此前我们判断，四季度军工将进入一个事件发布密集期，包括“长征五号”“珠海航展”以及军民融合成果展等事件有望得到媒体密集报道；但我们认为，大部分事件的预见性强，难以带动板块持续性投资机会，更多体现为个股行情。

Over the last three decades, the rapid advancement in technologies for the design and development of tactical anti-tank missile systems has changed the battlefield warfare scenario significantly. The tactical anti-tank missile systems are generally of two types: Long-range anti-tank missiles Short-range anti-tank missiles Long-range anti-tank missiles are very capable weapon systems, which are used to destroy heavy armored vehicles. They rely on warheads to penetrate and damage the tanks or armored vehicles. Whereas the short-range anti-tank missiles are manportable, and they pose a lesser threat to armored vehicles.

公司成立于 1991 年 12 月 24 日，原名上海浦东大众出租汽车股份有限公司，是全国出租汽车行业中第一家股份制公司。公司于 1993 年 3 月 4 日在上海证券交易所挂牌上市。 

环保板块2016 年维持高增长。2016 年前三季度环保板块股价表现弱于上证指数和创业板，但营收和净利润分别增长了24.5%和24.4%，行业继续维持高增长。细分板块方面，大气、环境监测以及生物质能营收增速居前。环保行业收入增长主要受益于国家PPP 政策的推动，项目落地速度加快。

“十二五”期间火电年利用时数持续下滑，2015年火电平均利用时数4329h远低于2004年最高值（5991h）及近25年平均值

Since early 21st century, technological innovations have fueled revolutions in global military affairs. With the increase in the global arms trade, the potent warfare capabilities of numerous countries have increased invariably. In the coming years, countries like China, France, Germany, India, Iran, Japan, Pakistan, Russia, South Korea, Taiwan, the UK, and the US will likely boost their capabilities to indigenously manufacture and import advanced military tank containers to ensure proper supply of vital products (such as food, water, oil, gas, and pharmaceuticals) to their respective armed troops. The defense authorities around the globe are focusing more on the procurement and deployment of military tank containers, thereby lending adequate support to soldiers in the military encampments.

关于本次重大资产重组方案获得国务院国资委批复的公告。广州杰赛科技股份有限公司拟向特定对象发行股份购买资产并募集配套资金。2016 年 11 月 23 日，公司收到国务院国有资产监督管理委员会当月 18 日签发的《国务院国有资产监督管理委员会关于广州杰赛科技股份有限公司资产重组及配套融资有关问题的批复》。根据该批复，国务院国资委原则同意杰赛科技本次资产重组及配套融资总体方案。

军工行业维持高景气度，成长性最确定，预计未来三年行业净利润年均增速将维持20%以上。我们研判沉寂已久的军工板块2017年将呈的整体趋势：上半年“精选个股，反复波段”，下半年板块整体“加速度”态势。

During the past ten years, video surveillance solutions have changed in line with the advances in technology. The biggest development during the period was the shift from VHS to DVD and hi-resolution video. With the increased adoption of high-resolution video standards, there has been a huge demand for data storage. The government sector has started using predictive analytics with surveillance systems to help law enforcement stay abreast of criminal trends.

核心观点：板块投资逐步回归理性，价值投资属性增强，主题投资属性弱化；未来重点关注科研院所改制注入带来的板块性机会，以及军民融合带来的个股性机会。随各军工集团军品资产逐步注入上市公司，各上市公司市值持续增长，投资更趋价值；行业未来5-10 年增长确定性和增速水平仍有望处于A 股一级行业的前列，中长期价值投资方向明确。从未来一年看，科研院所改制注入将有望带来较大的板块性投资机；军民融合成为国家战略，民营企业“参军”积极性较高，将持续带来自下而上个股投资机会。