The Hungarian defence market is small in comparison to other European states. After the effects of war and occupation, independent Hungary had little in the way of advanced weapons manufacturers. The industry is dominated by privately owned SMEs, which have weak demand domestically and often diversify into the civilian segment out of necessity. Such firms produce ammunition, defence electronics and some light vehicles, which necessitates the importation of more advanced hardware. The recently announced Zrinyi 2026 plan - alongside earlier commitments to increase defence spending by 0.1% of GDP per annum - will create opportunities for domestic firms where possible if fully implemented. However, a number of big-ticket purchases have already been made with international firms, underlining the Hungarian defence industry's inability to produce more high-value hardware. Moreover, we maintain a level of scepticism in relation to spending increases.

养老机构取消许可+两会再度聚焦养老，十三五接近收官政策有望加速推动。19 年民政部1 号文件，要求不再设立养老机构许可，准入放宽迎来行业红利；19 年两会养老任务时间表要求，养老金平均提高5%，3-5 年新增普惠床位100 万张。我们认为，近期一系列政策推出，与加快完成“十三五”老龄事业定量目标实现有关，去年十月《完善促进消费体制机制实施方案（2018－2020 年）》提及养老，未来有望推出减税、资金支持等更多更大力度政策。

China has an extensive domestic defence industry that covers the research, development and manufacturing of land, air, sea and cybertechnology products. The country's ability to create entire platforms at a competitive cost has turned China into one of the world's largest exporters of defence products, with a particularly strong presence in South East Asia, Africa and Latin America - including Uganda, Nigeria, India, Malaysia, Costa Rica and Uruguay. Norinco is one of China's main exporters of arms, with its Main Battle Tank 3000 being a key product. This third-generation battle tank has very similar capabilities to the US-manufactured Abrams tank, but is nearly USD3mn cheaper, and has been ordered in large volumes from a range of African states. Reports of interest in the product from the Middle East have also surfaced. Norinco also expanded its armoured vehicle portfolio towards the end of 2016 and start of 2017 with the development of the ST2 tracked 105mm Tank Destroying Vehicle (TDV), developed specifically for the export market rather than the People's Liberation Army (PLA).The Main Battle Tank 3000 is an example of the domestic defence sector's key competitive advantage - namely affordability.