水泥行业在供给侧结构性改革方面，逐步形成了以淘汰落后产能、化解过剩产能、严肃产能臵换、错峰生产等政策相互配合的政策体系。在政策体系不断推进完善中，通过减量臵换和错峰生产不断优化产业格局，产业集中度进一步提高。2019 年前50 家水泥企业（集团）熟料产能占全国总产能76%。中国建材和安徽海螺水泥总产能分别为5 亿吨和3 亿吨，居世界第一和第三名。行业控量稳价效果明显，行业经济效益得到明显改善。2019 年水泥行业首次突破万亿营收，实现营业收入1.01 万亿元，同比增长12.5%，利润1867 亿元，同比增长19.6%，继2018 年后再创历史最好。我们认为水泥行业供改政策和行业发展以及企业自律行为已经形成了良好共振，在禁新增、保供给、稳价格、稳增长的前提和共识下，随着水泥行业的供改会持续深入推进，行业环保政策、错峰生产的力度和持续性有望持续加强。

The global baby feeding bottles market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the global baby feeding bottles market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report is analyzed by materials, which include plastic, stainless steel, silicone, and glass. Moreover, it focuses on distribution channel, which includes hypermarkets/supermarkets, specialty storess, and Online Storess. Furthermore, it includes the revenue generated from the sales of baby feeding bottles across North America, Europe, Asia-Pacific, and LAMEA.

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.

回顾上月的行情，军工板块跑赢上证综指及创业板。2 月11 日至3 月11日收盘，国防军工板块指数涨10.26%，上证综指涨2.30%，创业板指数涨3.60%。如果看年初至今的板块涨幅排名，军工板块涨幅为10.09%，在所有板块中继通信、计算机、电子之后排名第四。我们认为主要原因是市场对于板块在经历军改和军代表制度改革后的业绩预期开始好转，对于军工板块业绩兑现的信心开始恢复。

光伏平价上网日益临近，隆基、通威、晶科、东方日升等多家光伏厂家在20 年计划扩产总规模达1100 亿；光伏设备商受疫情影响相对较小，且未来市场空间巨大，迎来景气周期。

The global baby pacifier market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the global baby pacifier market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report is analyzed by product type, which include Single-piece baby pacifier and multiple-piece baby pacifiers. Moreover, it focuses on the size, which includes small, medium, and large. Furthermore, it includes revenue generated from the sales of baby pacifier across North America, Europe, Asia-Pacific, and LAMEA.

2020 年，我们重新定义国防军工：世界百年未有之大变局，新国防将是大国博弈、中国破局主战场。我们认为，中美贸易战后期这一轮行情的主线即是大国博弈下的科技产业的国产化路线，落在硬件领域是半导体，落在软件领域是安可；落在新能源汽车是特斯拉产业链；落在空天竞争是卫星互联网。

为了突出军工板块的“国防军工”特点，我们根据下面三个维度：1、军品收入占比；2、产业链相关度；3、大股东性质；选择了70 家上市公司作为分析A 股军工板块的样本公司。截止到2020 年3 月9 日，已经有31 家公司公布了业绩快报，占比为44%。由于主机厂历史上公布年报时间比较靠后，目前还没有主机厂公布业绩快报。

较2 月份的第一版主要调整内容包括：明确户用分布式度电补贴为0.08 元/kWh，并将一、二、三类资源区地面电站指导电价上调为0.35 元、0.4 元、0.49 元/kWh，比之前各提高0.02 元/kWh，工商业分布式补贴上限维持0.05 元/kWh 不变。我们认为户用光伏度电补贴较为超预期，与上调指导价一起将释放更多年内光伏竞价项目空间，对冲公共卫生事件影响，政策推动内需释放的态度已经非常明确。