用电需求增速创年内新高，电力紧缺现象开始显现。11 月全社会用电量同比增长9.4%，当月同比增速创年内新高。随着制造业市场活力进一步增强，恢复性增长明显加快，内需明显改善和外需稳步回升，生产端景气面持续扩大。11 月份，全国制造业用电量同比增长9.9%，增速比上年同期提高7.2 个百分点。此外，多轮次冷空气影响下的部分地区降温，也催生了较高的制冷用电需求。11 月一产、二产、三产及居民用电对全社会用电增速的贡献分别约为1.4%、75.9%、13.1%和9.1%。制造业高景气下，11 月四大高耗能行业用电需求旺盛。11 月，四大高耗能用电量合计1876 亿千瓦时，同比增长10.7%。随着用电需求的持续提升，以及迎峰度冬用电高峰来临，部分地区出现一定程度的电力紧缺问题。

国家能源局及国家统计局公布11 月全社会用电量及能源生产数据：11 月全社会用电量6467 亿千瓦时，同比增加9.4%；发电量6419 亿千瓦时，同比增加6.8%；原煤产量3.5 亿吨，同比增加1.5%；天然气产量169 亿方，同比增加11.8%。

不惧调整，积极布局军工“跨年行情”：  本周（12.07-12.11）上证综指跌 2.8%，创业板指数跌 1.6%，国防军工指数跌 3.6%，跑输大盘 0.8 个百分 点，排名 15/29。当前我们依旧建议积极布局跨年行情：1）军工“十四五” 规划有望超预期，“新装备放量+国产替代加速”是支撑军工长线走牛的最核 心逻辑；2）军工“基本面反转、景气上行逻辑”已在 2020 中报、Q3 季报 反复得到印证，拐点确定，上行继续，自 8 月以来，军工板块震荡盘整， 已消化前期涨幅过快的风险，也带来优质公司的介入良机；3）随着市场 风险偏好提升，军工跨年行情一触即发，高景气龙头将先迎估值切换行情。

Armor materials, used as protective clothing, play a significant role in protection of vehicle, army personnel, and aircrafts. The report focuses on armor materials and its major applications including vehicle, aerospace, and body armors. It analyzes the current market trends of armor materials, and related products in different geographies and suggests the future growth opportunities for key market players. In addition, it highlights numerous factors that influence the growth of the global market such as key drivers, restraints, growth opportunities, and the role of different key players. Market segmentation based on material types of armor materials such as metals and alloys, composite, ceramics, and fiberglass is also included, along with the quantitative data in terms of both value and volume.