4 月国内航空需求继续恢复，五一客运量恢复至19 年同期水平，疫情期间压抑的客运需求有望在暑运继续释放；随着疫苗接种进程继续推进，国内局部地区疫情反复影响有限。我们维持行业“增持”评级，推荐中国国航、吉祥航空，建议关注南方航空、春秋航空、深圳机场。

近日，我国多项重点航天工程稳步推进。其中包括：5 月13 日，武汉国家航天产业基地卫星产业园开园以及我国首条小卫星智能生产线首颗卫星下线。5 月15 日，天问一号着陆巡视器成功着陆于火星乌托邦平原南部预选着陆区，我国首次火星探测任务着陆火星取得圆满成功。我国有望打破美国火星探测垄断，成为世界上第一个首次通过一次任务实现火星环绕和着陆巡视探测的国家，也将成为世界上第二个实现火星车安全着陆和巡视探测的国家。

2020 年全年，中金军工行业成份股（不含船舶类）营收增速YoY+12%，净利润增速YoY+50%，净利润率6.6%，后两者均创过去十年新高。1Q21 单季度营收增速YoY+37%、净利润增速YoY+129%，行业基本面改善逻辑进一步验证。信息化和新材料领涨，产业链上游最先反映景气度，与我们此前判断一致。

2021 年4 月份，中证军工指数下跌4.7%（3 月-9%），指数整体与3 月持平，横盘约2 月时间。回顾板块和个股4 月表现，并无明显热点，个股涨跌较为分散。但在4 月最后一个交易日，白马龙头中航光电、航发动力、中航沈飞出现较大回撤，原因主要是对季报和半年报业绩指引的过度解读，行业基本面和景气度并未变化，具体分析可参考报告《回撤是市场过度反应，建议投资者把握行业高景气中的个股机会》。

收入规模持续扩大，现金流改善助力企业做大做强。盈利能力逐步提升，放量降价对毛利率影响有限。爱乐达：机加龙头向特种工艺、部组件装配延伸。利君股份：钣金及部装环节核心配套商。西菱动力：收购鑫三合，新晋选手跑步前进。

Golf is a popular game that is played in more than 190 countries, while the top 20 countries currently account for almost 90% of the global golf courses. The US witnesses the highest participation in golf, accounting for more than 40% of the global share of the game. Apart from the US, the UK, Australia, Canada, Germany, France, Spain, and New Zealand too account for a significant share of the golf playing population.

Folding bikes are a form of bicycles, which can be folded in a way that they occupy less space and at the same time are lighter in weight so that they can be carried easily from one place to another. When folded, the bikes can be more easily carried into buildings, on public transportation and more easily stored in compact living quarters or aboard a car, boat, or plane. Depending on the design of the bikes, the folding structure varies from model to model, which helps in folding the bikes so that it occupies less space. The folding bikes market has witnessed significant growth over the years, owing to increasing trend of advanced vehicles which occupy less space; thus, leading to the growth of the global market.

就地过年政策导致春运前期客流大幅下降，但春运后期客运量快速恢复，目前国内疫情管控成效显著，居民出行信心增加，即将到来的五一假期航空需求有望迎来集中释放。此外，随着疫苗接种进度的推进，国际航线有望逐步放开。我们认为民航选股一是关注运量恢复快、有望较早实现扭亏的低成本民营航空；二是关注内线占比较高、业绩弹性大的大型航空公司。