国内疫情爆发对于我国航空需求带来严重打击，航司纷纷大量削减航班， 但固定成本刚性，一季度均录得亏损。不过航空业悲观预期充分，三大航 （国航、东航、南航）估值仅为约 1.0-1.1xPB（LF），继续下行风险较小。 并且国内疫情逐步缓解，各地逐步降低防疫等级，有助于市场重拾对航空 板块信心，政府扶持政策以及国际油价大跌将边际利好航司业绩。等待疫 情解除后，航空需求恢复，明年航司业绩或享有较大弹性。推荐东方航空、 中国国航、春秋航空、吉祥航空。

1）行业基本面持续向好，国防开支持续增长，重点武器装备加速列装，整个行业景气度向上，部分细分领域由二国产替代、技术迚步补偿短板等原因，景气度更高。2）在当前疫情在全球蔓延、宏观经济环境恶化的背景下，相比其他行业，军工行业受影响很小。军工行业本来就具有计划经济性质，不宏观经济关联性小，幵且产业链都在国内，丌受全球疫情影响。3）当前股价、估值和机构配置水平都处二低位。

近两周（2020 年4 月13 日-2020 年4 月26 日），上证综指上涨0.43%、深证成指上涨1.21%、中小板指上涨1.35%、创业板指上涨2.76%，中证军工上涨1.85%，中信军工上涨1.43%，在30 个行业中涨幅排名第12，中信军工细分板块中，航空航天上涨1.63%，兵器兵装上涨5.33%，其他军工上涨0.48%。

2020Q1 基金军工持仓占比为1.1%，同比回落0.7pct，环比持平。进入2019 年以来，虽然军工板块出现三次持续性较好的阶段性行情，但公募基金持仓占比不升反降，信心明显不足。我们认为，军工行业受疫情影响相对较小，其逆周期特性有望逐渐凸显，是为数不多的增长确定性较高的行业。随着该指标下降至历史较低水平并开始企稳，未来大概率将逐步回升。

星链计划第七批卫星入轨，马斯克放话6 个月内公测卫星互联网。新浪科技显示，4 月22 日，猎鹰 9 号火箭从佛罗里达州的肯尼迪航天中心基地发射，将第七批的 60 颗卫星送上了太空。SpaceX 发射卫星总数已达到 422 颗，SpaceX 计划要在今年年底前将 1000多颗卫星送入太空。4 月23 日，马斯克在推特上公布星链最新目标：“星链内测差不多三个月后开始，公测六个月以后。最初的测试将适用于高纬度地区。星链服务最初将在 2020 年提供给加拿大和北美客户，并在 2021 年进一步扩大服务范围至世界其他地区。

As a solution to congestion in cities, CO2 reduction, and healthier lifestyles, the governments of European Union, as well as various individual developed countries, such as the United States, are encouraging the use of bicycles by providing purchase subsidies or tax breaks. Additionally, governments are making subsidy schemes available to improve cycling infrastructure and promote cycling as a sustainable mobility solution. According to the World Economic Forum, bikes in Copenhagen, Denmark, outnumbered cars by more than five times, in 2018. This popularity of cycling is due to the increasing government investment toward cycling infrastructure across the city. For instance, in 2017, there were new green cycling routes of about 600 km and 3,500 new cycle parking stands established in Copenhagen. Such infrastructure investments propel the growth of the market studied. The rapidly progressing infrastructure spending is also taking the form of establishing e-bike recharge stations and increasing bicycle parking and hiring stations, especially near metro stations to ease multimodal transportation.

Aerospace materials are materials that are deployed for various aerospace purposes, as they offer enhanced properties such as high tensile strength, superior temperature tolerance, enhanced transparency, and hard surface. The aerospace manufacturers are shifting their preference toward materials such as advanced plastics, carbon or glass based fiber composites in the construction of aircraft parts such as airframes, windows, interiors, engine components, propulsion systems, mirrors, and ceilings, thereby replacing conventional metals. The aerospace materials market is segmented into type, application, type of aircraft, and region. On the basis of type, the market is categorized into composites, metals, and plastics. The composite segment is further divided into resins and fiber. The applications covered in the study include interior and exterior. Depending on type of aircraft, the market is segregated into commercial, military, rotorcraft, and space. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

With a large-scale growth in the aviation industry, the demand for engines and the related components has increased to the extent that the engine manufacturers are now compelled to manufacture a huge number of engines per year. This factor, in turn, is boosting the growth of the engine blades market, as the demand is higher than ever before. However, there is a mounting pressure on the entire supply chain, as the aircraft manufacturers are planning to increase their production rates. The component and part manufacturers are expanding their production facilities, along with adopting the latest technologies, primarily to boost their production capacities. Owing to the growing demand, the companies are trying to attract new customers and boost up their market share by adopting technologies that can reduce the overall weight and emissions of the engines, which is boosting the R&D activities in the industry.