The market studied is primarily dependent on the demand from the armed forces, law enforcement agencies (police), and potential private owners. Due to the ever-increasing need for national and regional security, countries, such as India, the United Kingdom, France, and the United States are anticipated to be the primary centers in the market studied. Growing military expenditure of these countries is expected to help in this regard, by giving freedom to the militaries for spending huge amounts for the procurement of these vehicles, in order to satisfy the increasing demand. Countries with vast land-based borders are emerging as lucrative markets for armored vehicles. The procurement of land-based vehicles has been increasing, particularly in Asia-Pacific and Europe, due to the growing political tensions between the neighboring countries and increasing hostile activities in the regions. In addition, these factors are increasing the need for incorporating the latest technologies into the land vehicles. This, in turn, is a major driver for upgrade and retrofit activities.

4 月20 日发改委首次明确新型基础设施建设范围，卫星互联网被纳入到通信网络基础设施分类下。我国卫星互联网存在较大发展空间，由于低轨星座建设所需的轨位及频率资源较为稀缺，自主建设以卫星互联网为核心的天地一体化信息网络已凸显必要性和紧迫性。我们预计在政策引导下，我国天基互联网的建设有望迎来发展契机，未来市场需求空间超千亿。推荐中国卫星、航天电子，关注中国卫通、亚光科技。

新冠疫情冲击民航产业，空客占据竞争优势，国产商用飞机待突破新冠肺炎疫情对全球民用航空产业造成重大冲击，但如果疫情结束后全球经济恢复，长远来看航空制造业在城市化进程推进下前景仍然光明。波音和空客均受到较大冲击，但由于波音在737MAX 项目上的严重失误，空客公司重新占据航空制造领域优势地位。我国商用飞机业务也在加速推进，未来有望实现突破。

疫情影响下客运量同比延续下降，行业大幅亏损，但环比有所改善。行业层面，3 月全民航共完成旅客运输量1513 万人次，同比下降71.7%，环比增长81.41%；1-3 月旅客运输量累计7407.8 万人次，同比下降53.9%。上市公司层面，三大航3 月份ASK 同比下降63.6%，RPK 同比下降74.7%，客座率下降25.11pct 至57.1%；五大航（因海航同口径不可比，剔除）客座率57.6%。环比来看，三大航3 月份RPK 增长50.2%，客座率提升7.57pct。1-3 月三大航ASK 累计下降43.1%，RPK 累计下降53.1%，客座率下降14.47pct 至67.9%；五大航客座率68.1%。一季度，全行业累计亏损398.2 亿元，其中航空公司亏损336.2 亿元，我们预计三大航平均亏损或在60 亿。

据民航局披露，3 月全行业共完成旅客运输量1513 万人次，同比下降71.7%；完成货邮运输量48.4 万吨，同比下降23.4%。一季度全行业累计亏损398.2 亿元，其中航空公司亏损336.2 亿元。

“航天”一词由中国航天之父钱学森钱老创造，如今“航天”一词已经家喻户晓。在一次访谈中，《钱学森传》作者叶永烈先生问钱老，如何把握有关火箭的保密尺度。他回答说：“关键看你是不是泄露要害。如果拍火箭，一个圆筒子，朝上跑，那有什么可保密？大家都是这个样子的嘛。你们别多想这些保密问题，多想了，会束缚思想。思想束缚了，什么都不敢动了。”