近两周（2019 年10 月14 日-2019 年10 月25 日），上证综指下跌0.63%、深证成指下跌0.06%、中小板指上涨0.98%、创业板指上涨0.51%，中证军工下跌2.89%。中信军工下跌3.26%，在29 个行业中涨幅排名第27。中信军工细分板中，航天航空下跌3.16%，兵器兵装下跌4.26%，其他军工下跌3.18%。

Deliveries of firefighting aircraft are witnessing a significant increase, globally, with various countries taking deliveries of the aircraft. The rotary-wing segment is expected to register the highest CAGR, during the forecast period. The mobility, speed, and delivery capabilities of the rotary-wing aircraft, over fixed-wing, are very effective in supporting firefighters on the ground. Thus, their use is now being popularized, and their procurements are expected to increase in the coming years.

Offshore oil and gas sector had been hit hardest by the sustained low oil prices during 2014-2017, owing to higher breakeven prices of offshore production compared to onshore conventional and unconventional oil production. • The oil prices witnessed a substantial recovery during mid-2016 to mid-2018. This has helped in driving the onshore oil and gas activity. The deepwater and ultra-deepwater offshore drilling activity, on the other hand, witnessed a further decline during the same period.

The aviation sector has been witnessing a significant growth in demand for jet fuel in the recent times, mainly due to the increasing number of air passengers, on account of cheaper airfare and an increasing number of routes. In 2017, civil aviation emitted around 859 million metric ton of CO2, accounting for around 2% of all human-induced CO2 emissions.

本次 70 周年国庆阅兵的规模之大、类型之全创历次国庆阅兵历史之最，编组之新、要素之全集中体现了国防建设强军成果。新装备的不断涌现，彰显了国家对行业的持续投入并保持稳步快速增长，行业整体维持高景气度，维持“增持”评级。 

我们根据军工板块的历史行情，结合当下市场风险偏好和深度研究结论，在梳理今年以来的军工行情演绎的基础上，对四季度和明年军工板块的走势情况进行展望。 

纪念新中国成立每十年一大庆，逢大庆举行阅兵是新中国的传统。天安门前除了举行过 14 次国庆阅兵，2015 年还首次举行了庆祝抗日战争胜利 70 周年的阅兵庆典。历次天安门阅兵的形式均以开国大典阅兵方案为蓝本，并根据当时军队现行编制和装备的变化情况进行一定的创新。今年庆祝新中国成立70 周年阅兵是创下规模新纪录，在形式创新方面也有望达成诸多“首次”和“之最”，反映了我军改革以来的新面貌。今年的阅兵将全面展示我军按改革重塑的中国特色现代军事力量体系，展示国防和军队建设的最新成就。  

本周中信国防军工指数涨跌幅-2.77%，位列 29 个一级板块涨跌幅第 28 位。国防军工三级行业中,国防军工、兵器兵装、航空军工、航天军工、其他军工均下跌，涨跌幅分别为-2.77%、-3.47%、-3.57%、-1.72%、 -2.74%。

机动性能突出，应用范围广泛。直升机主要依靠旋翼产生动力，可以实现垂直起降、空中悬停、前后左右移动，具备优异的机动性能。直升机的独特优势使其在军民领域获得广泛应用，军事领域，直升机广泛用于对地攻击、机降登陆、武器运送、后勤支援、战场救护等；民用领域，直升机广泛应用于交通运输、应急救援、观光旅游、工业巡检等领域。