投资建议：持续推荐航空板块。我们认为行业属于典型困境反转框架下，具 备周期价格强弹性。1）航空供给确信趋紧，静待需求复苏，推升价格弹性。 我们研究预测23-24 年行业供给显著收缩，测算23 相比较19 年行业累计机队 规模扩张介于12%-21.5%，属于极低增速，而截至目前，航司仍未有明确订单 落地，考虑交付周期以及当前经营环境，或导致运力紧张进一步延续至2024 年。需求一旦恢复，行业有望实现供需反转，从而实现强价格弹性。2）前述 观察票价近期提升明显，鉴于样本时间尚短，我们建议持续关注，从中观测 是否可视为未来价格弹性的预演。随着22 夏秋新航季提价的陆续落地，国内 前30 大航线，已有20 条提价5 次及以上，我们预计一旦供需反转，本轮票价 弹性将超以往。 3）推荐节奏：大周期仍看好中国国航，近期建议尤其关注上 海主基地航司春秋、吉祥、以及支线市场龙头华夏航空。

Autonomy and artificial intelligence (AI) are, and will remain, the main drivers promoting commercial UAS adoption and associated market growth. Autonomous flight reduces the need for expensive manpower whereas AI-driven data collection and processing reduces the time it takes to produce results that directly impact decision-making.

Shade sails are a cover made from durable outdoor fabric that delivers protection from the sun. They use a flexible membrane tensioned between several anchor points. Shade sails are affordable as well as easy to install. In addition, it provides an appealing look to houses, heritage buildings, commercial as well as industrial areas. Shade sails come in several shapes, sizes, and colors as per individual requirements. Most of the shade sails block 90−95% of the UV rays. Depending on the shade material weight color and the tightness of the weave, there are some variations in UV absorption. However, the differences are usually less than 5%. For maximum sun protection, heavier fabric with a tighter weave and darker colors is preferred as the darker colors usually block most of the UV rays.

军工企业2021 年年报已披露完毕，我们选取54 家核心军工企业并按照产业链分为总装类、电子配套类和材料配套类三类来进行财务数据整理分析。经统计，2021 年军工行业54 家核心企业整体营业收入合计为4,256.34 亿元，同比增长14.56%，归母净利润合计为273.35 亿元，同比增长34.45%，行业整体业绩保持较快增长。具体来看，2021 年总装类、电子配套类、材料配套类企业营业收入增速分别为11.54%、17.02%、29.75%，归母净利润增速分别为15.48%、36.62%、58.89%，均依次递增。上游业绩增速最高，体现了军工上游企业的高景气，高景气未来将进一步向中下游传导。从估值水平来看，目前板块已调整至2013 年水平，处于军工板块近10 年来较低位置，且基金持仓比例也处于低配状态。

NextGen avionics represents a transition from a ground-based air traffic control system to a satellite-based air traffic management system, facilitated by the expansion of aviation-specific applications for commonly-used technologies, such as global positioning system (GPS), along with technological advancements in areas such as weather forecasting, data networking, and navigation. The detailed and accurate satellite-based landing paths can be used by aircraft fitted with self-monitoring avionics and piloted by skilled pilots to fly safely near congested skies or mountainous regions. High levels of required navigation performance (RNP) capability are integrated into new commercial airplanes and business jets as well as those being upgraded with NextGen avionics.

无人机在现代战争中应用日益广泛。自1982 年贝卡谷地之战以 色列成功使用无人机瘫痪叙利亚防空体系开始，无人机在现代 战争中应用日益广泛，应用样式从最初的侦察迈向了察打一体， 在战争中的作用日益显著，获得了世界各国的重视。

After two years of turmoil, the aviation industry appears to be poised for a decade of growth. But unlike the last decade, which enjoyed steady annual increases in demand, the next 10 years are apt to be filled with a multitude of challenges that will test the industry’s resilience. COVID-19 continues to torment airlines and aerospace as well as the global economy in general despite effective vaccines. While a significant portion of domestic air travel demand around the world has recovered and the fleet is growing again, the unpredictable nature of COVID-19 and its variants remains the industry’s biggest immediate obstacle to business as usual. The rapid spread of Omicron at the end of 2021 set in motion a variety of complications for the industry from absenteeism in the workforce, to government travel restrictions, to disruption of the supply chain, to name a few.