 2019 年我国国防预算同比增长 7.5%，预计 2020 年增速将在 6.8%-7%。 2019 年我国国防预算 1.19 万亿，同比增长 7.5%，占当期 GDP 及财政支 出比重分别为 1.20%及 4.98%，占比基本持平。3 月 27 日，中央政治局会 议提出“要加快释放国内市场需求”、“要合理增加公共消费”，而国防支出 是公共消费的重要内涵，兼具经济效益、军事效益和社会效益。虽然近年 来我国国防预算增速逐渐下滑，但考虑到促进公共消费、保障国防等因素， 我们预计 2020 年国防预算增速与去年相比或将基本保持不变，预计将在 6.8%-7%之间。

行业高景气度不断得到验证，2016 年以来虽然有军改等影响，但是整体 收入保持稳健增长；利润增速保持在两位数，2016-2019 年复合增速达到 16.86%。

我们跟踪的 161 只环保及公用行业股票，本周跑输上证指数 0.14 个百分点，年初至今跑赢上证指数 0.12 个百分点。本 周中持股份、大通燃气、盈峰环境分别上涨 8.58%、7.94%、 6.51%，表现较好；兆新股份、神雾环保、盛运环保分别下跌 19.82%、15.12%、12.77%，表现较差。

In asymmetric warfare, the opposing sides have unequal military resources. Generally, in these types of warfare, the weaker opponent uses unconventional methods and tactics, to exploit the vulnerabilities of the enemy. The use of remote weapon stations is one such tactic, where the operator firing the weapon is in a safe area, away from the weapon. Remote weapons allocate risk asymmetrically, allowing those who use these weapons to minimize their exposure to risk, while their opponents can be easily attacked. The growth in insurgent groups, with better awareness of the local battlefields, has necessitated the demand for methods and techniques for mitigating these threats, especially in counterinsurgency operations. Non-state actors have started employing the techniques and tactics of asymmetric warfare, and conventional forces require new capabilities to become successful in modern combat situations and post-conflict scenarios. In this regard, the use of remote weapon systems is becoming widespread in several anti-terrorist and counter- insurgency operations.

Mortars are infantry weapon platforms used by the defense forces to target hostile ground infantry troops. While mortars with a caliber size of more than 120mm need to be towed on wheels, smaller caliber mortars are generally man-portable. While the high explosive power of mortars render it highly effective against ground targets, the low firing rate and limited range of mortars render them susceptible to aerial threats and render them ineffective in long-range combat scenarios. Several countries are expending significant resources toward augmenting their current military prowess by procuring new weapon systems or modernizing their existing deployed systems with advanced ammunition rounds.

Maritime surveillance is an integrated solution that provides safety & security on borders at sea level. It is essential for creating awareness at coastal and aids in real-time monitoring at maritime. .Operations of marine activities such as irregular migration/border control, maritime security, fisheries control, anti-piracy, oil pollution, and smuggling are supported by many maritime solutions and assemblies. The report provides market dynamics and trends related to the global maritime surveillance market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of maritime surveillance solutions and assemblies. For the purpose of analysis, the global maritime surveillance market is segmented into application, type, component, and region. The applications covered in the report include naval, coast guard, and others (port & critical infrastructure security and vessel security). In addition, the report includes the details about the components such as radar, sensors, AIS receivers, and others (adapters, multiplexers, interfaces, convertors, software, long-range Wi-Fi boosters, routers, CCTV, SX software, control room, and frequency detector). Moreover, it provides information on surveillance & tracking, detectors, and others (screening & scanning and communication). The report covers the revenue generated from the sales of products related to maritime surveillance offered in regions such as North America, Europe, Asia-Pacific, and LAMEA.