The roles of independent fighting groups are continuously evolving in the modern battlefields. Data from recent combat operations reflect the high frequency of engagements with hostile weapon emplacements in various man-made and natural shelters that cannot be dominated solely using small arms or inferior firepower. The global armed forces are expected to face unprecedented threats on battlefields, where rapidly emerging technologies have substantially altered the balance of power.  The medium caliber ammunition market is expected to grow primarily due to the procurement and upgrade activities undertaken by armed forces to counter the emerging threats. Several contracts for military aircraft, helicopters, infantry fighting vehicles (IFVs) and armored personnel carriers (APCs) mounted with medium caliber turret guns are currently underway and many new contracts are anticipated to be dispersed during the forecast period, creating a parallel demand for medium caliber ammunition.

本报告为近期撰写的水泥行业专题报告之二——华东篇。我们的区域划分中，华东区域包含上海、江苏、浙江、安徽、山东等5 省市，是我国水泥行业经营最成熟的区域。2019 年华东区域水泥产量5.82 亿吨，新型干法熟料产能3.86 亿吨，行业占比分别为25%和21%，分列七大区域中第一和第二。

In the current scenario, buyers consider the vehicle’s interior as an important feature while purchasing a car, truck, or an SUV. Upholstery is an integral part of the interior. As vehicle interior is becoming more elaborate, with contrasting surfaces and textures used to bring in the decorative and functional effect, automotive makers are considering new materials for the upholstery, with enhanced environmental performance. Fabric coatings, such as Scotchgard, also observed significant growth, as customers work to preserve the upscale interiors that they purchase. In general, the peripheral industries to the automotive upholstery industry are also experiencing steady growth. As upholstery continues to evolve and capture the attention of automotive buyers, the materials and tools used to maintain that upholstery naturally experience an increasing demand.  Woven fabrics are used in dashboards, sun visors, seats and interior walls, and represent the fastest growing fabric type in the automotive upholstery market. Woven fabrics often consist of nylon, polyester, wool, or polypropylene, which have excellent performance characteristics. These materials are resistant to ultraviolet radiation and have reduced flammability, making them ideal for extreme environments sometimes found within vehicle interiors.

Container orchestration characteristically involves managing the lifecycle of containers in automated manner. It involves automating scheduling of hosts, deployment of containers, health monitoring, scaling & descaling, load balancing and resource sharing of containers. When a new container is to be deployed into a cluster, the container orchestration tool schedules the deployment and finds the most appropriate host to place the container depending on predefined constraints. In addition, containers can be placed according to their proximity in relation to other hosts or metadata or labels. After running the containers on host, container orchestration manages the lifecycle of containers. This report features information on container orchestration and services offered by key vendors. Furthermore, it highlights the strategies adopted by key market players to improve the market share and sustain competition.

水泥价格上涨持续了4 年，市场担忧未来价格下降而给予板块较低的估值。我们认为，只要需求不出现断崖式下滑，行业足以通过控制供给来动态对冲需求变化，进而维持价格稳定。2020 年水泥价格同比上涨的可能性高，当前水泥板块估值处于历史低位，未来估值有上行空间。