回顾近一月的行情，军工板块跑输大盘及创业板。国防军工板块指数跌 2.00%，上证综指涨 1.60%，创业板指数涨 1.38%。由于市场对于受疫 情影响的整体经济的担忧，市场对于两会的军费增长并没有反应。加上 上个月公布创业板实行注册制及板块关注度处于低位，板块也没有出现 比较博眼球的事件，导致板块跑输大盘及创业板。

国防军工行业逆周期性凸显，多维度亮点赋能行业成长。2020 年上半年 行业基本面坚挺，公司财务状况健康、市场相对低估、业绩拐点已现，建 议把握配置机遇。热点领域如北斗芯片、碳纤维复合材料等皆处于相关产 业链的关键技术卡位，热点主题如军民融合及军工资产证券化等可增强相 关上市公司的增长势能。北斗三号 6 月组网完成、外部安全局势压力以及 核心技术自主化等外部催化剂进一步提高行业关注度。2020 年国防预算 预计增长 6.6%，需求侧确定度较高，多热点领域市场红利释放，国防军 工行业具备较强成长动能，重点推荐海格通信。

Critical infrastructure plays an active and dynamic part in supporting the seamless progression and assimilation of modern society. The performance, safety, reliability, continuous operation, maintenance, and protection of critical infrastructure are among the national priorities for countries around the world. Critical infrastructure (CI) offers essential services that underpin society and serve as the backbone of any nation's economy, health, and security. The power used in homes and industries, potable water, transportation, and communication systems is a part of critical infrastructure. The critical infrastructure sectors comprise assets, networks, and systems, whether physical or virtual. The physical protection of critical infrastructure can prevent the commission of high-impact terrorist attacks and avoid the cascading effects that are frequently associated with such attacks. INTERPOL has observed an increase of 200%, in the number of profiles of foreign terrorist fighters, between January 2017 and April 2018. Further, defense bases and facilities are widely supported by a variety of critical infrastructure and operational technology right from power generation and utilities to building automation and safety systems. Destruction or incapacitation of these bases can have a debilitating effect on the national economic security, safety, or any combination thereof such as loss of power, exposure of confidential information, interruptions to operations, and threats to the safety of personnel.