整体持仓大幅增长，板块超配比例环比继续提升：2020 第四季度，军工板块（以重点跟踪的50 个标的为代表）流通总市值为13,324 亿元，占A 股流通总市值比例为2.07%，超越2014 年第三季度板块军工板块流通市值占比，达到历史高点。

截止到2020 年四季度末，公募基金军工持仓总市值为1049.11 亿元，相较于2020 年三季度末增长44.23%，持股总市值52689.46 亿元，军工股持仓占比为1.99%，相较20 年三季度1.75%的持仓占比提高了0.24 个百分点。

Smart railway is a technologically advanced approach to efficiently manage railway operations through sharing of rail data across rail infrastructure components, such as passengers, control centers, ticketing department, and freight. Smart railways incorporate a range of technologies such as Internet of Things (IoT), big data, cloud analytics, artificial intelligence (AI), global positioning system (GPS), and machine learning (ML). Smart railway solutions results in interconnected trains, infrastructure, and passengers to attain higher safety, optimized mobility, and lower costs. For the purpose of analysis, the report segments the global smart railways market into system, offering type, and region. Under the scope of the research, market comprises solutions, devices & components, and services that supports the rail companies to collect data to monitor and analyses all railway-related operations with high precision and accuracy.

国内疫情零星散发，倡导春节期间减少不必要出行。入冬后，全球多国新冠疫情明显反弹。中国在外防疫情输入风险的巨大压力下，近期呈现多地局部暴发和零星散发状态。考虑春节期间的人员流动大、聚集性活动多，各地逐步出台并动态调整防疫细则，对学生、公务员和企事业单位做出了指引，倡导春节期间减少不必要出行，并建议错峰出行。

军工行业进入三年强周期，增速最快的赛道以导弹、航空、国防信息化等为主，上述产业链中部分标的在半年报和三季报中都有出色表现。本文为导弹产业链第二篇，主要梳理红外制导领域情况，特别是关于制冷与非制冷探测器，非晶硅和氧化钒等热敏材料问题进行重点分析。

1 月16 日，ST 湘电发布公告，公司2020 年非公开发行获得证监会批复通过，本次非公开发行内容为公司向兴湘集团非公开发行股票募集资金不超过1,081,137,863 元。本次非公开发行后，兴湘集团持股比例将大幅上升至19.56%，兴湘集团、兴湘并购基金和湘电集团分别持股19.56%，10.34%和15.67%。