十三五铁路建设依然维持高景气度： 最新修编的《中长期铁路网觃划》首次明 确提出了“八纵八横高速铁路网”，至 2020 年我国铁路网觃模达到 15 万公里， 其中高速铁路 3 万公里，推劢铁路网持续扩容。2017 年铁路固定资产投资继续 维持在 8000 亿水平，整个十三五期间投资觃模预计将达 3.5 至 3.8 万亿元，其 中铁路车辆市场有望达到 5250-5700 亿元。。劢车组零部件国产化趋势加速： 在国家巨大运力需求的强力推劢下，我国高铁 技术打通了市场需求和技术，在短短几年内达到丐界领先水平。但是，在兰键零 部件上迓未实现完全国产化，迕口替代空间广阔。随着高铁零部件生产资质向更 多的本土民企颁収，劢车组零部件国产化呈现出加速趋势。

The aircraft HMV market is one of the key segments of the MRO market. It includes the MRO of the airframe, engines, and components, where thorough visual checks and NDT tests are conducted to detect damages or corrosions caused inside the skin of the aircraft, engine valves, and all the special parts where an extensive check is required.

Aerospace foams are manufactured using various materials such as polyurethane (PU) foams, polyethylene (PE) foams, metal foams, melamine foams, and other types of foams, including polyvinylidene fluoride (PVDF), polyphenylsulfone (PPSU), silicones, polyetherimide (PEI), and polymethacrylimide (PMI). These foams are used in various applications such as seating, gaskets, seals, carpet pads, rotor blades, headrest, doors, windshields, cockpit instrument panel, and wingtip lens. The aerospace foam market is segmented in different end-use industries, which include commercial aircraft, general aviation, and military aircraft. All these foams maintain performance through high temperature, reducing air leakage, providing sound barriers, and superior temperature insulation performance.

Gas turbines are primarily used in gas-fired power plants; these plants include an internal combustion engine, wherein the fuel is mixed with air, causing ignition. The resultant hightemperature gas is directed toward a gas turbine through a nozzle, which causes the turbine to rotate.

 行情回顾：上周（2017.02.06-2017.02.10），中证军工指数报收 11326.36 点， 上涨 1.19 %；上证综指报收 3196.70 点，上涨 1.80%；深证成指报收 10186.38 点，上涨 1.81%；中证军工指数小幅跑输上证综指，跑输深证成指。上周市场 整体表现偏强，军工板块呈现小幅上涨，弱于上证综指和深证成指。1、板块方 面，在 28 个一级子行业中，国防军工板块上周涨幅排名第 23。2、个股方面， 上周涨幅排名前五的个股分别为烽火电子（17.15%）、四川九洲（6.38%）、贵 航股份（5.92%）、杰赛科技（4.59%）以及中国重工（4.42%）；上周跌幅排名 前五的个股分别为光电股份（-3.13%）、天海防务（-2.89%）、四创电子（-2.62%）、 银河电子（-2.51%）以及中航电子（-2.25%）。

Though location-based service (LBS) is a major segment in the market in terms of revenue, the road segment is expected to show massive growth during the forecast period. Vendors such as Qualcomm, Broadcom, and SkyTraq are marketing their global navigation satellite system (GNSS) chipsets on the basis of connected cars,which will witness a significant growth during the forecast period.Miniaturization in GNSS-enabled devices is an emerging trend in the market. So,GNSS chipset vendors are trying to provide highly efficient and small form factor GNSS chipsets. SkyTraq is one such vendor that is marketing its new GNSS chipset, Venus828F, on the basis of small size.GNSS chipsets lead to radio-frequency (RF) noise, and hence, GNSS satellites are gaining popularity in the market. So, GNSS chipset manufacturers are now focusing on providing efficient GNSS chipsets, which can negate this RF noise.

The global nano and microsatellite market is expected to witness significant transformation due to the exponentially growing demand from the commercial segment. It is also anticipated that by 2025, the commercial nano and microsatellites segment will dominate the global nano and micro satellite market with a share of over 70%.The increased use of commercial-off-the-shelf (COTS) microelectronics is expected to aid the vendors in reducing manufacturing costs, which will influence the growth of the market during the forecast period.

APAC is expected to experience the highest growth rate with a CAGR of 28.91% during the forecast period. The major countries in APAC are investing significantly in establishing a secure communication environment for their military troops.Simultaneously, there have been increasing collaborative efforts among governments and private entities for the development of small and low-cost satellites. These remain as two of the major drivers propelling the market during the forecast period in APAC. 

The increasing security threats among nations and across borders have heightened the need to bolster defense forces with advanced systems such as multiple launch rocket systems (MLRS). Thus, small-economy countries such as Belarus and Kazakhstan and developing countries such as India, China, and Brazil are constantly investing in the procurement of MLRS to strengthen their strike capabilities.

APAC is expected to have a major share in the market during the forecast period due to the increasing investments by countries such as India and China.The technological advancements such as integration of rockets with global positioning system (GPS), gyros, and sensors result in high precision, thus improving the overall performance of MLRS.

需求持续萎缩？or 触底反弹？勿以线性外推的思维判断铁路这样的周期性行业。高铁动车组：未来尚应保持乐观，我们维持此前的判断：未来五年，动车组需求仍在 400-500 列/年的高位。机车货车：铁路货运需求端改善，货车机车低位反转。投资建议：17 年机车车辆投资触底反弹，给予铁路行业“看好”评级，建议超配铁路行业。

航天到底赚不赚钱？传统的航天往往始于国家意志，在单纯依靠政府投入的模式下，成本居高不下成为限制各国航天事业发展的一大瓶颈。最先走出困境的美国通过拓展商业航天市场，形成了“国家主导、民为军用、以军带民”的航天体系，涌现出诸如 SpaceX、ATK、Skybox、Planet Lab 等一系列优质民营航天企业。这些商业航天公司通过为客户提供廉价可靠的基础航天服务盈利，而政府则通过订单、项目合作和资金支持等方式对商业航天企业的技术研发及运营予以扶持。商业航天的加入也为美国带来不小的经济回报。在过去 5 年，卫星产业每年就能够为美国贡献近千亿美元收入；而美国商业航天的对外出口也从 2010 年的 720 亿美元扩大到了 2015 年的 1189 亿美元。我们看到，当航天从单一政治使命走向可以产生利润的商业行为，其市场规模将明显扩张。因此，在商业化的运营模式下，航天也是一桩“既赚吆喝又赚钱”的买卖。