煤电企业受限于“市场煤计划电”的行业格局，利润下滑显著，整体经营较为困难。在当前时点，我们认为新版煤电联动能否在2018 年如期启动，将会对火电行业未来盈利情况产生较为显著的影响。我们结合当前煤电联动模型预测数据及分省火电基本面研究情况，对火电行业2018 年的经营情况进行分析和展望。

目前时点工业环保市场是否能够启动？我们通过回顾电力环保的历史，分析电力环保2012 年启动的环境，来提供一个独特的视角看待此轮工业环保的市场启动。

人口老龄化速度加快、老年人群体扩大增强了多样化的养老服务需求，现存三大养老金支柱规模尚无法支撑起庞大的养老市场是目前社会关注和急需解决的主要问题。国家适时推出政策支持商业养老保险政策（试点），逐步形成基本养老保险为基础、企业年金和职业年金为补充、与个人储蓄性养老保险和商业养老保险相衔接的多层次保障体系，在保证公平的基础上提升效率（基本养老主公平，商业养老主效率），满足不同群体的养老保障需求，提高退休后的生活保障水平。从国际经验看，同海外其他国家或地区有类似做法，在促进商业养老保险方面发挥着重要催化剂作用。

2017 年第 38 周，上证综指下跌 0.11%，收于 3348.94 点；中证军工指数上涨 1.68%，跑赢大盘，相对收益率为 1.79%。年初至今国防军工行业作为高贝塔行业下跌幅度较深，跌幅为 7.20％。同时，我们整理了核心军工标的的融资数据，选取了 2014 年 4 月至今的变化值，目前融资余额 222.84 元，仍相对较高。

军民融合发展上升为国家战略，既是兴国之举，又是强军之策。军民融合的目标是形成全要素、多领域、高效益的军民深度融合发展格局；到 2020 年基本形成军民深度融合发展的基础领域资源共享体系、中国特色先进国防科技工业体系、军民科技协同创新体系等。在军民融合深化发展的背景下，民营企业参军门槛逐步降低，参军途径逐步扩宽，为民参军蓬勃发展奠定基础。

Military body-worn cameras are, roughly, the traditionally hand-held or uniformattached surveillance cameras that perform the basic function of capturing and storing images and videos for future references. These are usually small in size and can be clipping on the uniform, mounted on the helmet, glass integrated, button pinhole, and clipped on the holster; depending on the type of mission that is being undertaken. Researches and studies have proven that military body-worn cameras almost always result in a win-win situation for both the operators and the public. In the last few years, the use of military body-worn cameras benefited many different departments to collect evidence and decreased the dependency on third-party evidence. Owing to these benefits, these devices are registering growing popularity across the globe.

The process safety systems market covers emergency shutdown systems (ESS), fire and gas systems (F&G), high-integrity pressure protection systems (HIPPS) and burner management systems (BMS). All these process safety systems aid in enhancing system safety and thereby increase the overall plant process line. The process safety systems focus on reducing the risks of fires, discharge of toxic gases, and local fires.

2017H1 旅游上市公司营收整体增长 23%，扣非净利润增速为 31%，扣非归 母净利润增速排序为酒店>出境游旅行社>餐饮>免税>主题公园>景区：1） 酒店板块业绩高增长主要由于行业复苏及如家并表影响。2）受欧洲游市场 复苏影响，出境游平稳增长，出国游增速有所下降几近见历年增速之底。 3）景区板块由于萨德事件韩国游客骤减、目的地整治、交通因素及去年低 基数等多重影响互相制衡下内生收入增速下滑，利润增速相对稳定。4）主 题景区受益国内游人次增长的业态红利，人次仍维持高增速。

Non-lethal weapons, also known as less-lethal weapons, feature less intensity so that these do not kill a living target. These weapons are used in situations to limit the escalation of violence, as well as in scenarios where the use of lethal force is undesirable, or where policy restricts the employment of conventional force. These are used by military police and armed personnel for riot control, prisoner control, crowd management, refugee control, and self-defense.