The distribution environment is rapidly evolving with systems and processes being upgraded at a rapid pace. Changes are being spurred by expanding competition, accelerating digitization, constant disintermediation, and consumerization of expectations. B2B commerce is witnessing the increase in expectations that are largely associated with B2C such as transparent pricing and communities and social connections. This is expected to continue further with a focus on lowering costs, improving efficiencies, and opening up to new opportunities. With the commercial lawn mower market highly time-sensitive, distributors are increasingly focusing on extending their reach to improve the speed to market maintenance parts and service Lawn mowers are also available to end-users through online OEMs’ e-commerce portals and online direct-to-consumer stores such as Amazon, Argos, eBay, RobotShop, Sainsbury's, MowDirect, Alibaba, and AliExpress. In 2018, retail sales constituted 88.33% of the distribution model, and online sales constitute the rest.

The demand for minimally invasive procedures/surgeries (MIS) is on a rise. These procedures result in lesser trauma to the patients and quicker recovery than invasive procedures. The research results published by manufacturers (Ethicon Endo-Surgery, Inc.) suggest that minimally invasive surgeries are rapidly replacing open/invasive surgeries, owing to the following factors

An electric vehicle battery, also known as traction battery is used to power the propulsion of electric vehicles. Electric vehicle battery is a secondary (rechargeable) battery. It uses chemical energy stored in rechargeable battery packs for power; and therefore does not require any combustion engine for propulsion. Recycling of the battery can recover metals such as aluminum, nickel, lithium, and other types of precious metals, which can be hazardous for the environment but can be recycled. It is assumed that EV battery offers a useful life in a vehicle until and unless they degrade to 80% of their original capacity.

我们认为当前市场对此认知仍不十分充分，事实上在以经营成果为锚的情况下，治理结构本身难言孰优孰劣，治理波动才是应该重点关注的问题；回溯历史来看，根植于股权的治理波动或许才是压制格力估值的主因，如果本次股权转让最终落定，治理层面的压制因素大概率将在根本上得到去除，受益于此，格力估值短期仍有较大修复空间，若将空调产业的中长期发展前景以及格力本身的竞争优势考虑在内，15倍的格力电器或许并不遥远。

根据中怡康数据，2019 年 2 月空调线下零售均价同比显著下滑 13%，行业均价自 2016 年 2 月以来同比首次出现回落，3 月均价仍同比下滑 2.4%，但降幅有所收窄。美的提前开启“火三月”活动，力推 1/1.5p 一级能效促销机型，2、3 月份零售均价降幅达到 15%、8%，领衔行业；格力依然保持往年以 4 月促销为主的节奏，未做特殊应对，3 月均价同比提升 2%。在渠道库存高企的背景下，美的的促销策略引发行业关于价格战的担忧，本篇报告从通过回顾空调行业历史上两次价格战，以分析当下时点空调行业发生价格战的可能性。 

本周中汽协发布 3 月新能源车产销数据，当月实现销量 12.6 万辆，同比增长 85.4%，环比增长 137.2%。其中，纯电动/插混分别销售 9.6 万辆、3 万辆；乘用车/商用车分别销售 11.8 万辆、 0.7 万辆。

根据 2019 年一季报业绩预告，电力设备与新能源行业业绩平稳，其中光伏、风电板块表现亮眼。我们判断 2019 年行业景气回升，维持强于大市评级。

燃料电池产业发展几经波折，而过去的一个时期，技术与市场方面都发生了一些积极变化。首先，电堆与配套系统的技术进步，显著提升性能并降低了成本；其次，电动汽车的飞速发展培育了健全的电气化产业链并探索出比较健全的政府扶持政策体系，这都为燃料电池的汽车应用打下了良好基础，全球的燃料电池汽车发展正在加快。

2019 年 4 月 12 日发布《2019 年风电建设管理工作方案（征求意见稿）》，对存量项目，非红色限建地区约 37.60GW 核准未建项目加快建设，宁夏、黑龙江、吉林和内蒙古约 12.20GW 项目参与竞价。海上风电项目的电价政策存在不确定性，需文件正式落地之后方可确定，但是目前明确已开工的海上风电项目已超过 7GW，项目建设有序推进有望加快海上风电建设成本下降。

氢燃料电池汽车是未来极具竞争力的新能源汽车技术，传统汽车强国纷纷推出燃料电池战略规划。美国、日本、韩国、中国等各国，目标在 2030 年，分别达到百万辆燃料电池汽车累计销量，以及千座加氢站。

后段设备为锂电行业发展成熟的产物，当市场发展到一定规模时，出于对电池安全性和能量密度的考虑和产线高效生产的要求，后段检测设备+后道自动化组装设备的重要性日益凸显。

中下游企业加码燃料电池布局，国内燃料电池产业化态势正盛；自主力量冲击产业链核心环节，商业化进程加速；利好政策连贯性、针对性强，行业成长确定性强化，具有先行布局和技术突破的优质标的受益。风电光伏平价上网政策逐渐清晰，相关鼓励政策推进平价上网进程。特高压有望进入密集核准期，关注泛在电力物联网建设落地情况。