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.

The Global Innovative Markets Forecast report series by Perry/Hope Partners features market sales of thousands of high-tech products and services in various industries such as transportation, hardware, electronics, electrical products, printing services and food products. The reports are published annually based on a unique methodology that uses robust data sources and detailed logarithms to estimate global markets for manufactured products. The main steps in the methodology are: - Products and services definitions and historical data are primarily based on secondary data collected from Internet research which is updated annually. Data sources include trade association databases, trade journal articles, press releases, published research reports, and annual reports.

2022 年5 月，中证军工指数上涨9.6%（4 月指数下跌12.7%），跑赢大盘 7.8ppt；跑赢创业板5.9ppt。在经历了年初至4 月26 日的下跌后，随着年报和 季报披露，基本面逻辑再次强化，估值创历史新低后反弹修复，叠加国企改革催 化，行业重回上涨趋势。展望6 月，我们明确看好后续机会：1）行业需求确定， 且细分领域或有加速，在二季度体现更加明显；2）通胀及疫情等对行业影响较 小，比较优势凸显；3）估值修复尚未完成，当前PE/TTM 仍低于近3/5/10 年 中枢；4）国企改革等将对行业形成较强催化。