2019 年以来，航空工业出现新变化：板块公司收入“均衡生产”特征突出。中航工业、中航沈飞、中航飞机以及中航电子等板块典型公司，从时间序列上来看，季度营业收入数据均体现出鲜明“均衡生产”特征：一、三两季度营业收入差值明显缩小；第一至第三季度营收同比增速出现逐季下降的新变化。

2019 年，国防军工指数累计上涨22.08%，跑输沪深300 指数，在中信29 个子行业中排名15 位。子板块方面，国防信息化涨幅最大，达到23.30%。板块估值59X，为十年内25.54%分位点，板块估值趋于合理。2019Q3 基金重仓持股比例为2.22%，环比略微提升0.19pct。

The existence of cybercrime can be traced back to many years. Over these years, the threat has evolved to a severe problem for individuals, organizations, and hence, the society at large. Global adoption of the Internet and the proliferation of payment-linked online services, which attract profit-seeking criminals are the primary drivers for such attacks. For instance, according to the National Crime Agency of the United Kingdom, cybercrime has surpassed all forms of traditional crimes. The natural sources to quantify crimes are police-recorded statistics. In the context of cybercrime, however, some limitations and caveats put police-recorded statistics to doubt. A lack of consensus of what constitutes a cybercrime is one among such. As a missing authoritative definition, some offences may be classified as cyber when in fact they are not, while others may be concealed within other criminal statistics.

年初至今，军工板块涨幅跑赢大盘，位列各行业第十四。截至12月14 日，中证军工指数年内涨幅达19.53%。同期上证综指累计涨幅为19.00%，军工板块跑赢大盘0.53 个百分点。年初至今，除建筑板块外，各板块累计涨跌幅均为正，在申万29 个行业板块中，食品饮料、电子元器件、家电板块涨幅分列前三位，军工板块涨幅居中，排名第十四。