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%。

Bunker fuel is a fuel oil used in marine vessels. It is poured into the ship bunkers to power its engines. Ships use mainly three types of marine fuels, which include high sulfur fuel oil, low sulfur fuel oil, and diesel oil. Nowadays, growth in awareness toward reducing environmental pollution and stringent government regulations are expected to create opportunities for the fuels, including LNG, gasoil, LPG, and others as a substitute to the above-mentioned bunker fuels.

Lubrication is considered as the process that involves oil or grease application over different engines or other components to minimize friction between two moving surfaces. This, in turn, results in smooth movement and reduces friction and wear. Over the period of time, lubricants gets contaminated with dust particles, sludge, and other particles and hence need to be removed and replaced periodically to enhance smoother operations of aircrafts. The aviation lubricants market is analyzed and estimated in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is from 2019 to 2027.

投资建议：维持“两条主线”和“两个赛道”的推荐逻样，两条主线是：航空装 备产业链和制导装备产业链两个赛道是：信息化和新材料。同时，我们认为， 在春季上攻行情中，要优选高景气子板块：部分，总装龙头、上游被动元器件、产 业链“枢纽”环节，治理结构发生变化标的． 

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着出色表现。本文作为导弹产业链中的第一篇，将着重解答为何导弹产业链是当今军工板块最好的细分赛道，以及导弹产业链中的哪些环节最具投资价值。