The study assesses the global two-wheeler (2W) industry. It not only presents a holistic view of all regions in the world, but also focuses on key countries that dominate the global industry, such as India, China, Vietnam, Indonesia, the Philippines and Thailand. This research service offers insights into the production, sales, and OEM strategies. This study outlines future growth opportunities in key technology areas, such as connected services, advanced rider assistant technologies, shared mobility services, and electric vehicle strategies. It also provides a sales forecast until 2025 and a forecast discussion for each country.

Need for Flexible and Reliable Digital Technology: Customers seek higher value propositions from cost-effective, data-driven products and services. Advanced technologies, such as the IIoT and AR/VR, enhance firms’ utilization of meaningful data, minimize aircraft downtime, extend equipment life, and decrease operating costs.

Bike sharing is referred to a bike rental service for short to medium distance commuting for a price or free. It is available at on-street docked or dock-less stations, which allow commuter to borrow a bike and return it at another same station. Most large-scale urban bike sharing programs have numerous bike check-out stations, and operate much like public transit systems, catering to tourists and visitors as well as local residents. Bike sharing systems have also been cited as a way to solve the last mile problem of public transit networks. These services are an innovative solution to the urban mobility challenges and are an effective way of promoting urban cycling and contributing to a more sustainable and environmentally friendly mobility.

坚持发展与安全兼顾、富国与强军统一，巩固国防与强大军队离不开军费预算的增加。我们认为，多重因素催动之下，我国军费有望增加，军费中装备费占比有望进一步提升。军事训练是和平时期军队的基本实践活动，实战化训练是军事训练的基本要求。实战训练增加武器消耗，装备列装拉动产能释放，军工行业刚需趋势确立。

军工板块进入价值投资新时代，长期投资价值凸显。我们认为，在目前国际环境下，军工产品需求处于爆发 的初期，优质企业业绩增长潜力巨大, 军工板块投资进入价值投资新时代。虽然基于历史惯性，军工板块仍具备较高 的β属性，排除短期的波动扰动，行业长期投资价值凸显。

台海方向保持高压态势有望常态化。国防部新闻发言人谭克非就美国防部涉台负面言论 答记者问：祖国完全统一的历史任务一定要实现，也一定能够实现。中国人民解放军将 保持全时待战、随时能战的高度戒备状态，坚决挫败一切外部势力干涉和“台独”分裂 行径，坚决捍卫国家主权和领土完整。展望未来5-10 年，百年未有之大变局叠加台海 形势将进一步强化军工行业高速增长需求。

行业事件：第十三届珠海航展圆满落幕，本届航展共吸引线上线下近 40 个国家和地区的近700 家展商参展，参展飞机超百架，约40%装备 首亮相，现场签订总值超过125 亿美元的合作协议书，成交各种型号 的飞机159 架。

军工行业重点上市公司2021年前三季度业绩预计同比增长42.2％一50.0%，军工行业景 气度持续兑现。我有」根据公司军品业务占比、业务核心度以及军民业务协同性等指标，选 取36家分布于军工产业链上下游的重点标的‘当前总市值12666亿元，约占申万国防军 工指数成分股总市值的72.7%。 36家重点标的2021年前三季度整体业绩预计约为1 75A 一185.0亿元r同比增长42.2%-50O%。我们分析认为，作为十四五的开局之年，军工行 业三季报业绩有望持续高增长，军工行业高景气度正逐步得到验证。 

投资建议：北三成功组网后，研究投入将从空间段向用户段倾斜，尤其是核心 芯片和组件研发。对于自主可控和性能要求较高的军用市场，可着重关注技术 优势和行业壁垒，推荐具备全产业链生产研发能力的公司，如海格通信、振芯 科技。民用市场方面，长期看，上游产值占比在逐步降低，中下游增长动力十 足。建议关注北斗与多技术的融合应用，以及与其他行业的结合，推荐具备核 心优势的企业，尤其是各细分行业应用的龙头，如北斗星通、华测导航。