新冠疫情导致经济面临下滑压力，老基建（高铁+地铁）和新基建（城际和市域）或将成为稳增长和逆周期调节的重要发力点。

Power electronics is an engineering study of converting electrical power from one form to another. The world- wide average rate of 12 billion kilowatts every hour of every day of every year, more than 80% of the power generated is being reprocessed or recycled through some form of power electronic systems. A lot of energy is wasted during this power conversion process due to low power conversion efficiency. It is therefore very important to improve the efficiency of these power conversion systems. With the extensive use of efficient and cost-effective power electronics technology across the globe, the energy consumption is expected to reduce up to 35% during the forecast period. The scope of the report discusses the potential opportunities for the market players to enter the global power electronics for electric vehicle market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.

Off-highway vehicle engines growth is dependent on the growth rate of agricultural and construction machinery industries. Rising agriculture mechanization trend in developing countries and spike in residential and commercial construction projects worldwide are driving the construction and agricultural machinery markets.  The market size in terms of revenue for off-highway vehicle engines is dominated by Construction Machinery type followed, by Agricultural Machinery due to high initial cost of the former equipment type, compared to agricultural Machinery. The global construction machinery market is anticipated to grow, owing to the ongoing demand for construction of smart cities across the world and various mega construction, particularly in developing countries may increase the demand for the market. Out of the available range of Construction Machinery types, Excavators capture majority of the share in terms of revenue. The market for excavators was worth USD 28 billion in 2015 globally and is expected to capture 30% of the overall machinery sales over the forecasted period. Europe and North American Markets remained stable in terms of growth due to sluggish import demand from developing countries.

4 月份，中证军工指数上涨8.7%（3 月份 -9%），同期沪深300 指数上涨6.1%（3月份-6.4%）。中证军工指数跑赢大盘2.5ppt。4 月板块热度一般，卫星互联网被纳入“新基建”单周交易额4 月份最高。我们对5 月板块表现相对乐观。

The users of maritime information gather data to have safety at sea, improve productivity, and ensure efficiency in marine operations. The maritime information offers regulatory compliance, enhances awareness, provides scientific and survey data, and monitors the environment for suspicious or illegal actions. With the ship traffic increasing across the world, it has become essential to improve safety and security and to safeguard the environment. For instance, during 2018, cargo traffic at major ports in India was reported at 679.36 million metric ton, as per the IBEF. In 2019, this traffic increased by 2.9% year-on-year to 699.05 million metric ton. Information exchange forms the basis for different segments within the maritime industry to coordinate with each other, in order to enable smooth functioning. Systems integrated with the maritime traffic monitoring capabilities and effective tracking systems, such as AIS (Automatic Identification System), SAR (Synthetic Aperture Radar), etc., have emerged as fundamental needs for vessels.

Several systems installed in the aircraft like display systems, content, and software for improving the passenger experience and connectivity systems like Wi-Fi routers, will allow the passengers to be stay connected to online platforms. These systems are currently playing an important role in the selection of airlines by the passengers and are playing a major role in the digitization of the aircraft. With FAA permitting the use of electronic devices on the aircraft from gate to gate, inflight entertainment service providers are focusing more on inflight entertainment through the personal electronic devices (PEDs). Inflight live streaming of content has been introduced by some airlines, and currently, other airlines are tr ying to incorporate these into their offerings. Also, the provision of in-seat power has seen an increase in the PED usage, which became the main reason for the growth of Bring Your Own Device initiative. In this market, the operators (IFEC providers like Panasonic) can provide their services in wholesale, retail (revenue sharing), or a third model.

2019 年，军工行业122 家上市公司实现归母净利润140.86 亿元，同比增长8.93%。在剔除商誉减值个股后，业绩为261.61 亿元，同比大幅增长34.19%。全年实现毛利率为17.74%，ROE 为2.58%，均有所提升。航空板块营收和业绩贡献均为六个子板块中最大。2020Q1 实现归母净利润56.04 亿元，同比大幅增长45.23%。由于军品任务的特殊性，我们认为军工核心资产全年仍将稳定增长。

军工行业2019 年业绩回顾：2019 年军工行业（SW）实现营业收入3754 亿元，同比增长29%，增速SW 行业排名第3。实现归母净利润112 亿元，同比增长120%，增速SW 行业排名第2。

Drones have gained popularity among the companies and civilians over the years. The advantages of drones, like being compact and fast, avoidance of land traffic, etc., have made their use popular in many applications. Over the years, the usage of drones has penetrated into several applications in the commercial sector, such as aerial photography, express shipping and delivery, gathering information or supplying essentials for disaster management, geographical mapping of inaccessible terrain and locations, building safety inspections, precision crop monitoring, unmanned cargo transport, law enforcement and border control surveillance, storm tracking, and forecasting hurricanes and tornadoes. Logistics companies are about to scale up their businesses with drone delivery services after obtaining the regulatory certifications. For instance, in October 2019, United Parcel Service (UPS) subsidiary, UPS Flight Forward, won federal approval to expand its drone delivery operations, allowing the company to use multiple aircraft in multiple locations to make revenue-generating deliveries over longer distances. In addition, many product delivery and courier service giants, like Amazon, Domino’s, Zomato, and DHL, are implementing the idea of delivery by drones.