12 月，限额以上家电企业商品零售额936.4 亿元，同比增长13.9%，增速环比和同比均有明显提高。主要原因或在于临近春节，家电消费需求迎来一波集中释放。产量方面，空调、彩电产量回升明显，冰箱产量微弱增长，洗衣机产量同比下降。12 月原材料价格总体下滑，家电价格指数下行至99.15。进出口方面，彩电进口下降、出口增长；空调进出口双双回落。

The report covers the detailed analysis of the trends, future estimations, and a thorough study of the global market based on product, distribution channel, and region. It analyses government regulations, and policies, to provide information on the current market trends in different regions and suggests the future growth opportunities. The report covers the overall net value of different products of house appliances consumed by various households across the globe. The study highlights Porter’s five forces analysis to determine the factors affecting the market growth. These factors include raw material prices, intense competition, end users, manufacturers, and suppliers. To understand the market, drivers, restraints, and opportunities are explained in the report.

Air humidifier is an air conditioning appliance that is used to increase moisture level within a single room, and commercial building. Residential humidifiers are commonly used to humidify a single room, while whole-house humidifiers, which connect to a home's HVAC (heat ventilation and air conditioning) system, provide humidity to the entire house. Humidifiers are also used in commercial, institutional, or industrial buildings. Air humidifiers help reduce static electricity effectively, which represents the foremost issue for computer storage devices, compact discs, and other electronic devices. The scope of the study is intended to discuss the upcoming and present market trends of air humidifier. In addition, this report details current market trends, drivers, restraints, and opportunities and determines the future growth potential of the global air humidifier market.

competition in Brazil’s pharma and healthcare sector is becoming increasingly intense. The deceleration of the domestic drug market has propelled the pharmaceutical companies operating in the country to search for scale and efficiency gains through organic growth, acquisitions and internationalisation of their operations. The opening of the healthcare market to foreign investors in January 2015 also unleashed a consolidation trend, triggered by the entry of both strategic and institutional investors. Given the deficiencies in the provision of quality health services, healthcare will remain the subsector with the highest growth potential in the medium term.

今年已经出台家电补贴政策框架，市场期待补贴细则中中央财政和地方财政如何分担，鉴于部分地方财政困难，如果中央财政分担多的话，市场会解读为执行力度会更强，效果可以部分对标2009年。

本周沪深300 指数上涨1.98%，家电指数上涨2.98%。从各行业本周涨跌幅来看，家电板块位列中信29 个一级行业涨幅榜的第1 位；从家电和其他行业PE(TTM)对比来看，家电行业PE(TTM)为13.73 倍，位列中信29 个一级行业排行榜的第23 位，处于较低水平。

2019Q1 机械行业跑赢大盘，估值依然偏贵，行业内个股表现不一。我们认为机械行业春季围绕开工旺季、减税、科创和 MSCI 等关键词展开。宽信用和地方政府债券支撑，基建触底回升，迎来春季开工旺季。制造业减税降费有望刺激制造业的复苏。MCSI 提振、科创板映射提升行业估值。 

随着机械装备制造的龙头企业在国内市场获得优势地位，并且逐步提升全球化经营水平，我们认为需要更多的站在全球视角下去分析。在本篇报告中，我们以工程机械为例，讨论三一重工在全球市场的发展阶段、核心竞争力和长期拓展空间。 

2018 年下半年以来，政策面上定调加大基建投资力度以抵御宏观周期波动；汽车及家电的消费刺激政策呼之欲出，对机械行业的提振效果将逐步显现；中美贸易谈判虽未有定论但形势良好。建议在成长性和景气度良好的行业中去选择拥有技术壁垒、市场优势、盈利能力优异的上市公司。

移动机器人在驱动控制器、系统、传感器等核心部件上，依然高度依赖国外品牌。 中游：“个性化服务+高性价比”推动产业快速发展。移动机器人消费者大多价格敏感。提供高性价比产品的中游企业极受市场欢迎，产业持续快速发展。 下游：人口红利降低与新兴领域发展造就 AGV 高需求。我国长期低出生率导致人口红利降低，加上新兴行业的兴起，移动机器人的需求愈发旺盛。 

随着我国经济下行压力加大，基建投资补短板力度有望提升，轨交行业由于主要依靠财政投资，具有明显的逆周期特征，在中央提出强化逆周期调节和实施积极的财政政策的情况下，轨交行业投资强度有望再次超预期，同时下游运输需求以及城镇化率的提高也将倒逼轨交行业的快速发展，建议关注核心标的中国中车。

2019 年 1-2 月制造业固投增速（5.90%）环比下滑，不过较去年同期仍有小幅回暖。分行业来看，自动化设备的主要下游电子设备制造等行业固投增速下滑明显。不过2019 前两个月工业技术改造累计投资增速上升至 19.5%，为近年来增速的高位，或反映设备更新升级需求趋势。2019 年 2 月新订单 PMI 指数回升至 50.6%，在连续下行 6 个月以后首次回升且突破荣枯线，或在一定程度上反应制造业需求的回暖。

4台核电机组获得核准，标志核电时隔三年正式重启！今年 1 月 30 号漳州、惠州 4 台华龙一号核电机组获得核准，时隔三年核电正式重启，验证了我们去年年中以来的判断！审批后还需要通过安全评审，之后即可浇筑第一罐混凝土（FCD），正式开工建设，乐观估计 19 年上半年可完成 FCD。