本周沪深300指数上涨2.66% ，国防军工板块下跌1.74%，军工板块跑输0.92%。从行业来看，在中信30个一级子行业中，军工行业排名第27位。

Fibers are a source of reinforcement in engineering polymer composites, responsible for strength and stiffness. As in composites, stress is transferred from fiber to polymer and vice versa, and high mechanical properties are only acquired if appropriate compatibility exists between the matrix and reinforcement. The aviation industry generates around 2-3% of all human-induced Co2 emissions and 12% of the emissions of the transportation industry. The higher consumption of fuel in the aircraft leads to larger emissions of greenhouse gases and contributes to global warming. Moreover, the higher level of fuel consumption leads to higher cost, thus, increasing the operational cost of airlines. The aerospace industry is constantly focusing on producing fuel-efficient, lighter, yet stronger materials. Thus, the industry has shifted from using aluminum, steel, and titanium to composites. Currently, the use of composites has reduced around 50% of the structural weight of the aircraft, thus, increasing the fuel efficiency to around 20% and reducing the noise by around 5%, as well as decreasing the maintenance cost by around 30%.

Lighting systems are deployed in aircraft to illuminate the interior and exterior of aircraft, thereby offering enhanced visibility of the surrounding. Lighting comprises signaling devices as well as other display devices, which increase the conspicuity of the aircraft. The aircraft lighting market has witnessed significant growth over years, owing to increase in trend of advanced lightings to be installed in aircraft. For the purpose of analysis, the global aircraft lighting market is segmented into interior light, exterior light, aircraft application, light type, and region. The report provides details of various interior lights such as emergency lights, specialty lights, wash lights, reading lights, and lavatory lights. In addition, it overs covers information of exterior lights, including aircraft visibility lights, pilot lights, and specific purpose lights. The study further highlights the revenue generated from various aircraft type, which include commercial, business jets, military, and helicopters. Moreover, it focuses on various light type, including florescent light and LEDs. Furthermore, the report includes the revenue generated from aircraft lightning systems across various geographical regions such as North America, Europe, Asia-Pacific, and LAMEA.

投资 建议 ：我们认为， 航空 发动机具有极其重要的战略地位， 国产化势在必行，当前军用航空发动机投资主要围绕两条线。

北斗产业自主可控、良性发展的内循环生态基本形成。北斗三号系统已正式建成，具备了对全球提供服务的能力。北斗产业链可分为：上游、中游和下游。上游基础产品是产业自主可控的关键，主要包括基础器件、基础软件、基础数据等。目前北斗系统国产芯片、模块等关键技术取得全面突破，性能指标与国际同类产品相当，并已形成一定价格优势。

Honeycomb sandwich is a structure with three layers, which offers high strength, stiffness, corrosive resistance, minimum raw material requirement. Increase in space and aviation activities across the world drives the market growth. These materials are widely used in the construction, automotive, and marine industries, as these provide remarkable mechanical properties and are lightweight, thus conserving fuel and reducing the weight of the marine vehicle. However, capital-intensive nature due to high cost of production and raw materials hampers the growth of the honeycomb sandwich material market. Meanwhile, 3D printing of honeycomb panels is expected to provide lucrative opportunities to the honeycomb material manufacturers.

行情回顾：本周中信国防军工指数涨跌幅17.62%，位列29 个一级板块涨跌幅第1 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涨势，涨幅分别为17.62%、14.25%、22.74%、13.25%及17.26%。目前中信军工一级行业PE 在98X 左右。

碳纤维系列报告分为三篇，此为最后一篇，主要梳理全球碳纤维生产龙头发展历程及优势、以及我国企业发展模式及依托，并以此为借鉴，探讨中国碳纤维生产企业的突破重点及我国碳纤维特色发展之路。