1、截止到2019 年第一季度末，公募基金军工持仓总市值为288.02 亿元，较上季度上升35.0%，持股总市值17912.14 亿元，军工股持仓占比为1.61%，相较上季度1.54%的持仓占比上升了0.07 个百分点。分地区看，广深地区公募基金军工持仓最多，总市值达142.62 亿元，在三地公募基金军工持股总市值中占比49.52%；北京地区公募基金军工持股市值较上季度上升比例较大。

The commercial aircraft avionics market is primarily dependent on the demand for new aircraft and upgrades of avionics for the existing aircraft. The aviation industry is growing, and the procurement of new aircraft is being done on a large scale in all the regions of the world. This is generating a huge demand for the entire supply chain of the aircraft, which includes the avionic components.

The preventive vaccines market has attained maturity in some of the disease segments, like polio, while for some diseases, it is yet to establish itself in the market. In spite of these differences in each segment, the market is continuously growing, due to the exponential growth that is varying, with respect to the demand for vaccination for separate diseases over time.

In 2018, airlines in the United States stretched their unbroken string of operating profits to eight years, but they’re now facing tough choices as costs increase and margins narrow. While persistently strong demand for air travel is pushing many carriers to add capacity, the additional routes and service are making pricing more competitive and putting pressure on yields. Airline operations also face mounting obstacles to sticking to their published schedules. For carriers, it’s coming down to a battle of growing capacity and revenue versus maintaining operational resilience. With predictions of a global economic slowdown in 2019 and 2020, remaining profitable may become more of a test. For the year ending in September 2018, the average carrier margin declined to 8.5 percent as higher operating costs began to offset rising revenue. That’s down 2.1 percentage points from the previous 12 months, and it marks the third straight year that US airline margins have contracted.

3 月，新船市场形势不容乐观，需求依然寡淡，累计新接订单量达到 459 万载重吨，同比下降 70.4%；供给方面，积压问题订单逐步消化，交付量自 2018 年来首迎正增长；在新船订单量大幅减少和交付量增长的作用下，手持船舶订单量继续下滑；新造船价格 20 个月来首次下跌，各分船型表现不同；出口需求显著恢复，同比降幅较上月底有所收窄；行业绩效水平继续向好，收入利润迎来双增长。

航母是世界大国海洋战略的基础，对于制海制空权、远距离立体攻防意义重大，拥有一定数量的航母编队是我国海军走向深蓝的必要保证。美国加快航母升级换代，新一代福特级航母已经列装，并加强太平洋航母打击群力量部署，威胁我国周边局势安全。

2019Q1 公募基金对军工行业重仓股持仓总市值（不含港股）为 221.59 亿元，持仓比例为 2.29%，环比下降 0.19 个百分点，其中，主动偏股型基金（普通股票型基金、偏股混合型基金和灵活配置基金）对军工行业重仓股持仓市值（不含港股）为 85.88 亿元，持仓比例为 1.27%，环比下降 0.34 个百分点。

3 月 3 日，上交所发布《上海证券交易所科创板企业上市推荐指引》和《上海证券交易所科创板股票发行上市审核问答》明确科创板优先三类企业，重点在七大领域，其中包括高端装备。本次分析的是航天关键电子系统领域领先企业国科环宇。