微波组件用于实现微波信号的频率、功率、相位等各种变换，广泛用于雷达、通信、电子对抗等领域。低成本、小型化是微波组件重要发展趋势，目前主要技术途径包括混合微波集成电路（HMIC）和单片微波集成电路（MMIC）两种，HMIC向LTCC 高密度封装方向发展，MMIC 向多功能MMIC、SIP 等方向发展。

2019 年第 7 周，国防军工（中信）指数收益为+4.86%，中证军工指数收益为+4.52%，沪深 300 收益为+2.81%。年初至今，中证军工指数收益为+10.35%，考虑到目前板块和个股估值处于历史底部区间，看好军工板块投资机会。 

针对我国航空集装载具在管理中存在的不足，本文提出航空集装载具共用概念，进一步研究其运作的商业模式，最后给出了支撑其商业模式的信息平台方案。从业务管理方案的有效落实为出发点，进行了业务价值链分析与业务流程设计，形成了共用商业模式。最终用统一建模语言UML对信息平台进行原型设计，形成了航空集装载具共用的方案，力求通过物流信息化的手段以解决现有问题。本文对模式的探析对今后航空集装载具共用模式的进一步细化和信息平台相关功能的开发提供指导和借鉴。

Belgrade is working to develop the SAF into a small, highly-capable force, fit to participate in UN/EU peacekeeping missions, and able to defend Serbia against its security threats. As part of this transformation, much of the SAF's ageing equipment will need to be replaced, and demand for military products - particularly within the aerospace segment - is therefore significant. Serbia has a sizable defence industry, capable of producing armoured vehicles, artillery, missile systems, patrol boats and light attack aircraft, in addition to small arms and ammunition. Consequently, we expect the defence ministry to acquire much of the equipment needed for the SAF - particularly the army - from local manufacturers over the coming decade. That said, we do expect Belgrade to make arrangements for technology transfer in military import deals, which could benefit domestic defence companies over the medium-to-long term. The newly agreed Individual Partnership Action plan with NATO in January 2019 will play an important part in this – particularly with regard to the knowledge transfer of cybersecurity-related systems and practices.

军工复材技术发展至今已逐渐成熟，在国产武器装备中的应用越来越广泛，应用比例也正逐步提升，而且我们认为，未来仍有较大提升空间。在混改、价格改革、军民融合、院所改制等改革快速推进和航空航天产业链迎来快速发展的行业背景下，军工行业下游对军工复材的需求有望快速增长。结合产业周期发展的特点，我们认为军工复材产业目前正处于成长期，行业内企业利润率水平较高且市场需求旺盛，具备中长期投资价值。 

12 月，新船需求大幅下滑，订单量同比涨幅显著回落，累计新接订单量达到3667 万载重吨，同比增长8.7%；交付量环比大幅下滑，全年完工量较上年亦有所下降；手持订单量小幅增加，全年存量同比仅涨2.4%；新造船价格微升，需求的结构性特征渐强；出口额微幅上涨，全年出口规模超250 亿美元；船企营收利润同步下滑，行业盈利水平不容乐观。

Globally, aerospace industry is witnessing restructuring process to achieve maximum efficiency and greater performance. The aerospace & defense materials market is poised for a positive growth owing to the factors such as rising passenger traffic, accelerated fleet replacement cycle, and rising need for lightweight materials to increase the aircraft efficiency. After nearly a decade of dominance, metals are witnessing an increased competition from composite materials. However, the buy-to-fly ratio of metals isn’t very attractive. Usually, only 10–20% of the total purchased metals is used in the manufacturing of aircraft. With complex designs, the buy-to-fly ratio deteriorates. However, composites represent a complete opposite case, as the wastage during processing is very less. Composites can be easily modified to alter their properties to obtain flexible designs. Increased demand for composites has stimulated the demand for titanium as aluminum corrodes rapidly when comes in contact with composite panels. However, composites won’t be able to entirely replace metals because composites cannot be used for many complex designs where metals are a suitable choice.

军民船行业迎来双拐点：军船订单19 年较高增长确定性大，民船处在长周期底部现逐步回暖。与其他军工行业相比，船舶装备产业链军民融合程度最深，业绩弹性较大，船舶装备行业值得关注。

世界军费再次到上升拐点 ，我国军费支出与世界平均水相比偏低，未来有望向韩印靠拢， 未来有望向韩印靠拢， 未来有望向韩印靠拢， 未来有望向韩印靠拢， 未来有望向韩印靠拢， 从美国 2019 年国防支出来看，海空军仍是重点，我国海空军数量相对较少，预计2019 年仍为采购重点。