海外疫情促进全地形车普及从而吸引新增用户；2）乘国内消费升级春风，高性价比产品具有优势，推荐 有望成为玩乐类车辆全球龙头的春风动力。工程机械方面，2020 上半年疫 情影响减退，工程机械行业销量快速反弹。我们认为，地产基建投资轮动， 2020 年工程机械行业有望维持平稳增长

受益基建及地产投资延续，工程机械板块公司收入仍旧实现较好增长； 检测服务行业公司受到疫情影响，涨跌互现；光伏设备、半导体设备、锂电设 备行业受到下游强劲成长性带动，大部分实现成长趋势。

52 号文出炉提 高了申报城市的相关经济指标，要求严格落实资金。地方申报热情 不减，项目批复的趋势有望持续，未来经济增长有广阔空间。从国 家发改委批复的城市分布来看，主要集中在“胡焕庸线”以东，与 国内人口分布相适应。

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。