Biomedical refrigerators and freezers are medical preservation devices used to store biological samples, reagents, and chemicals at low temperatures. They are commonly found in hospitals, blood banks, laboratories, diagnostic centers, and pharmacies. They are capable of maintaining constant and accurate temperatures. These refrigerators and freezers are usually equipped with a microprocessor controller, visual and audio alarms, and digital temperature displays to provide better sample preservation and protection.

Compressors are mechanical devices that compress air or gas in a sealed unit and deliver it at the desired pressure levels. Compressors are categorized as air compressors and gas compressors. An air compressor is a device that compresses and pressurizes air and thereby, converts its potential energy into kinetic energy. A gas compressor is a device that reduces the volume of gas to increase its pressure, following the principle of Boyle's law. An air compressor is a distinct type of gas compressor. Compressors are extensively used in several heating, ventilation, and air conditioning (HVAC) and refrigeration applications. The increasing market for residential, commercial, and automotive HVAC systems along with growing demand for industrial and commercial systems will contribute significantly to market growth.

Piezoelectricity, also known as the piezoelectric effect, is the occurrence of an electrical potential (voltage) over the sides of a crystal when it is subjected to mechanical stress. The electricity generated is proportional to the mechanical stress. The reverse is also true when an electrical impulse is applied to a piezoelectric substance; it induces a mechanical change. The crystal becomes a type of small battery with a positive charge on one side and a negative charge on the opposite side. The current flows when the two sides are connected to make a circuit. The working of a piezoelectric actuator and motor is based on the principle of the reverse piezoelectric effect. In the reverse piezoelectric effect, when a voltage is applied to the opposite faces of a crystal, it becomes mechanically stressed. Piezoelectric actuators are used in applications that require accuracy and precision. They are small, have a faster response time, and exhibit low power consumption and electromagnetic interference.

2018年收入稳健向上，盈利能力明显回升是亮点：一二线地产拉力逐渐消失，三四线拉力开始回落，需求增速放缓，稳健向上；消费升级大背景+龙头定价权，提价持续进行，假设风险中性，盈利能力将明显修复。

家电行业全球产能经历欧美、日韩主导，目前中国接棒成为全球最大家电生产国，2016年中国空调、冰箱生产比例分别占全球74%和52%。

2017 年中国高端制造行业以京东方、CATL、隆基等龙头取得了产品、利润、股价等瞩目的成就。我们认为中国已经迈入高端制造新纪元，未来真正具备核心竞争力，符合产业趋势，在全球市场谋求发展的公司，有望成长为各个细分子行业的龙头企业。2018 年重点是投资中国高端制造。

展望 2018，我们首要推荐即将迎来拐点的黑电行业，其次推荐业绩大概率改善的小家电行业，最后建议关注市场热点白电龙头。

随着中国经济快速发展，消费升级促进了家电行业的快速发展。家电的发展，经历了从无到有以及从有到精两个阶段。从无到有，家庭保有量快速提升：目前城镇地区保有量已经接近饱和，空调由于其一户多机的配置特性，在大家电中增速亮眼，农村地区一方面保有量提升仍有空间，同时城镇化推动空间加速释放。从有到精，产品高端化趋势明显：保有量趋于饱和后，技术革新产品升级催生更新需求，目前多开门冰箱、变频空调、滚筒洗衣机等高端款型占比持续提升。

自 4Q16 机械行业复苏以来，机械行业迎来景气上行拐点，1-3Q17 行业上市公司整体收入和净利增速分别达到 37%和 96%，彻底走出 2012-2016 年的下行周期实现强势复苏。行业预收账款同比增速 2017 年逐季提升，需求复苏有望延续至 2018 年。规模效应显现对冲成本上升，行业 ROE 进入上行周期。