在国防战略“补偿式”发展背景下，军工行业在军队的刚性需求支撑下具有长期增长的能力，板块仍具有持续上涨的基础。在实战化训练加速和军队信息化建设大背景下，推荐围绕“产业拐点”进行布局。产业拐点意味着该领域将具有长期的业绩弹性和高确定性，也意味着具有较高的安全边际。

Mechanization in the agricultural sector played a vital role in terms of transformation, especially in the high income countries Additionally, in the emerging markets (such as African countries, ASEAN countries, and other developing countries), the adoption rate of mechanization in the agricultural sector has been gradually increasing, since the past few years Some of the major factors driving the demand for mechanization are rapid urbanization, growth of medium sized farms, and rising rural wages, along with seasonal labor shortages The rising demand for mechanization, along with an increasing number of medium scale farmers, is driving the adoption of tractor hiring in Ghana and other African countries, majorly in the south of Sahara This is expected to allow tractor owners to fully utilize their machines, while providing services to farmers who cannot afford their own tractors. In October 2018 FAO and the African Union launched a new framework that aims to increase agricultural efficiency, while reducing hard work and labor, by helping countries in Africa to develop strategies for sustainable farm mechanization

维持轨交装备板块“推荐”评级，重点推荐城轨信号系统龙头交控科技、轨交零部件平台型公司华铁股份，建议关注低估值的中国中车、中车时代电气、中国通号等。

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。