根据乘联会发布的数据，今年5月新能源乘用车销量达 3.8 万辆，环比增长30%，同比增长 45%。2017 年 1-5 月，新能源乘用车累计销售 11.7 万辆，同比增长 35.1%。4 月新能源乘用车的销量环比增长放缓到增长 0.17万台，5 月的环比增量达到 0.9 万台，体现了政策和市场逐步回归正常后，产销逐步走强的特征，这也印证了此前我们对 4 月产销量不达预期原因的判断，即 4 月 1 号第三批推广目录与 4月27号购置税减免目录出台节奏错配的冲击已过去。

行业维持增持。近期其他行业龙头白马估值溢价明显，25%-40%业绩增速享受 38 倍左右的 PE 估值，在特高压+配网投资欠账，未来三年有望加速的背景下，2017 年传统电力设备公司业绩增速 20%-30%区间，估值中枢 15-20 倍 PE 区间，我们认为电力设备龙头白马有望享受龙马扩散的估值溢价。推荐标的：国电南瑞、许继电气、平高电气、特变电工、中国西电。

本周电力设备和新能源板块上涨 3.31%，涨幅强于大盘。一次设备上涨 4%，工控自动化上涨 3.64%，锂电池指数上涨 3.35%，光伏板块上涨 3.3%，二次设备上涨 3.19%，新能源汽车指数上涨 3.14%，风电板块上涨 3.05%，发电设备上涨 3.03%，核电板块上涨 2.41%。涨幅居前五个股票为创元科技、比亚迪电子、金龙汽车、当升科技、阳光电源；跌幅居前五个股票为斯迈柯、通光线缆、盾安环境、鸿特精密、中环装备。

海外电动车加速扩张，高景气度开启全球大周期：2016 年底以来，海外电动汽车进入加速扩张期。随着 Model 3 按照计划投产，传统车企加紧布局电动汽车。宝马、奔驰、福特等车企今年以来累计公布新车型超过 20款，覆盖高中低端全部车系。欧洲、美国 2016 年纯电动车产销量同比增长 20%以上，随着新车型的投放，2017 年将进一步快速增长。

市场估值中枢下行，及终端需求不振是导致电新行业 2017H1 持续走弱的主要原因之一。对于下半年的投资机会，我们更青睐于那些在局部环节存在确定性增长前景、且具备业绩支撑的低估值龙头企业。在新能源汽车领域重点关注 CATL 产业链、三元正极与湿法隔膜环节；新能源发电领域关注海上风电、单晶与光热环节；电力设备领域重点关注配网扩容与增量配网 PPP 的投资机会。

第五批纯电动乘用车电池能量密度均值达 119wh/kg，享 1.1倍补贴的比例为 59.3%。纯电动客车电池能量密度均值为 108.2wh/kg，享1.2 倍补贴的比例为 66.5%。享受超额补贴的车型持续增加，补贴实际退坡幅度好于预期。我们认为海外车企在国内建厂，配套零配件大概率会转向国产，细分产业链龙头有较大的机会，全球一线车企供应链将成为下一阶段挖掘牛股的主战场。推荐标的隔膜龙头：星源材质；继电器龙头：宏发股份；结构件龙头：科达利；电机电控龙头：汇川技术；电池龙头：国轩高科、亿纬锂能。

产销持续高增长。2016年，新能源汽车产销突破50万辆，乘用车超过32万辆，行业持续高速增长。政策持续推动：补贴政策为产业发展初期提供支撑，2017年补贴下调短期影响出货，中长期利于净化产业格局，促进行业良性发展。油耗、积分管理规则、碳配额政策等为推动产业发展的长效机制。

清洁高效的新能源车替代燃油车已成趋势。产业政策和补贴措施有效地推动了新能源车的快速推广，2015 年新能源车产业开始进入快速发展期。根据 3 部委今年推出的 《汽车产业中长期发展规划》，到 2025 年新能源汽车渗透率达到 20%，产销量有望达到 700 万辆。从当前到 2025 年，新能源汽车行业销量复合年增速接近 30%，行业前景光明，发展空间巨大。

Elevators and escalators are installed in commercial, residential, and mixed-used buildings; IT parks; hotels and restaurants; and retail outlets. The global elevator and escalator market is likely to be driven by the growth of the global construction market. The global construction market is experiencing significant growth, especially in the emerging economies such as BRIC nations. A large number of new public infrastructure projects are currently underway across the globe, which is expected to drive the growth of the global elevator and escalator market.

Non-residential humidifiers are used to maintain the suitable moisture content of environmental air in manufacturing facilities, office buildings, clean rooms, data centers, laboratories, and hospitals. The need for humidification of the environment in commercial and industrial facilities is driven by manufacturing process stabilization, the need for a comfortable and healthy work environment in office buildings, or meeting industry indoor air quality (IAQ) codes.

Precision air conditioners are very reliable systems that are capable of operating round the clock offering precise control over temperature and humidity inside data centers.These units are specifically designed to cool the IT equipment inside data centers.They normally comprise an indoor and outdoor unit. Precision air conditioners are used to supply cold air through the cold air inlets of data center racks and exhaust hot air from air outlets. This hot air is again treated to optimal temperature and humidity and issupplied back as cold air.

Low-voltage ceramic capacitors are the most extensively used type of capacitors in various applications such as electronics, automotive, home appliances, and computers and peripherals. The application of ceramic capacitors dates to the 1930s where they were used in valve or tube circuits. Currently, lowvoltage ceramic capacitors account for 55.51% of the global low-voltage capacitor market.

The past century has seen the dominance of fossil fuels as the chief source of energy, which sustains the global economic machinery. Among these fuels, the one commodity that has controlled almost all aspects of the energy business is crude oil. Crude oil is defined as a mixture of compounds composed primarily of carbon and hydrogen in varying proportions along with the presence of inorganic compounds such as nitrogen, sulfur, and metals like vanadium and mercury. This crude oil is found in specific rock formations, called reservoirs, in the earth's crust. The depth at which these reservoirs occur can vary significantly. They may vary from pools, which flow up to the surface, to almost 15,000 meters underground. The method that is employed to get to these reservoirs of black gold is drilling through the surface till the pre-defined depth is reached.

Nanophotonics is the study of light behavior on a nanometer level (10⁻⁹ of a meter). Nanophotonic components are devices that interact with light-emitting devices at the nanoscale level. Photonics refers to light-emitting devices and can otherwise be known as opto-electronics. Examples of nanophotonic components include optical fibers, optical switches, LEDs, optical amplifiers, PV cells, and holographic memory. The use of nanophotonic technology in these devices is relatively new. The development of nanophotonic materials such as nanotubes, nanowires, plasmons, and quantum dots has enabled the fabrication of nanophotonic semiconductor devices. Nanomaterials have enabled chip manufacturers to develop powerful and miniaturized electronic processors that could perform calculations billions of times faster than conventional silicon-based chip processors.

An air purifying mask is a type of a personal protective equipment that is used in different industrial sectors to protect against contaminants, chemicals, and harmful gases and dust. It is also used by individuals to protect themselves against various airborne diseases, pollution, and other impurities in the air.The global air purifying mask market was valued at $3.95 billion in 2016 and isexpected to reach $5.38 billion by 2021, growing at a CAGR of 6.37%.

The past century has seen the dominance of fossil fuels as the chief source of energy for the sustenance of the global economic machinery. Among these fuels, crude oil is one commodity that has controlled almost all the aspects of the energy business. It is defined as a mixture of compounds composed of carbon and hydrogen in varying proportion with the presence of inorganic compounds such as nitrogen and sulfur and metals like vanadium and mercury. The crude oil is found in specific rock formations called reservoirs in the earth's crust. The depth at which these reservoirs occur can vary significantly from pools that flow up to the surface to almost 15,000 meters underground. The method is employed to get to these reservoirs of black gold through drilling the surface until we reach the pre-defined depth.

The demand for more energy-efficient dryers (for fruits, vegetables, nuts, and herbs) that can handle a variable load, are multi-purpose, automated, smart, and integrated with multi-functionality like peeling, grating, or cutting, is increasing. Additionally, for drying heat-sensitive raw materials, the focus is shifting from freeze-drying to more economical technologies. To achieve this, players operating in this space are coming up with hybrid or combination technologies that can help reduce cycle time and increase energy efficiency, while still maintaining a high quality of the dried products. However, the industry is highly fragmented with the top five players comprising less than 10% of the market share globally in terms of value, and they compete on the basis of technological innovation and advancements. Players leverage highly on their distribution network, contract relationships, and location advantage to supply heavy and large equipment. Players continue to look for more avenues and additional revenue streams to remain profitable in the market.

Gaming simulators are considered the super-category of video games. The main purpose of these simulators is to simulate various aspects of the virtual world through real-world motions. This would require the optimal use of software and hardware platforms. The software platform ensures an accurate mapping between the gaming movement inside the virtual world and the gamer input in the real world. The hardware platform ensures a swift interface that can attract the crowd. The addition of motion detection in simulators is one of the biggest innovations, especially in the hardware segment. The feedback received from virtual world obstacles should accurately be converted into physical movements of the simulator. The quality of hardware will depend on the same.

以2016年6月7日为基准日，截止至2017年6月6日，CS机械行业过去一年间 累计跌幅达到5.81%，跑输同期沪深300指数15.75个百分点。从估值角度讨 论，CS机械行业目前的PE（TTM）为98.06倍，相对于沪深300溢价率 644.61%；PB（LF）为2.95倍，相对于沪深300溢价率97.03%。  下半年需求平稳，关注三条投资主线 下半年，随着宏观经济放缓，市场整体需求预计将趋于平缓。2017年下半 年，我们建议关注机械设备行业以下投资主线：（1）供给侧改革红利逐步 向机械设备企业转移；（2）国际原油价格中枢上移带动能源设备企业盈利 能力改善；（3）“一带一路”政策助力民营企业开拓海外市场。

 周核心观点：在金融去杠杆、控风险主基调下，近期监管层关注市场短期调整，强 调不能因处臵风险而发生新风险，流动性紧张情况有所改善，机械板块反弹高度大于大 盘。本周我们注意到核电领域出现积极变化，前期困扰三代核电首堆发电的声共振问题 基本得到解决，为 10 月并网发电奠定了基础。白龙、廉江等核电站受此因素提振，也 于 5 月底开始进行主设备招标。我们判断，随着首台三代核电机组顺利发力，后续核电 机组有望加快核准开工，后续将不断有设备招标释放，建议关注核电板块反转。5 月挖 掘机及新能源汽车销量数据双双报涨，新能源汽车经过前几个月波动继续增长表明内生 需求正逐步释放，建议关注相关板块进展。此外，我们建议关注油气体制改革推进对油 服板块的利好影响，及 3C、汽车轻量化、汽车电子、智能物流等高景气板块的业绩表现。 自下而上角度，我们认为估值处于底部区间，或市价低于员工持股价格、安全空间较高， 或大股东最近增持的标的安全垫较高，建议寻机布局