据北斗卫星导航官网报道，北斗系统最后一颗组网卫星已运抵西昌卫星发射中心，进入发射准备，并将择机发射，届时北斗全球星座的布局将全面建成。北斗三号实现全球组网后，其定位精度和授时精度将取得大幅提升，下游应用市场料将逐步打开并形成千亿级的市场需求。我们认为“北斗+”的商业模式将为产业链带来较好的发展机遇，重点推荐海格通信。

叐新冠疫情影响，2020Q1航空需求增速出现自2008年以来癿首次负增长。2020年一季度民航需求 （RPK）同比下降53.3%，运力投放（ASK）同比下降42.9%，客座率68.45%，同比下降15.3%。

电能作为一种载具能量体系，具有高经济性、低污染等比较优势，逐渐成为动力系统发展新趋势，汽车与航空已进行机械到电子化革命。其中，汽由传统动力向混动或纯电动切换，可有效降低耗油率，提高操控性与舒适性，且更易实现智能化。飞机由传统机械控制系统向电子化飞控，乃至综合航电系统过渡，可有效简化驾驶操控、降低维护成本、实现更好的燃油效率。此外，综合航电系统还可对飞机娱乐系统进行有效支撑，大大提升用户体验及舒适度，民航737、787 目前已成功实现应用，与传统飞机相比电子化系统使用明显增加。

SiC fibers are manufactured with the help of pyrolysis of organosilicon polymers, such as polycarbosilane. Another method for the production of SiC fibers is the use of the CVD (chemical vapor deposition) method. High strength along with a lightweight, stability over high temperature, and resistance from oxidation and corrosion make it an ideal material to be across various ends use industries such as aerospace and defense, power and energy, chemical, automotive, and others. The rising focus towards the advancement of the performance of commercial and military aircraft is continuously driving the demand for high performance structural materials in the aerospace industry. Composite materials have gained acceptance for aviation and aerospace applications owing to exceptional strength coupled with superior physical properties and stiffness-to-density ratios. The aerospace industry is considered as the prime user of SiC fibers. The use of SiC fibers is important for application dealing in extreme mechanical loads at high temperatures (up to 1900 K in the air) and cannot be met out with any metallic material or intermetallic materials. Another most significant application field of silicon carbide composites relates to the manufacturing of such materials in spacecraft, which could possess lightweight and thermo-mechanical properties at the same time and could bear high temperatures. They are also used to manufacture thruster nozzles, reusable rocket nozzles, thermal protection systems, and turbo pump components for space vehicles. The growing application of silicon carbide fibers reinforced composites is motivating the manufacturers to replace the metal parts in aircraft with the fibers so as to boost the fuel efficiency of aircraft engines and used in the manufacturing of engines, thermal protection systems, and turbopumps. Companies are looking forward to expanding the application base of SiC fibers in the aerospace industry. For instance, in March 2017, it was reported that General Electric had adopted SiC fibers-based CMCs to produce its newgeneration jetliner engines so as to improve fuel efficiency. Furthermore, SiC fibers is also being demanded by the power generation industry. They are used to manufacture land-based gas turbine engines, radiation blankets, furnaces, and components, and other materials in the power and energy generation industry.

These are heydays for the commercial aviation industry as well as businesses supporting it from the maintenance, repair, and overhaul (MRO) sector. For the first time in airline history, carriers recorded three consecutive years of record or near record profits, thanks to constrained fuel prices and operational efficiencies. Rising demand for air travel is keeping production lines at aircraft, engine, and component manufacturers busy and setting records. Lower oil prices, along with the willingness of airlines to spend on upkeep, are resulting in delayed retirements of older jets, which in turn provide more business for the MRO industry because of their additional servicing needs. And despite recent political instability and rising global tensions, aviation seems headed for more of the same—at least over the short term.

The agriculture sector plays a vital role in the development of the economy. The sector has already contributed toward economic prosperity of developed countries such as the US, the UK, and Japan. In all these developed economies, the agriculture revolution has preceded the industrial revolution. Currently, developing countries such as India, China, and the Sub-Saharan African region, where the per capita income is low, the emphasis is laid on developing a strong agriculture sector. The contribution of the secondary and tertiary sector to the GDP of economies is always high, however, to sustain the economic growth, the significant contribution also must come from a primary sector of the economy i.e. agriculture. The growth of both these sectors is not supplementary but complementary.农业生态系统 The world population is set to reach 9.8 billion by 2050 from the present 7.6 billion. The growth is largely driven by a rapid rise in population in Africa and Asia. This not only implies that the existing agricultural ecosystem should gear up to feed the additional 2.2 billion but also should accommodate their shift in dietary patterns and account for the shrinkage in acreage. An increased reliance on the protein-rich diet, which comprise meat products, places an additional demand for grain. Urbanization and deforestation are resulting in climatic shifts that are severely affecting agricultural yields. Therefore, there is an urgent need for smart solutions that can effectively help to mitigate the negative effect on agriculture and meet the rising demand for food across the world.

The agriculture sector plays a vital role in the development of the economy. The sector has already contributed toward the economic prosperity of developed countries such as the US, the UK, and Japan. In all these developed economies, the agriculture revolution has preceded the industrial revolution. Currently, developing countries such as India, China, and the Sub-Saharan African region, where the per capita income is low, the emphasis is laid on developing a strong agriculture sector. The contribution of the secondary and tertiary sector to the GDP of economies is always high, however, to sustain the economic growth, the significant contribution also must come from a primary sector of the    economy i.e. agriculture. The growth of In 2017, India was the largest tractor market in terms of unit both these sectors is not supplementary sales. Russia was the fastest but complementary.

重组计划主要内容：优先股+配股+贷款，合计 390 亿港元。（1）国泰航 空计划向 Aviation 2020 Limited（一家根据《财政司司长法团条例》设立 并由财政司司长法团全资拥有的于香港成立的有限公司）发行港币 195 亿 元的优先股及认股权证；（2）向现有股东配发港币 117 亿元的供股股份； （3）Aviation 2020 Limited 向国泰航空提供港币 78 亿元过渡性贷款，并 可即时提取使用。

5 月份，中证军工指数下跌 0.7%（4 月份+8.7%），同期沪深 300 指数下跌 1.2%（4 月份+6.1%）。中证军工指数跑赢大盘 0.4ppt。行业 5 月表现前涨后跌，我们对 6 月份表现持谨慎乐观态度，建议持续关注北斗及卫星互联网主题投资机会。