The global elevator and escalator market is evolving along with the changing dynamics of the global economy and construction industry. In terms of revenue, the global elevator and escalator market is expected to grow at a CAGR of 7.85% during 2018−2024. For more than a decade, advancements in vertical transportation have transformed the construction sector, enabling the growth of high-rise buildings that define cities globally. Moreover, the rapid improvements in safety, quality, and efficiency of elevators and escalators have allowed the expansion of cities. Nowadays, elevators and escalators have become a routine part of modern existence, moving people in offices, malls, metro stations, airports, and residential buildings, among others.

The global agricultural robots and mechatronics market is expected to witness high growth, with a CAGR of 24.2%, over the forecast period, 2019-2024. The key factors propelling the growth of this market are shortage of labor, increasing labor cost, increasing demand for food and agriculture supply, efficiency of work, adoption of emerging technologies, and increasing research on different applications to make the human life easier with perfect end results. The key players, such as Yamaha Motor Company, GEA Group Aktiengesellschaft , De Laval Inc. and Lely, have extensive hold on the improving technology and distribution channels, which helps in the growth of the market for agricultural robots and mechatronics..

Body dryers are air blowing electric appliances (similar to hand dryer or hair dryer) used in drying an individual’s complete body after bathing or swimming, thus substituting the use of a towel. The types of body dyers considered in the report include wall mounted and on floor. The market is analyzed across four geographical regions namely North America, Europe, Asia-Pacific, and LAMEA to provide in depth analysis of the market. This report outlines current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. It features a detailed profile of the key market players operating in the market.

The Asia-Pacific cleanroom disposable gloves market is segmented based on material type, end user, and country. By material type, the market is classified into natural rubber/latex gloves, vinyl gloves, nitrile gloves, polyethylene/neoprene gloves, and others. Depending on end user, it is segregated into aerospace industry, disk drives industry, flat panels industry, food industry, hospitals, medical devices industry, pharmaceuticals industry, semiconductor industry, and others. Based on country, it is studied across China, Japan, South Korea, Philippines, Vietnam, Taiwan, India, Malaysia, and rest of Asia-Pacific.

The report includes the electric motors that are used in applications such as pumps, compressors, fans, industrial machineries, blowers, domestic appliances, and other applications. The report provides a comprehensive analysis of various electric motors used in the industry, including AC, DC, and hermetic motors along with their applications. The revenue generated from the sales of linear motor applications is not considered in the scope of our study. The usage of types of motors in any application depends on the requirements of the application. Therefore, the introduction of advanced electric motors has increased the popularity of high-tech equipment such as robots and electric cars. Moreover, the global electric motor market is segmented based on the output power of electric motor and their applications in end user industries such as industrial machinery, transportation, motor vehicles, household appliances, and heating ventilation & air conditioning.

风电光伏发展迅猛，全球能源转型任重道远。近20 年来风电光伏的年发电量增速大幅领先于其他发电方式。光伏发电的复合增速高达42%，风电的复合增速达到23%。虽然近二十年来可再生能源取得了巨大的发展，但要在本世纪实现将全球平均气温上升幅度限制在2℃以内的目标，全球低碳能源转型的速度还要加快。

近期，部分投资者对家电行业的长期空间存在疑虑。以史为鉴，我们选取了日本、美国历史上的可比阶段（日本 1975~1984年 GDP 增速换挡期、美国 1971~1983 年“滞胀”期），以十年的时间尺度，研究两国家电公司基本面、股价的表现。

国家逆周期政策调控下，地产基建投资有望保持平稳，环保政策促使更新需求保持旺盛，龙头份额持续提升。挖机进入复苏后期、起重机混凝土机械需求仍保持旺盛。经历上一轮周期以后，龙头经营更稳健，应对周期变化能力更强，推荐具备全球竞争力的龙头【三一重工】、【中联重科】、零部件龙头【恒立液压】、高空作业平台【浙江鼎力】。

财阀体量庞大足以支撑高投入，电化学领域深刻布局，劢力电池厚积薄发。LG集团为韩国第事大财团，年收入规模超千亿美元，近年业务增量和资本开支主要集中二LG化学。LG化学是全球四大电池企业中唯一一个化学材料业务出身的企业，在电化学领域与业布局深而广。公司是第一批迚入锂电池行业的企业，对软包、囿柱技术理解深刻，目前市占率稳定在全球前三。因05年质量问题召回，叠加以高端囿柱技术为主的戓略失误，公司错失智能手机行业爆发期，导致无法登顶消费行业。劢力电池斱面，公司研发投入果断，借鉴消费锂电产业化经验，走软包三元路线，迅速绑定一线主机厂，目前被普遍讣为是最具潜力的劢力电池龙头。

5 月动力电池装机量为5.68Gwh，同比增长26%，欣旺达首次入围TOP10。GGII 公布2019 年5 月动力电池TOP10 装机量数据，总装机量为5.68Gwh，同比增长26%，环比增长5%，TOP10 合计装机量为4.89Gwh，约占整体86%。宁德时代与比亚迪依旧为第一与第二，装机量分别为 .38Gwh 、1.07Gwh ，市占率分别为42%与18.8%。榜单中欣旺达为首次入榜，排名第8，装机量为0.12Gwh，市占率约2.1%，本次入榜主要是由于开始批量配套吉利汽车，5 月已配套1736 辆。

我国全社会用电量近年保持稳步提升态势。根据中电联数据，我国全社会用电量2018 年达6.84 亿千瓦时，同比增长8.5%，增速为2015 年以来新高；2019 年Q1 为1.68 亿千瓦时，同比增长5.5%。但国网公司却由于落实国家降电价政策等影响，利润出现了下滑。

2018 年三季报总结中，我们提出，家电行业除了受地产的大周期影响，仍旧出现了消费升级、渠道下沉、企业努力维持增长等积极现象。本篇年报和一季报总结，我们主要通过年报信息，回答行业发生了哪些新的变化？ 

2019 年5 月，国内新能源汽车产业链需求增速放缓，但销量结构持续改善；国内风电、光伏并网提速，光伏海外需求持续景气；维持行业强于大市评级。

2019 年3 月底，四部委正式下发《关于进一步完善新能源汽车推广应用财政补贴政策的通知》。a. 2019 年补贴政策调整幅度，符合2020 年底前补贴全部退坡完毕的节奏。此次退坡幅度看，各个车型的单位电量的补贴、补贴总额度下调幅度基本超过了50%，平均在55%左右。如果考虑地方补贴的退出，同水平能量密度和能耗的调整系数的降低，单车补贴金额下降幅度约在70%，幅度较大。

合格证口径下，2019 年5 月动力电池共装机5.7GWh，同比+26.2%，环比+5%；其中三元装机3.34GWh，同比+73.3%，环比-11%；铁锂装机1.73GWh，同比-26.5%，环比+13%。

019 年 6 月 10 日格力电器实名举报奥克斯空调虚标能效。能效比是衡量空调性能的重要参数，目前有适用于定频空调和变频空调的两类标准，标准均将空调能效分为 1 级、2 级和 3 级，其中 1 级能效最节能，空调的性能表现更好。

一方面，天猫优品平台空调销售量占整体比重已达25%，成为影响线上格局走势的最重要因素。目前美的和奥克斯对该增量市场挖掘较好，带动自身份额走强。另一方面，大宗原材料进入弱周期叠加竞争格局趋紧，主要品类均价提升速度整体收窄，但龙头品牌之间的产品价格策略间出现差异（线上策略分化更显著）。由于线上价格敏感度更高，让利降价的品牌份额均有不同程度提升。

截至本报告期末，电气设备指数2019 年累计涨幅14.06%，沪深300 指数同期涨幅21.40%。最近一年,电气设备指数跌幅为4.53%，沪深300 指数跌幅为2.63%。行业整体PE 估值回升至27.54倍，企业估值倍数（EV/EBITDA）为14.92 倍，略高于历史均值，处于中性水平。

2季度电劢车增长趋缓，市场已充分预期6、7月行业减产，预计8月恢复，全年预期155万辆。由二1季度抢装需求透支，丏整体车市低迷，2季度抢装势头低二预期。由二过渡期名7月需求较弱，目前龙头申池厂商已减产调整，预计8月销量恢复。下半年申劢车整体增速20%巠史，全年销量预计155万辆以上，对庒申池75gwh，吋比增30%。上汽销量今年预期10万辆；北汽20万辆（+4w）；比亚迪35万辆（+13w）；吉利15万辆（+9w）；广汽6万辆（+4万辆）；加上江淮、长城、长安、新造车势力和合资车企，我们预期全年申劢车乘用车销量有望达到135万辆以上，客车与用车保持稳宑，全年销量达到155万辆以上，对庒申池需求75gwh。

动力电池行业短期驱动因素为政策补贴，但是中长期来看根本驱动因素为下游电动车的经济性与产品竞争力，即考虑下游电动车何时能够平价，以及电动车何时相较于燃油车有产品力的优势。我们认为经济性方面，2023年有望实现全生命周期成本低于燃油车。产品力方面，电动车的安全性与智能化相较于燃油车有优势，在实用性方面已从“够用”至“好用”阶段，整体产品力已差距不大。预计2023年后将实现电动车对燃油车全面替代，届时动力电池行业有望受益。