国企改革在我国向社会主义市场经济转型过程中居于核心地位，随着国企改革“1+N”文件体系的基本完成，国企改革进入发展快车道。混合所有制改革是国企改革的重要突破口，而资产证券化是实现混改的最主要途径。在国有资产中经营性国有资产是资产证券化的重点，具有优质资产但整体上市比例较低的国家电网公司产业集团值得关注。国家电网公司的混合所有制改革将迈出实质性步伐，优质资产注入上市公司将进一步提升上市公司盈利能力，将带来新的投资机会。

贝特瑞是专业从事锂离子电池正、负极材料的研发、生产和销售的国家高新技术企业，是全球负极材料之王。公司成立于 2000年，于 2015 年 12 月 28 日在新三板挂牌上市，是国内第一家将天然石墨深加工产品用于锂离子电池的企业，经过十余年潜心耕耘，公司成长为全球锂离子电池负极材料最大供应商，锂电负极销量全球占比 30%，锂电负极产能占国内市场 30%。同时公司积极布局锂电正极材料的研发和生产和销售，锂电正极营业收入占比不断攀升。2017 年上半年公司实现营业收入 12.68 亿元,同比增长 32.87%，实现归母净利润 1.55 亿元，同比能长 21.81%。

燃油车推出时间表推出、“双积分” 政策的可能落地都对新能源汽车的发展提供了政策保障。在新能源汽车的三电产业链中，电机电控因不同于电池存在技术路线之争而受益确定性最大，预计到 2020 年驱动总成（ 电机+电控）市场规模可达 300 亿元。

Pressure regulators modulate or reduce the fluctuating supply (or inlet) pressure to obtain the desired outlet pressure. This process is the primary functionality of pressure regulators. A pressure regulator consists of three primary functional elements:  A pressure-reducing or restrictive element, which is often a spring-loaded poppet valve.  A sensing element that is typically a diaphragm or piston.  A reference force element, which is most commonly a spring. Many factors should be considered while choosing a pressure regulator. The primary factors include operating pressure ranges for the inlet and outlet, flow requirements, the type of fluid, and expected operating temperature range. Other factors include appropriate material selection for regulator components, including seals, as well as the size and weight constraints.

Leaf blower is a cleaning equipment used to blow dry leaves off the roads, tracks,fields, and other such areas to keep them free of leaf litter.Increasing urbanization is one of the main factors for the growth of the global leaf blower market. With an increase in residential and commercial construction, the demand for landscaping services is also growing worldwide. The need to provide an aesthetic appeal to residential and commercial properties for recreational as well as official activities has increased the popularity of landscaping. This has, in turn, led to an increase in demand for garden equipment like leaf blowers.Gas leaf blowers are popular in the market, especially among professional gardeners.Electric leaf blowers are also available and are more eco-friendly and lightweight compared to gas leaf blowers. However, gas leaf blowers are more powerful than their electric counterparts and are, therefore, dominating the market. The market has alsobeen witnessing an increase in penetration of the leasing and renting concepts,especially in the US. Users prefer renting garden equipment over buying new equipment, which will have a negative impact on the growth of the market during the forecast period.

Lighting systems are mainly used for providing visual convenience during night travels and for representing different signals in a locomotive. Lighting systems for locomotives are different from the conventional lighting systems used in automotive, aircraft, or marine applications. Front lighting systems developed for locomotives must be able to function effectively in harsh weather conditions like snow and fog, wherein the possibility of the light lamp getting covered by snow or ice is high. In addition, the locomotive headlamps are subject to vibrations from the locomotive. Hence, the locomotive front lighting systems are made to withstand vibrations and provide illumination as well as signaling. The European Commission has formulated a number of regulations governing the electronics used for locomotive lighting systems and luminosity of the locomotive headlamps.

A hybrid street lighting system is a standalone outdoor lighting system used to illuminate an open area or a street. The hybrid street lights are powered by solar and wind energy.The hybrid street lighting system typically consists of a compact fluorescent lamp (CFL) or light-emitting diode (LED) fixed inside as a luminaire, which is mounted on a pol.

The global automotive industry is experiencing a significant change in terms of electric power steering systems that are increasingly replacing hydraulic power steering in vehicles. Electric power steering system is an improvement over hydraulic system in many ways. They eliminate the use of power steering pumps, improving fuel efficiency in vehicles. It provides more precision and a refined feel, which hydraulic system cannot match. When the thrust of the innovations in the automotive industry is in speed, safety, and fuel efficiency, it is evident that technologies such as electronic power steering systems will eventually capture the market rendering the old technologies obsolete.This report covers the present scenario and growth prospects of the global electric power steering market for 2017-2021. To calculate the market size, the report considers the sales of passenger cars and light commercial vehicles (LCVs). In addition, the report discusses the major drivers that influence the growth of electric power steering in the global market. It also outlines the challenges faced by the operators and the market at large, as well as the emerging trends.

Locomotive engine suspension: The locomotive suspension comprises the system of springs, suspension, and linkages that connect a vehicle to its wheels. It serves two purposes, namely improving vehicle's handling process and braking for good active safety and driving pleasure. The suspension keeps the passengers isolated from vibrations, noise, and road bumps.The locomotive suspension market is segmented by coil springs and dampers.

A connector is a device that transmits electric signals either from the power source to the electronic equipment or connects the internal controls of a machine. It forms a medium of communication between different systems and components by connecting electric circuits with each other. Connectors are widely used in most of the following industries:

Industrial brush: An industrial brush is a power tool accessory, which is used for surface conditioning and for other applications such as surface preparation and deburring.Technavio covers the present scenario and growth prospects of the global industrial brush market for 2017-2021. The market size has been calculated based on demand for industrial brush during the forecast period. The end-users considered in thereport are automotive, aerospace, construction and utility, and others, including agriculture, food processing, metal finishing, and woodworking.

An electric vehicle (EV) motor controller is a device that is used to control the torque produced by electric motors by regulating the energy flow between the motor and power sources.These devices help motors produce the torque based on the level of acceleration.The adoption of green vehicles is increasing globally with the growing stringency of environmental regulations on greenhouse gas emissions. The incorporation of electric drivetrains instead of conventional internal combustion (IC) engine vehicles in EVs eliminates tailpipe emissions, especially carbon dioxide emissions. This has pushed original equipment manufacturers (OEMs) to direct their focus on EVs and its supporting infrastructure. In addition, a general shift of buying behavior toward EVs in certain regions is accelerating the demand for such vehicles. This is due to the reduced cost of ownership and increased availability of supporting infrastructure in the form of charging stations.

Loudspeakers are electroacoustic transducers, which converts electrical audio signals into corresponding sound.This report covers the present scenario and the growth prospects of the global speaker market for 2017-2021. The report explains the market with a detailedforecast of its revenue.To calculate the market size, the report considers the revenue generated from the sales of loudspeakers by location, type, and geography. It also covers key vendors,factors helping them to grow in the market, and challenges hindering the growth.

An industrial lead-acid battery is basically a lead-acid battery designed to frequently deep discharge using most of its power capacity. An industrial lead-acid battery provides a steady amount of current over longer durations.This type of battery not only delivers a power surge when needed but also deeply discharges repeatedly.The global industrial lead-acid battery market, which was valued at $7.622 billion in2016, is projected to reach $9.912 billion by 2021. The market is expected to grow at a CAGR of 5.39%.

我们认为小家电行业目前正处于消费升级周期，我们看好未来小家电行业的消费升级，推荐中式厨房小家电龙头九阳股份、苏泊尔、美的集团，西式厨房小家电龙头新宝股份，个人护理小家电龙头飞科电器，家居清洁小家电龙头莱克电气。 

目前海立股份拥有 2000 万台空调压缩机产能，2016 年公司实现 1700 万台空调压缩机销售量。目前行业内自配套销量占比超过 6 成，海立压缩机在非自配套市场以 30.2%市场份额位列第一。 

中国市场内部差异化明显，经济基础、人口分布的不同，品牌战略交叉推进。我们认为，家电行业细分龙头执行多品牌战略更为明确，目前已经初步形成了低中高的品牌定位层次，更有助于实现市场需求与公司经营业绩的平衡。互联网时代的品牌战略与品牌营销息息相关，是重要的未来发展方向，也能为市场长期增长提供的充分的市场边际。 

6月下旬以来，家电板块表现较弱，处在震荡下行的阶段。虽然整体跌幅有限，但由于市场整体表现强势，相对收益较差。7月份以来，市场风格有了显著变化，主要是金融和周期板块表现优异，尤其是周期板块，短期间涨幅就超越了家电上半年的积累。

本篇家电电商专题报告主要回答 3 个市场最关心的问题：1）家电行业中电商渗透率如何？重点公司线上如何布局? 2）未来电商渠道占比是否还有提升空间？取决于哪些因素？3）电商比例提升后，是否会削弱家电企业渠道议价力?线下经销商利益如何平衡？ 

对于锂电池设备行业，强周期性特征决定了下游电池厂边际变化带动的设备订单加速变化，2015-2017 年国内锂电池设备市场年均复合增速100%，而电动汽车的全球化和电池产业国产化，将我国锂电池设备市场需求空间扩大很多倍。我们认为先导智能已成为动力电池行业公认的锂电设备龙头，新嘉拓、东莞雅康、浩能、大族激光（新能源业务）、东莞超源、东莞李自动化等也受到客户普遍认可，A 股重点推荐关注先导智能、大族激光、赢合科技。