Managed print services (MPS) are used to gain visibility and control of the printing infrastructure, which helps the organizations to save money and boost productivity. These services also help improve environmental sustainability and document security. MPS usually begins with requirement gathering process. The next step includes a partial or complete replacement of existing hardware, which includes scanners, printers, faxes, photocopiers, and multifunction (MFP) devices. The service provider oversees the printing environment, services hardware, and provides parts and supplies. An MPS provider may also monitor and report on usage, problems, and user experience.

Managed print services (MPS) are used to gain visibility and control of the printing infrastructure, which helps the organizations to save money and boost productivity. These services also help improve environmental sustainability and document security. MPS usually begins with requirement gathering process. The next step includes a partial or complete replacement of existing hardware, which includes scanners, printers, faxes, photocopiers, and multifunction (MFP) devices. The service provider oversees the printing environment, services hardware, and provides parts and supplies. An MPS provider may also monitor and report on usage, problems, and user experience.

The presence of a number of large enterprises in several key segments of the chemical industry means that domestic competition hardly exists in them. There are a few major companies in the country that not only dominate their respective local markets, but are important players on a European scale. Not surprisingly, M&A transactions happen rarely in this industry, but once they do they are usually massive. Such was the case with the consolidation of the chemical synthesis segment into Grupa Azoty in 2012 and its subsequent defence against what have been perceived as a hostile take-over attempts by Russia's Acron. In recent months, the biggest deal was the purchase of shares in Synthos from minority shareholders when the company's majority owner Michal Solowow decided to delist the firm - the deal's value was EUR 486mn.

2019 一季度公募基金持仓军工股比例为2.49%，环比下降 0.1 个百分点，持股仓位仍然偏低，从历史来看，公募基金持仓比例已低于 2010 年以来平均值 2.88%，下降空间有限。

在中美贸易摩擦持续升级，美国对华政策愈加强硬的国际形势下，强大军事实力是国家安全的重要保证和坚强后盾。同时，强大的国防军工产业是科技兴军的关键，因此在外部地缘不稳定形势下，有望加速推进军工改革和装备建设。我们认为，制造业是决定全球趋势变革的主要力量，军工是制造业中横跨行业多、技术全球领先、具有独立自主优势的大产业，是制造强国战略的火车头，军工有望在国企改革中担当重任。2019 年两船合并预期上升，军工集团资产证券化加速，业绩驱动和主题投资机会并存，我们认为行业有望迎来底部反转，建议加大配置军工行业。 

战机更新换代主要依赖航空发动机性能升级，因此航发技术水平高低很大程度上决定一国空中力量发展高度。 航空发动机行业壁垒较高，全球仅美/俄/英/法/中5国可独立研制；但回报高，单位重量附加值是飞机的1.8倍、计算机的4.7倍。 航空发动机经历了“活塞-涡喷-涡扇-高涵道比-推重比10以上低涵道比”四次变革，高性能涡扇仍是当前研发投入核心。

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.