京沪高铁率先实现 350 公里时速运营，中国高铁产业再次迈上新台阶。中国铁路动车组由最初引进的 1、2、3、5 系列发展到 380A/B/C/D 系列，再发展到今天的中国标准动车组 CR400AF/BF 系列，中国用 10 年时间基本走完了其他国家 50 年的高铁发展之路。 

Unlike conventional chemical propulsion satellite, electric propulsion satellite employs electrical energy streams to change the velocity of spacecraft.To estimate the overall market for the base year, Technavio has considered the revenue generated from the procurement of hybrid propulsion satellite (the ones which used both chemical and electric propulsion technology) and all-electric satellites. Both funded and unfunded R&D investments are not considered to accumulate the overall market size or for projection of the forecasted years.

新型号跻身世界一流水平并进入批产期，航空高增长拐点显现 从中美军用飞机数量来看，除了战斗机为美国 1/2 多，其余机型差距均较 大；从型谱和技术指标来看，中国军用飞机主流型号已经基本与美国一致， 在战斗机与运输机方面较接近，隐形轰炸机还有不足，直升机型谱有差距， 随着直 20 逐步成熟，通用型直升机的不足将得到补充。我们认为，军用飞 机未来在陆海空和战略支援部队等几大军种中的需求增长都较确定，将充 分受益军队改革和军工改革。2017 年运 20、歼 20、J15、L15 等机型将 进入爬坡上量的阶段，军机产业链正处在这波持续高增长的拐点投资阶段。

An offshore supply vessel is a sea motor vessel used for transporting cargos, goods, supplies, crews, and offshore exploration and production (E&P) across oil platforms. OSVs support marine offshore drilling activities through transportation of offshore energy resources, and they also facilitate the installation process of oil rigs. They are mostly used by oil and gas companies for E&P activities. The OSVs are operated by ship owners or by companies that take OSVs on lease. In addition, the OSVs facilitate maritime logistics operations for different industries such as subsea and deepwater mining.

全球铁路市场容量目前是 1675 亿欧元，未来以每年 3.4%的速度增长，到 2018 年有可能增长到 1900 亿欧元。目前，南美、中东欧、俄语地区的铁路运输设备已经进入了车辆更新换代的高峰，潜力巨大;非洲地区对机车、货车、普通客车的需求也在逐步增加。同时很多国家已经将高铁作为交通运输领域的发展重点，未来高铁有望成为全球铁路市场重要的增长点。

Since the advent of aviation, aircraft have been operated with carbon-based fuels such as gasoline or kerosene. Though these fuels generate high power, they come with unpleasant effects such as increased production of greenhouse gasses. Therefore, aircraft OEMs have endeavored to find new ways to address such challenges and one of the solutions that have emerged is the development of more electric aircraft (MEA). MEA are advanced aircraft that use a large number of electrical components to reduce the non-propulsive power systems such as mechanical, hydraulic, and pneumatic systems, all of which derive its power from the aircraft engine. This, conceptually, reduces the weight of aircraft, leading to a low cost of ownership, use of less fuel, reduction in emissions, increased reliability, and several other added benefits.

Military aerial refueling (also called air-to-air refueling) is the process of pumping aviation fuel from a military tanker to another military air platform during the flight. This process allows the receiving aircraft to remain airborne for a longer duration, supplementing the mission effectiveness. Owing to the growing investments in developing long-range aircraft, the importance of maintaining sturdy fleets of aerial refueling tankers has revived its importance among the defense ministries of many countries across the globe.