航空机场行业：新周期起点，再论航空供需差－2025航空系列深度之一-华源证券

The role of military aviation has become prominent over the recent years in order to establish air superiority of the battlespace and to safeguard national integrity. Jet fuel used in military aircraft plays a critical role in powering the turbine engine and operating entire aircraft.

The ground based aircraft and missile defense systems are used to effectively track, detect, intercept, and neutralize all kinds of air threats posed by combat projectiles, missiles, aircraft, rockets, and UAVs. These systems have the capability to defend a country from all incoming airborne threats.

Fuel cells are electrochemical devices that convert the chemical energy stored in fuel directly into electrical energy. Traditional gas generators create mechanical energy by combusting fuel and then convert the mechanical energy into electricity through generators. Fuel cells eliminate the need for additional conversion steps and provide usable electrical and heat energy directly from the stored chemical energy. They are used in marine vessels to power main propulsion systems partially or entirely and also cater to onboard energy consumption requirements.

中央和地方齐发力，低空经济加速推进。2 月 6 日，重庆市政府新闻办发布会，提出大力发展低空经济，联合布局打造成渝低空经济带，推动跨省低空飞行架次年增长 20%。2025 年蛇年春晚，重庆分会场开场由峰飞航空 2 吨级 eVTOL 上演飞越两江的胜景，展现了未来空中出行的无限可能。2024 年 12 月，低空司官宣成立后召开 4 场专题会议，重点推进低空基建和低空智联网建设。中央空管委即将在合肥、杭州、深圳、苏州、成都、重庆六个城市开展 UAM 试点，对 600 米以下空域授权部分地方政府。

中央军委主席习近平日前签署命令，发布新修订的《军队装备科研条例》，自2025年3月1日起施行。《条例》坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻习近平强军思想，深入贯彻新时代军事战略方针，深刻把握装备科研工作特点规律，科学规范新形势下装备科研工作的基本要求和制度安排，是军队装备科研工作的基本法规。                                

The ocean cruising segment offers large ships with a wide range of onboard amenities. It offers diverse itineraries and covers major destinations and multiple countries across various ocean and seas.