A supersonic business jet (SBJ) is a small business private carrier, which can accommodate 10 to 12 passengers and can fly at a speed of more than Mach 1. It efficiently reduces the travel time to half, as compared to other conventional business aircraft. Currently, aviation experts such as Airbus, Lockheed Martin, Aerion, HyperMach, and Gulfstream Aerospace develop supersonic business aircraft.

公司基于多金属复合材料解决方案，多点开花，逐步从军工、航天航空向民品拓展： 公司军工钛材实现从无到有，同时民品化开始确定性提速，多个市场高达百亿以上空间。

Transponders receive an electromagnetic or radiofrequency signal from the Earth, amplify it, and send it back to Earth. Transponders are designed to exhibit various functionalities and they work based on a particular frequency band like C, Ku, and Ka. Depending on the signal strength and encoding/decoding techniques used for transmission and reception, a transponder can change the frequency, polarization, and modulation technique for signal regeneration, amplification, and retransmission back to Earth. The speed and centrifugal force of the satellite depend on the distance from the Earth's orbit. The speed and the gravitational pull of the satellite orbiting closer to Earth are higher than the ones that are orbiting farther. Different satellites placed in different orbits require transponders as per their band spectrum such as C, Ku, and Ka, for various communication and broadcasting purposes.

The global construction market has changed drastically in the past decade. The economic recession of 2008 led to a sharp downsizing of the construction sector in mature markets such as the US; however, this area is currently recovering. In emerging markets in Asia-Pacific (APAC), investments in the construction sector increased following the 2011-2012 global economic crisis. Though growth in the global construction market was initially moderate, it has now recovered and is rising significantly.

机械军工行业收入和净利润增速仍处于低位，但相较去年同期下滑幅度连续两个季度收窄，我们认为行业景气度或许已经结束了持续下降趋势正在探底。2016 年上半年机械军工行业营业收入总和为 4522.1 亿元，同比下滑 1.9%，净利润总和为 142.8 亿元，同比下滑 18.1%。行业收入和利润继续下行，但是趋势明显减缓。

各子行业景气度不一，城轨地铁、小部分智能制造、核电装备处于景气周期。分子行业来看，轨道交通：受国内车辆招标延期的影响，剔除中车后板块中报业绩整体低于市场预期，但城轨地铁投资呈加速迹象；智能制造：并购驱动的高收入增长或暂时告一段落，中长期看人工智能仍有广阔空间； 核电装备：关注核电招标进展，景气或迎反转； 油服装备：油价低迷业绩延续下滑，预计仍需时间进行调整；工程机械：需求小幅回暖，营收逐步企稳，盈利仍在低谷；电梯：行业整体平稳，龙头盈利能力改善；冷链设备：行业景气度回暖，盈利改善；重工装备：市场延续低迷，各公司仍在积极推动战略转型.

军工科研院所具备从事生产经营活动特点，将逐步分类改制并且转为企业。我们认为，2016 年下半年部分军工科研院所将率先启动试点改制工作，军工科研院所相关配套政策有望于部分试点改制后陆续出台。

本篇报告介绍了大飞机产业具有的经济和军事意义以及它的市场格局，并对国内的大飞机市场空间做了预测，进而对大飞机产业链和我国大飞机产业的发展状况进行了详细论述。考虑到我国大飞机产业的广阔空间和国家发展大飞机产业的坚定决心，我们看好其未来的发展前景，给予行业投资评级“推荐”

军用技术转向民用是发展的必由之路：从世界范围内看，单一的区域市场和下游领域不可能支撑军工产业整体发展，军工企业走向世界并发展壮大，必须走深度军民融合的道路。把军品核心能力在满足涉军需要的前提下，拓展到民用领域，形成市场效益和良性循环才是可持续发展的必由之路。军工企业作为军用技术的研发单位，其掌握的技术可广泛应用于民品领域，其转化为民用市场存在着巨大的潜力。我国“十八大”报告中强调“加强军民融合式发展战略、体制机制建设、法规建设”，指明统筹经济建设和国防建设，使各种资源得到合理配置和充分利用，提供军民相互兼容的经济、技术平台和基础。