西科斯基与空直是两家典型的海外直升机龙头企业，西科斯基依托“黑鹰”一款直升机保持近 40 年业绩持续增长、空直则是依靠齐全的产品品类保持市场领先地位。中直股份作为国内直升机行业龙头，其“一机多型、系列发展” 战略推进过程中，有望借鉴两大直升机巨头的经验，未来随着公司国产十吨级直升机的列装及多系列产品的研制，中直股份有望迎来业绩爆发、市值增长潜力巨大。

坚定推周期龙头：工程机械、煤机等；7 月数据预计持续靓丽（1）8 月我们发布工程机械行业深度报告《工程机械：栉风沐雨，玉汝于成》（38 页），坚定看好工程机械明后两年更新及新增需求。持续推荐周期龙头：工程机械、煤机、集装箱等，近期关注混改、船舶。7 月数据持续靓丽，工程机械重点公司中报业绩好，持续性有望超预期。持续重点推荐龙头——徐工机械（6、7 月中泰金股）、三一重工（5 月中泰金股）、中联重科、安徽合力。

八月机械设备指数上涨 2.34%，沪深 300 指数上涨 1.37%，创业板指上涨 6.22%。机械设备在全部 28 个行业中涨幅排名第 16 位。 在全部机械股中，涨幅前三位分别是世嘉科技、精测电子、华昌达，一月涨幅分别 27.56%、26.93%、25.98%。 

政策和资金等因素共同支持下，我国城轨运营历程从 2011 年的 1713 公里提升到 2016 年的 3740.6 公里（不含市域快轨），年复合增速达 16.9%，增长显著。而我国人口密度较大，地方经济发展仍不均衡，符合修建城轨标准的城市新建线路以及已有城轨城市的线路增加，将持续推进城轨发展进入快车道。

上半年，整机表现最优异的中航飞机营收增长 13.99%，配套类航发动力、中航电子、中航机电增速较高。军品具有下半年交付为主的特点，半年报不能完全反应全年情况，但行业增长已经初露端倪，正处于技术成熟拐点和财务拐点的过渡阶段。

针对航空发动机零件传统二维机加工艺设计中工艺信息管理困难和更改繁琐等问题，通过分析零件机械加工过程中工艺信息的特性，将机加工艺信息分为静态工艺信息和动态工艺信息两大类，提出并构建了航空发动机零件三维模式下机加工艺信息管理系统，阐述了机加工艺信息管理系统的体系架构和工作流程，研究实现了工艺资源库的创建和检索、基于XML的工艺信息集成和工艺规程可视化文件生成等关键技术，有效地提高了航空发动机零件机加工艺规程生成的效率和质量，缩短了航空发动机零件的研制周期。

Packaged refrigeration systems are gaining momentum as they provide substantial cost, space, and time advantages. Packaged refrigeration systems of all individual systems in-factory as opposed to filed fitted systems, which are completed on-site, require only electrical and piping services. As the fabrication of these systems can be completed before hand, they can be instrumental in reducing the overall delivery timeline. Packaged refrigeration systems are manufactured in a controlled environment, which helps to ensure higher standards of quality control. The ease of customizing these systems in relation to the required application is a major factor that will drive the demand. This reduces designing and adaption cost of single elements, as well as installation time and cost on-site. Also, these systems can be manufactured in almost all sizes, requiring minimal on-site connections. Also, the flexibility in the use of refrigerants and compressors will also encourage their adoption. Services such as commissioning are available from one source.

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.

The global motorcycle industry is two faced, where one segment is of highperformance motorcycles (considered as a luxury) and the other segment consist of two-wheelers used for commuting. Both these segments operate under contrast market dynamics with different customer behavior and value chain. The premium segment is witnessing a steady growth owing to growing culture of touring motorcycling in mature markets such as the US, Japan, and Western Europe.

Mobility scooters are electrically operated vehicles, which in recent times, are widely substituting the traditionally used mobility aids for older consumers and people with disabilities or medical conditions. Traditionally used mobility aids include manual and powered wheelchairs, rehab chairs, and rollators. Mobility scooters are primarily battery powered and come in 3-wheel or 4-wheel layouts. New generation mobility scooters are now also available in a 5-wheel layout. The fifth wheel in these vehicles is placed between the two front wheels and helps improve kerb handling. These scooters are designed for both indoor and outdoor use. The term mobility scooter in this report refers to those mobility scooters that are powered by electricity via battery packs.