高强度演训催生武器装备放量，和平与统一依赖国防装备持 续发展。本周，作为对“台独”分裂势力与外部势力勾连挑衅的正 当、必要回应，解放军持续进行军事演习。据报道统计，8 月8 日， 解放军无人机连续5 天进入金门上空，39 架次解放军军机巡台；8 月9 日，两栖合成部队闽南海域演练登陆作战，东部战区公布运油- 20 空中加油联合演训；8 月10 日，解放军隐身战机等新装备参与台 海演训；8 月11 日黄海南部海域实弹射击，21 架次军机现身台海周 边；12 日及13 日，台所谓“防卫部门”统计约24 架次解放军军 机、6 艘次军舰及29 架次解放军军机、6 艘次军舰巡台。

市场普遍担心船舶制造行业虽然需求端持续向好，但仍存在大量周期底部暂时休眠的船厂产能。这种供给端 产能的高弹性将压制行业中长期盈利中枢、以及本轮复苏周期的长度。但我们认为，本轮周期船舶行业供给端将长 期趋紧，实际存在“错位”的供给侧结构性改革“红利”。

Establishments described in this report are primarily participating in the space robotics market. Space robots are considered to be more capable devices that can facilitate manipulation, assembling, or servicing functions in orbit as assistants to astronauts, or to extend the areas and abilities of exploration on remote planets as surrogates for human explorers.

Establishments described in this report are primarily participating in the smart railways market.

Establishments described in this report are primarily participating in the train lighting market. Train lighting is one of the important passenger amenities which influence the image of Railways. ... Power supply system for trains is designed and developed to suit the requirement of AC and non-AC working in the trains. Few factors considered for development of such systems are as under.

1H22，军工板块市场表现与基本面出现较大背离，经历了深“V”反弹。前 期下跌原因主要是市场因素和部分事件的过度反应。展望2022 下半年，我们看 好后续机会，主要原因有：1）在宏观经济波动、局部疫情影响下，军工行业需求 确定增长有韧性，具有比较优势；2）规模效应叠加结构优化，可较好消化通胀压 力；3）“国企改革”持续推进，发展潜力较大；4)国产大飞机/无人机/商业航天 等新兴领域孕育机会，注册制下更多企业登陆资本市场，投资者关注度提升；5） 当前估值低于近3/5/10 年估值中枢，下半年估值切换逻辑下，配置性价比高。

国航、东航、南航分别公告各自与空客签订96、100 架、 96 架A320NEO 系列飞机采购协议，总计292 架飞机采购协议；上 述飞机计划于2023 年至2027 年分批交付于各公司，主要起到存量 机型置换、补充运力作用。

航空股上涨的启动时点通常在暑运或春运来临前夕，5次上行阶段均为跨年度的上涨行情，历时7-31个月不等。航空指数随大盘震荡，具有明显的周期性，且震荡幅度大于沪深300，航空股适合周期投资。

Establishments described in this report are primarily participating in the space propulsion market. Spacecraft propulsion is any method used to accelerate spacecraft and artificial satellites. In-space propulsion exclusively deals with propulsion systems used in the vacuum of space and should not be confused with space launch or atmospheric entry.