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.

人力资源服务产业主要包括人力资源外包、中高端人才访寻、灵活用工、在线招聘、人力资源综合咨询、人力资源软件等。其中，人服软件是人力资源服务产业链的上游产业，典型业态为在线招聘；人力资源外包是人力资源服务产业链的中游产业，主要包括招聘流程外包、人事代理及传统派遣、薪酬福利外包等，对中高端人才和临时工的需求分别催生了中高端人才访寻（即猎头）和灵活用工产业；人力资源综合咨询是人力资源服务产业链的下游产业，主要包括人力资源咨询、人才测评与评鉴、管理培训与人才发展等。