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。

上周（2017.01.23-2017.01.26），中证军工指数报收 11161.03 点，上涨 2.06 %；上证综指报收 3159.17 点，上涨 1.15 %；深证成指报收 10052.05点，上涨 1.47 %；中证军工指数跑赢上证综指，跑赢深证成指。上周市场整体表现偏强，军工板块呈现小幅上涨，强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 3。2、个股方面，上周涨幅排名前五的个股分别为北斗星通（10.90%）、江南红箭（5.76%）、天海防务（5.48%）、中船防务（5.02%）以及北方创业（4.96%）；上周跌幅排名前五的个股分别为北方导航（-4.24%）、洪都航空（-2.94%）、凌云股份（-2.92%）、川大智胜（-1.50%）以及四创电子（-0.41%）。

高铁城轨多家公司业绩大幅增长 行业前景向好。截至 1 月 24 日，已有多家高铁城轨公司发布业绩预告，均预计 2016年业绩将实现大幅增长。业内人士认为，受益于高铁、城轨产业的高速增长，相关公司实现较好营收，预期未来几年该产业仍将保持快速增长，看好该领域投资机会。高铁、城轨基建投资的增长以及 PPP 模式在城市轨道交通设备领域的业务增长等，令相关基建投资、整车制造以及零部件制造企业业绩向好。 

The need for safety systems has been an integral aspect since the advent of flights. They ensure the safe escape of pilots from any malfunctioning or damaged aircraft. The conventional escape systems consisted of only a recovery parachute. During the Second World War, the aircraft performances rapidly increased, which necessitated the escape systems for the crew to be equally fast. This led to the development of ejector seats. The traditional ejection seats were powered by a propellant-driven catapult.