合成气是现代煤化工的基础，市场规模庞大：现代煤化工技术是以合成气化工技术为基础，进一步加工制取油气燃料和各种化工产品的煤炭洁净利用技术，根据 Mordor Intelligence 统计 2023 年全球合成气市场规模达到 2.34 亿立方米/小时，至 2028 年有望达到 4.03 亿立方米/小时，2023-2028 年复合增速达到 11.45%。

关于 10 月 31 日发布的《光伏产业链上游价格波动剧烈，公司 Q3 盈利能力同比大幅下滑》报告中，我们发现第三段中有错误，公司目前已经采用新的技术，我们在报告发出之前未了解到这些更新，报告发出之后通过和市场的沟通和学习，发现我们没有及时更新公司的最新的技术，所以我们原来报告的第三段是错误的，在此对第三段进行修正。

Industrial gases are gaseous materials produced from the cryogenic filtration of air through air separation units. These gases are used as raw or intermediate materials in various industrial applications such as manufacturing, processing, and analysis. These gases are used in a comprehensive range of industries, namely oil & gas, petrochemicals, chemicals, power, mining, steelmaking, metals, pharmaceuticals, biotechnology, food, water, fertilizers, nuclear power, electronics, and aerospace. These gases are used to manufacture metal products, electronics, glasses, rubbers, automobiles, and chemicals.

The global EV battery recycling market was valued at $8.20 billion in 2022. It is expected to reach $20.07 billion by 2028, growing at a CAGR of 16.08%. The growth of this market is primarily driven by stringent government regulatory frameworks, strengthening demand for EVs, and increasing concerns over the depletion of materials. In addition, surging government incentives for battery technology and growing innovations in battery recycling technologies are expected to boost market growth opportunities. The EV battery recycling market is externally shaped based on the process and technology available in the market.

The global industrial motor market is expected to grow significantly during the forecast period. Regions, such as APAC and Europe, are expected to dominate the demand in the market, followed by North America. However, the Middle East & Africa and Latin America are anticipated to create opportunities with upcoming industrial developments in HVAC applications, F&B, oil & gas, and other industries. China, Middle Eastern countries, and the US provide the most competitive industrial initiatives.

Over the years, technological advances have contributed to the development of several tools and machines across several industries. Power tools are outpacing traditional hand tools in the professional and residential segments due to high requirements for precision, safety, and efficiency. For example, the global construction industry experiences high pressure to adopt innovative tools that reduce human efforts. The surge in infrastructure development and construction projects has accelerated the demand for power tools and equipment and is expected to drive innovations in the future. The rise in manual labor costs, home improvement activities, and the high preference for DIY projects have accelerated the demand for user-friendly power tools.

2023 年基金三季报，电力设备行业持仓比例第四，减配比例第二。2023年三季报，申万31个一级行业的基金持仓比例前五依次食品饮料(14.1%)、医药生物(12.6%)、电子(12.2%)、电力设备(10.9%)、计算机(5.4%)，与2023年中报相比，前五行业基金持仓比例的变动幅度分别为+4.8%、+0.6%、+0.4%、-1.7%和-1.9%。

智能电表重要性？——各地区电力系统数据采集的基础设备、投资占比全环节最高、和电网智能化改造同步进行 智能电表承担原始电能远程数据采集和传输任务，相较普通电表优势显著，用电环节智能化投资占比往往高于配电、变电、输电等其他各环节，参考全球电网发展规律，智能电表推广节点一般在智能电网建设初始阶段。

火电板块在经历一段时间的下跌后出现明显上调，火力发电（申万） 指数 10.26、10.27 单日涨幅分别达到 3.01%、1.93%。本周我们将对近期火电板块近期情况进行分析总结，并对后续板块走势及配置策略做出 展望。

3Q23 超六成业绩向好。电力行业 94 家上市公司中，2023 年前三季度实现 归母净利润同比增长的有 46 家，另有 11 家公司扭亏为盈；有 28 家公司归母净 利润同比下降，另有 3 家出现亏损、6 家持续亏损。3Q23，实现归母净利润同比增长的有 47 家，另有 13 家公司扭亏为盈；有 24 家公司归母净利润同比下 降，另有 3 家出现亏损、7 家持续亏损。

国家能源局将出台政策支持深远海和农村风电。10 月 16 日，2023 北京国际风能大会暨展览会（CWP2023）开幕式上，国家能源局新能源和可再生能源司副 司长王大鹏表示，将结合十四五可再生能源发展规划确定的重点任务，加大政策供给，完善体制机制，尽快出台深远海海上风电开发建设相关政策，积极推动近海海上风电规模化发展，组织开展深远海海上风电示范，通过支持技术和模式创新，推动海上风电持续降本增效，不断提高经济性。我们认为，深远海海上风电开发建设的相关政策出台，将为海上风电打开更宽阔的发展空间。