The first flight, which used blended biofuel, began in 2008 and as of March 2019, more than 150,000 flights have used biofuels. Only five airports have regular biofuel distribution till March 2019 (Bergen, Brisbane, Los Angeles, Oslo, and Stockholm), with others offering occasional supply. To cut CO2 emissions by half, by 2050, relative to 2005 levels, and achieve the goal of carbon-neutral growth, the global airline industry, International Civil Aviation Organization (ICAO) have announced to initiate the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), from 2021. Renewable aviation fuel (RAF) produces up to 85% less CO2 over its lifecycle and has the potential to reduce the dependence on traditional aviation fuel. CORSIA is estimated to mitigate around 2.5 billion metric ton of CO2, between 2021 and 2035. Renewable aviation fuel is expected to play a significant role in achieving the industr y’s long-term emissions reduction goal. The market is driven by the strict emission regulations laid on aircraft emissions, by the International Civil Aviation Organization (ICAO). As of 2018, around 150,000 commercial flights have successfully flown on biofuels blends, and several major airlines have committed to the long-term RAF purchase agreement. Further, the International Air Transport Association (IATA) has set a goal of reaching 1 billion passengers on flights, fueled by sustainable aviation biofuels, by 2025. The major factor restraining the market includes the high cost of production of renewable aviation fuel. Fuel cost account for a significant share of the total operating expenses of an airline company (30%). Hence, high fuel costs increase the operating cost for an airline company, by a considerable amount.

刚需属性：国防力量作为“最后的防线”，国家的刚需赋予其十四五最确定的成长属性。从十三五到十四五，国际环境发生了新的更深远的变化，中美博弈成为贯穿主题。从2017 年《国家安全战略》颁布起，美国防战略（NDS）的主要目标正式转向超级大国博弈，强调与中国的长期战略竞争是首要优先事项。同时，随着国际军控遭遇挫折，军备竞赛趋势显现，区域安全问题愈发严峻。

6 月我国官方制造业PMI 50.9%，比上月上升0.3 个百分点。构成制造业PMI 的五大分类指标中，生产指数、新订单指数和供应商配送时间指数均高于临界点，原材料库存指数和从业人员指数均低于临界点。

年初至今，国防军工指数跑赢大盘约6 个百分点，期间最高跑赢大盘14.54%。近年来军工行业估值水平不断回落，目前估值水平约50 倍（PE-TTM，整体法），已回落至2013-2014 年水平。主动偏股型基金持仓比例持续下降至0.61%，为过去25 个季度的最低值，行业整体低配1.04%，连续6 个季度处于低配状态。

General aviation forms a considerable part of any national airspace and airport system. Various factors, such as, pilot availability in a particular country, air traffic management, air transportation infrastructure, and aviation safety, among others, have their impacts on the general aviation market. In the global scenario, the market is influenced by several factors, such as the health of global economy, technology disruption, the price of avgas and jet fuels, regulatory standards, etc. in 2019, the deliveries of fixed-wing aircraft increased, while the deliveries of helicopters reduced. In fixed-wing aircraft, the shipments for both piston engine aircraft and business jets increased, while the shipments of turboprop aircraft decreased, continuing its fluctuating trend in the decade. On a whole, the shipments of turbine-powered fixed wing aircraft increased. The long-term outlook for general aviation, driven by the increase in the overall turbine aircraft activity, remains stable. The fleet of fixed-wing piston engine aircraft is projected to decrease over the forecast period. Unfavorable pilot demographics, overall increasing cost of aircraft ownership, and new aircraft deliveries not keeping up pace with the requirements, among others, are estimated to be the key factors contributing to the decline. However, the active general aviation fleet is projected to remain the same during the forecast period, with the declines in the fixed-wing piston fleet, offset by increases in the turbine, experimental, and light sport fleets. Th electric and light sport aircraft fleet are projected to increase during the forecast period.

Major aircraft OEMs, mainly in the commercial aircraft industry, have emphasized on improving the overall air travel experience, including customer safety and reliability. In addition, fuel efficiency has become an important factor in determining the airline’s choice of aircraft during the purchase decision-making process. In this regard, the focus on the air management systems has become very crucial over the last two decades. Currently, the suppliers of commercial aircraft air management systems are working closely with the aircraft OEMs for the developments of advanced systems, to address the dynamic market requirements. This may also help them to remain as a preferred choice in the market. The aircraft and related subsystems industries are technology driven. The replacement of conventional sensors with the latest sensors, which yield better and accurate results, and the development of robust heat exchangers are helping the production of more efficient air management systems. The introduction of no-bleed systems architecture in Boeing 787 Dreamliner initiated a revolution in the air management systems industry. This system offers better operational efficiencies due to the replacement of traditional pneumatic systems with electrical systems, providing advantage in terms of weight and lifecycle costs. The commercial aircraft industry is the largest procurer of the air management systems, due to a higher requirement for the system, compared to any other end-user industries. This is explained by the presence of larger passenger cabins in the commercial aircraft.

当前，我国疫情防控形势持续向好，防控重点向“外防输入、内防反弹”转变，同时各地加速复产复工，生产生活秩序正在逐步恢复，我国航空装备企业正在加速重返全球航空装备产业链。