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。

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.