本周电力设备和新能源板块下跌 2.74%，跌幅大于大盘。锂电池指数下跌-1.43%，光伏板块下跌-1.54%，二次设备下跌-1.85%，一次设备下跌-3.06%，核电板块下跌-3.24%，发电设备下跌-3.49%，新能源汽车指数下跌-3.64%，风电板块下跌-4.46%，工控自动化下跌-5.39%。涨幅居前五个股票为齐星铁塔、杉杉股份、天壕环境、粤水电、先锋电子；跌幅居前五个股票为科华恒盛、盛洋科技、中能电气、电科院、万里股份。

本周（ 3月27日-3月31日）市场进入调整期。截至到3月31日，上证综指报收 3222.51 点，下跌了1.44%，深证成指报收 10428.72 点，下跌了2.05%。沪深 300 指数下跌了0.96%，SW 电气设备板块下跌了2.74%，表现弱于沪深300指数，在申万行业中排名居中。其中，光伏设备板块下跌2.44%，强于行业指数。风电设备板块下跌5.65%，核电设备板块下跌 3.24%，弱于行业指数。

新能车第三批推广目录落地，看好龙头企业扩大市场份额。4月1日，工信部公布了第三批《新能源汽车推广应用推荐车型目录》，本批目录共包含 634 款车型，其中，新能源客车 454 款、专用车 142款、乘用车 38 款。我们前期提示，目前补贴命令要求，非个人用户购买的新能源汽车申请补贴需要累计行驶里程达到 3 万公里，有望进一步促进新能源汽车产销目标提前释放。3 月底，财政部、工信部、科技部、发改委下发了《关于开展 2016 年度新能源汽车补贴资金清算工作的通知》，对于非个人用户购买的新能源汽车申请补贴，通知要求累计行驶里程须达到 3 万公里，目前行驶里程尚不达标的新能源汽车，应于达标后申请补贴。 我们维持前期的逻辑判断，认为“ 3 万公里”的要求有望推动销售提前，今年的新能源汽车需求转向乐观，看好产业链供求紧张环节的投资机会（铜箔、氢氧化锂），同时认准龙头企业继续扩大市场份额，重点推荐杉杉股份，关注推荐国轩高科、大洋电机、坚瑞沃能。

Cooling solutions are used in data centers to remove heat generated by the IT equipment. Many CRAC and computer room air handler (CRAH) units are operated in data centers, including air conditioners, chillers, cooling towers, economizers, humidifiers, and modern containment systems that furnish rack cooling. These cooling units use air and liquid cooling techniques for operation. The cooling process accounts for 40% of the electricity consumed in a data center. To reduce the OPEX of a data center, several modern cooling techniques are being invented and tested by vendors.

Various government authorities worldwide have released the targets for lightemitting diode (LED) adoption. For example, in 2016, India launched its National Programme for LED-based Home and Street Lighting that aims at installing 35 million street lights by 2019. One of the major avenues for ensuring the future growth of the global solar street lighting market is the regular introduction of innovations in lighting such as smart solar street lights and solar-wind hybrid LED street lights that are capable of operating off-grid; such innovations help in reducing daily running costs.In this report, Technavio covers the present scenario and growth prospects of the global solar street lighting market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the major vendors operating in the market.

The lifestyle of working class population worldwide is increasingly becoming hectic and fast-paced. These conditions have created a demand for devices and services that will enable people to do their daily chores faster. This trend has, among other things, created a demand for commercial on-demand laundry services and increased the demand for commercial laundry washing machines globally; laundromats, on-demand laundry services, and other commercial laundry services are in high demand among because of an increase in disposable income and rise in dual-income families.

Refrigeration is used to preserve perishable food items and ensure food safety. The products offered in the global commercial refrigeration market find application in the commercial, industrial, and residential sectors. The market for commercial registration equipment is driven by regulatory standards on labeling, energy performance, refrigerants, and others. The global commercial refrigeration market offers various types of commercial refrigerators such as refrigerated storage cabinets or display cases, ice-making machinery, and walk-in coolers.

The global emergency light sticks market is driven by a growing demand from the military and law enforcement sectors. Outdoor recreation is another key end-user segment that demands emergency light sticks for various activities. Strong demand in countries in North America and Europe will contribute significantly to market growth.

The worldwide changes in work conditions and lifestyle have created a demand for commercial on-demand laundry services as consumers have limited time to do chores like laundry. This, in turn, has increased the demand for commercial laundry equipment. An increase in the disposable income and rise in the number of dualincome families across the globe has also increased the demand for laundromats, ondemand laundry services, and other commercial laundry services.

The demand for wind turbines is expected to be significant from emerging economies in APAC such as India and China. For instance, India is expected to double its wind power capacity by 2020 by adding 4,000 MW per annum. Also, the wind power capacity in India has grown five times in the past 10 years to reach 25,000 MW in 2015.Frequent gearbox failures (nearly 60% of failures in wind turbines are caused by faults in gearboxes) coupled with growth in R&D activities in direct drive turbines are expected to hinder the growth of the global wind turbine gearbox market during the forecast period.The market is facing stiff competition from direct drive technology. This has led the gearbox vendors to invest in R&D and offer innovative products. In April 2016, ZF Friedrichshafen introduced the concept of intelligent wind gearboxes to improve the reliability and efficiency of wind turbines. Major features of this concept include Bluetooth smart tags, remote visual inspection, and dynamic load monitoring.As the market is highly competitive, leading companies are aggressively signing joint ventures or acquisition deals to enhance their capabilities and gain a competitive edge. For instance, in December 2015, ZF Friedrichshafen acquired Bosch Rexroth to strength its wind turbine gearbox business.

继一季度换年估值切换带来的板块性大幅上涨后，可以继续挖掘部分滞涨，并受益三四五线市场需求长期增长的标的。受益标的苏泊尔、华帝股份、飞科电器、日出东方、浙江美大、万和电气。

2017 年 2 月，冰箱销售 486.6 万台，同比增 9.4%。其中，内销 303.9万台，同比增 3.8%；出口 182.7 万台，同比增 20.2%。 2017 年 1-2 月，冰箱累计销售 1030.1 万台，同比增 4.8%。其中，内销累计 640.7 万台，同比下滑 2.9%；出口累计 389.4 万台，同比增长20.7%。 

家电行业基本面稳健向好（空调补库存+企业涨价+原材料价格回落+年报/一季报行情），继续看好板块确定性行情。上周刘士余主席强调上市公司现金分红的重要性，家电板块 2015 年整体股息率仅次于银行，其蓝筹价值或再受重视。中怡康数据显示 2017 年 1-2 月空调和厨电零售额同比增速均在15%以上，景气度显著高于其他细分行业。

继 2016 年 12 月发布行业年度策略《以守代攻，待龙头价值齐飞》以来，家电板块龙头公司经历估值切换以及一季度的消费板块价值重估后，龙头公司整体涨幅较大（老板电器+40.4%，小天鹅 A+29.2%，格力电器+28.5%，苏泊尔 26.1%，华帝股份24.9%，青岛海尔 21.0%，美的集团 20.9%），在三月中经历房地产贷款数据超预期、三四线地产销量收益一二线城市溢出效应刺激，厨电板块整体受益，进入估值修复过程，因为较为确定的是房地产数据对家电销售的滞后性影响对厨电较明显。