受本轮疫情影响，局部地区部分企业临时减产停产，且波及到上下游相关企业的 正常生产经营。产需两端同步走低。 受近期国际大宗商品价格大幅波动等因素影响，主要原材料购进价格指数和出厂 价格指数连续上升。 受本轮疫情影响，人员到岗不足，物流运输不畅，交货周期延长。制造业供应链 稳定性受到一定程度影响。

The AI in healthcare was introduced back in the 1960s with simple CAD systems for chest X-Ray and mammography applications. In recent years, AI-based systems have shown a stronghold on major technological advancement in the healthcare ecosystem, evolving around patient-centric and value-based care models. According to one of the key vendors of medical imaging Koninklijke Philips N.V., nearly 60% of its research and development activities are dedicated to software, and a large part of these research are on AI.

The manufacturing of pharmaceutical products requires high standards to ensure the strength of the active ingredients, purity, and quality of the final products. These standards ensure safe and efficient finished products for patients. Small changes in any of these factors can alter the overall composition and may have serious side effects. Thus, the checks and the controls which are applied need to be more stringent than the food industry.

New trends in elevators and escalators, such as smart lifts, traction elevators, and pneumatic elevators are creating value grab opportunities for manufacturers. Traction lifts are found to travel faster than hydraulic lifts, and can be used in both high-rise and mid-rise buildings. Hence, companies in the elevator & escalator market are pushing the sales of traction elevators in high-rise buildings of China, owing to high population density. Manufacturers in the elevator & escalator market are targeting pneumatic lifts for places where there is a limited passenger footfall. These lifts are being designed in wheelchair accessiblemode.

An e-bicycle or electric bicycle is a standard bicycle, which is equipped with an electric motor, a battery, and a drivetrain. The bicycle can be moved through pedaling or can run on rechargeable batteries. E-bicycles is simple to operate, convenient for all age groups, and serves as an environment-friendly means of transportation, in comparison to motored vehicles. In recent years, electric bicycles are being considered as viable transportation option due to their power capacity, long distance range, and moderate speed. The popularity of these bicycles is increasing, due to rapid urbanization and surge in vehicular traffic on streets.

Lawn mowers are one of the most used gardening equipment for grass cutting and lawn mowing. Walk-behind and ride-on mowers are the traditional equipment used for mowing grass. However, with the emergence of various technologies, robotic lawn mowers are increasingly gaining momentum, thereby offering new growth opportunities to robotic lawn mower accessories in the market in recent years. Consumers are increasingly moving towards autonomous products as it helps in minimizing human efforts and promotes effectiveness and efficiency. With the rising awareness about technologies and the importance of automation, the demand for robotic lawn mowers is growing significantly, thereby leading to a surge in the robotic lawn mowers accessories market.

投资建议：2022Q1 基金重仓家电比例环比小幅下降，从子版块 来看， 除黑电外其他板块均有所下滑。后续来看，原材料价格上 涨压力有望边际缓解，地产政策边际放松也有望逐步传导带来家 电需求提升，行业景气度将逐步回升。当前家电板块估值已具有 较高的安全边际，配置性价比突出。建议关注盈利能力有望环比 改善的白电龙头美的集团（000333）、格力电器（000651）和海尔 智家（600690）。集成灶和清洁电器市场规模有望维持高增速，推 荐科沃斯(603486)、莱克电气（603355）和火星人（300894）。

近期人民币汇率贬值利好家电行业基本面：近期人民币汇率快速贬值。2022 年4 月18 日至22 日，美元兑人民币即期汇率从6.370 上升至6.488，一周时 间人民币贬值幅度为1.8%。我们认为，人民币贬值将从收入损益、汇兑损益、 长期国际竞争力等三方面利好家电板块，并量化测算其影响。

需求：疫情的影响从需求端进一步限制了家电行业的增长。价格：原材料价格上涨带来各品类产品普遍涨价。规模：新兴厨电规模渐成，对厨热市场的拉动明显。品类：集成与分体的内卷还会持续2-3年。渠道：三四级市场表现普遍好于一二级市场。

1.3月申万二、 三级指数全线下跌，从指数和个股表现来看，风电 板块跌幅最大。 2.从已公布年报的上市企业业绩来看，2021 年业绩突出的企业集 中在电网自动化设备、光伏辅材、光伏加工设备、输变电设备、线缆部 件。 3.截止2 月光伏累计新增装机量达到9.25GW，同比增长184.62%， 在装机的提振下，太阳能的电源投资额同比增长154.1%，在各类能源 中涨幅居首；电网建设推进也较为顺利，基础建设同比增速达到 37.89%。 4.储能配套政策仍在持续推进，着力建设特高压通道提升输电通道 利用效率和可再生能源电量占比。