军工MLCC 上市企业商业模式为自产自销+代理销售，市场空间广。自产自销端以军品为主，随单品电子化程度提升叠加信息化装备在各兵种推广加大，处于军品供应链最前端环节的军工MLCC 企业有望领先受益；代理业务端主要销售民品，成长性>周期性，5G+汽车电子化等持续推进亦有望拉升代理端收入规模。但相关上市企业多为授权式经营，新兴领域发展初期日系厂商等多直接参与下游客户研制，后期随标准程度提升及行业技术不断革新，代理厂商或将逐步迎来业绩快速增长期。

Expanding rail network and increasing demand for passenger and freight transportation are driving the demand for the bogie, couplers, and body manufacturing across the emerging and maturedmarkets. The shift in trend toward deploying diesel electric multiple units and electric multiple units from conventional diesel locomotives in the emerging markets has urged the manufacturers to expand their production bases, in order to benefit from import taxes and attain supply chain optimization, thereby, extending their support to promote the in-house manufacturing agenda of the developing countries. The costs of manufacturing the braking and suspension system of the bogie capture significant share of the bogie assembly production. Companies, like Knorr-Bremse, Akebono Brake Industry, Federal Mogul, etc., have been offering braking components to rolling stock across major countries.

2019 年 7 月 1 日晚，南北船集团旗下上市公司均公告：接到中船工业集团或者中船重工集团通知，南北船集团正在筹划战略性重组，有关方案尚未确定，方案亦需获得相关主管部门批准。 

2019 年上半年，国防军工指数累计上涨16.92%，跑输沪深300 指数，在中信29个子行业中排名12 位。子板块方面，船舶涨幅最大，达到20.38%。板块估值56X，低于行业历史中位数。2019Q1 基金重仓持股比例为2.63%，较2018Q4 略微下降。

The global data centre racks market is expected to grow significantly, over the forecast period, owing to the increasing storage capacities of data centers and rising development of large scale data centers. The construction of large and mega facilities that are equipped with thousands of units will create lucrative opportunities for leading vendors operating in the global market, over the forecast period. For instance, in July 2018, NTT Communications Corporation launched two new hyperscale data centers in India. The data center in Mumbai will offer 7,900 square meters of server room area, equivalent to 2,750 racks. Whereas, the Bangalore data center will provide 5,700 square meters of server room area, equivalent to 1,500 racks.