军工行业业绩逐季改善，盈利能力提升，资金加速配臵。我们选取军工行业80 家军工企业全口径采用整体法统计，2020 前三季度实现营业收入（1921 亿，+13%）；实现归母净利（167 亿，+ 33%），单季度看，Q1-Q3净利润增速为3%，26%和62%，业绩逐季提升。军工行业在A 股29 个行业中，收入增速排在第6 位、归母净利增速排在第4 位，处于靠前位臵，行业景气度持续。军工行业整体毛利率及净利率均有提升，分别提升0.44和1.27pct，期间费用率改善1.04pct，，继续加大研发投入（+0.14pct），行业盈利能力改善明显。

行情回顾：本周中信国防军工指数涨跌幅-2.25%，位列29 个一级板块涨跌幅第17 位。国防军工三级行业中,国防军工、兵器兵装、航空军工、航天军工及其他军工都处于跌势，跌幅分别为-2.25%、-5.89%、-1.23%、-2.02%及-2.61%。目前中信军工一级行业PE 在82X 左右。

Lawn mowers have supported people in their landscaping duties over the last few generations. The lawn mower is a category of garden equipment that includes watermanagement equipment, trimmers & hedges, and hand tools. The global demand for various garden equipment, machinery, products, and tools, including accessories, was estimated at about $270 billion in 2019 and is expected to hit a value of $575 billion by 2026. Created in 1830 by Edwin Budding of England, the lawn mower was patented for the first time in the US in 1868. After World War II, lawn mowers gained prominence as families migrated to the suburbs and found themselves caring for larger yards. Cecil Pond developed the first ride-on lawn mower in 1956, and today, the latest trend is robotic lawn mowers. The lawn mower has developed over the years from a large, hard-to-maneuver tool into a complex family of equipment with various characteristics and different degrees of speed and cutting accuracy. The technology has changed the design of homes, parks, and fields worldwide. Manicured lawns were no longer confined to the aristocrats' estates-with the easy and inexpensive cutting devices; most middle-class homeowners were able to keep safe and desirable lawns to enhance their properties. In the 1870s, lawn mowers had become so easy to use and priced fairly, that they became more popular in American landscapes.

Electric trucks are the vehicles that take power from the pack of batteries for propulsion. Government of various countries is setting stringent emission regulations, which in turn are propelling the adoption of electric trucks by the fleet owners. In addition, electric trucks are noise free, zero emission, and efficient mode of transportation with lower maintenance cost, which in turn make them the preferred choice for the fleet owners. Further, government is also taking initiative to provide sufficient charging infrastructure for the electric trucks to facilitate smooth operation in future. Electric truck market is segmented based on propulsion, vehicle type, range, and region. Based on propulsion, the market is classified into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuelcell electric truck. Based in vehicle type, it is categorized into light-duty electric truck, medium-duty electric truck, and heavy-duty electric truck. Based on Range, the market is divided into 0-150 miles, 151-300 miles, and 300 miles above. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.