Railway maintenance is a process of preserving the working condition of a railway track. Tamping machine, tampers, ballast regulators, dynamic track stabilizers, ballast cleaners, and ballast under cutters are some machineries used in railway maintenance applications. Maintenance is very important in every industry for smooth and effective functioning. Ballast cleaning, and track tamping are some of the activities carried out while railway maintenance applications. The global railway maintenance machinery market is segmented based on product type, application, sales type, and region. Based on product type, the market is divided into tamping machine, stabilizing machinery, rail handling machinery, and ballast cleaning machinery. Based on application, the market is divided into ballast track and non-ballast track. Based on the sales type, the market is divided into new sales and aftermarket sales.

Space rover is a special vehicle designed to traverse over irregular, mountainous topography of extraterrestrial bodies such as planets and asteroids. The design and operation of space rovers depends upon data acquired through satellites that orbit around a celestial body. Rovers are designed to endure extreme atmospheric conditions, are fitted with superior equipment and payload, and are meticulously programmed to operate in accordance with the surroundings. Increase in investments for R&D by major space agencies and on-going advances in design of space rovers are anticipated to increase usability of rovers. For instance, Japan’s space agency JAXA and Toyota are collaborating to build a hydrogen powered rover, named, Lunar Cruiser that would be capable of transporting two astronauts and their gear on the Moon.

The deployment of train control management system can vary depending upon the operation requirement of the train and market segment, however, the purpose and the benefits of the train control management system remains same across all the architectures. In addition, latest train control management system available in the market can be integrated with the third-party subsystems, as the designs are modular and use internationally standardized interfaces. Furthermore, migration of functionality from supplier domain to train control management system can reduce the complexity and cost of overall train solution.

Stealth coating is a radar absorbing material applied on the aircrafts to reduce radar cross-section; thereby, making them difficult to detect by radars. In addition, it is also applied on the cars for UV protection and protection from chips, scratches, road debris, & malicious damages. The report mainly emphasizes on stealth coating and their resin types, which include epoxy, polyurethane, and polyimide. The report also analyzes the current trends and future opportunities in different applications of stealth coating such as aerospace & defense and automotive. The report analyzes the market trends across North America, Europe, Asia-Pacific, and LAMEA. In addition, it also highlights market dynamics that impact the growth of the global market such as key drivers, restraints, growth opportunities, and the role of key players.

过去几个月，全球看：1）我们注意到全球卫星互联网建设正在加速，如“starlink”已经发射第23 批卫星，而Oneweb 经历破产风波后今年也再次发射36 颗星，韩国著名公司韩华集团也加入卫星互联网阵营。卫星互联网行业的竞争正变得更加激烈但格局整体未变。2）备受世界关注的马斯克“Starship 星舰”飞行器密集试验，虽仍未成功但进展迅速。3）今年3 月份，苏伊士运河发生堵塞事件，卫星遥感在此事件中发挥了及时、直观的态势感知作用，进一步证明了遥感卫星在商业应用中的价值。

美联航是美国三大航之一。其发展过程曲折，曾多次濒临破产，是航空业危机投资的典型案例之一。美联航作为911事件被劫航司之一，事件发生后需求端遭受重创，成为美国航空史上破产保护时长最久的航司。2009年美联航再次险些申请破产，次年合并大陆航空成为当时世界上规模最大航司，成功走出困境，总市值也从底部的50亿元上涨到了2019年的近1500亿元， 涨幅约30倍。2019年美联航总收入为3011亿元，净利润为209亿元，运输旅客1.62亿人次，自有机队规模达到1016架。

三代军用发动机五大常任理事国标配，四代军用发动机仅中美俄竞技，商用大涵道比发动机美英三寡头垄断。百年未有之大变局下，发展航空发动机产业是大国崛起的必然选择，中短期着眼周边局势国防安全带来的需求增长；中长期高度关注航空发动机在国家产业升级中的巨大经济带动效应、航空发动机衍生技术及工艺在其余领域的新应用。

在投资策略上，建议把握供需拐点和成长起点两大投资主线：在供需拐点方面：重点推荐符合“实战需求旺、储备型号多、量产节点至”三大标准的整机及核心配套公司，以及在实战化练兵背景下需求集中释放的相关公司。在成长起点方面：重点推荐符合“行业空间大、国产化率低、转化效率高”三大标准的相关细分领域的龙头公司，包括上游的关键原材料、核心元器件，下游的航空发动机、电磁技术等领域。

标的推荐：坚定看好航空及导弹等重点领域业绩释放，建议重点关注中航沈飞、中航西飞、航发动力、中直股份；高端原材料领域建议关注碳纤维复材及钛合金优质赛道，中航高科、光威复材、三角防务、西部超导、火炬电子为细分龙头；航天防务武器建议关注航天电器、鸿远电子、菲利华等。