1～6 月，机械工业重点联系企业累计订货额同比下 降 7.72%，降幅较 1～5 月（-8.85%）收窄 1.13 个百分点；工业销售 产值同比下降 2.17%，降幅较 1～5 月（-3.25%）收窄 1.08 个百分点； 全国规上机械工业企业营业收入 105251.48 亿元，同比增长 1.29%， 较全国工业低 3.42 个百分点；利润总额 6195.37 亿元，同比下降 8.58%，较全国工业低 6.19 个百分点。1～7 月，主要产品产量同比 增长品种数持续下降；受中美贸易摩擦影响，机械行业主要产品进 出口额同比表现为负增长；固定资产投资同比增速出现回稳。

高端装备制造业绩效保持增长，1～7 月，营业收入 同比增长 8.9%，利润总额同比增长 26.5%。同期，高端装备相关行 业投资继续下降，累计同比下降 10.4%。智能制造方面，7 月，我国 工业机器人月度产量同比继续下滑，降幅为 7.1%；当月，国内机器 人行业融资事件共 10 个，较上月增加 5 个。

Pin and sleeve devices are widely used in residential, commercial, and industrial application as medium to flow electricity from circuit to device. Various industries including automotive, manufacturing, oil & gas, energy & power, and others widely use pin and sleeve devices in multiple applications, as these devices offers safe connectivity, high durability. It also provides suitable result in abusive environments. The scope of the report discusses the potential opportunities for the market players to enter the U.S. pin and sleeve devices market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.

For the purpose of this report, the tractor and other machinery used in agricultural operations has been considered. The tractor used for industrial and construction purposes are also excluded from the study. The report presents an in-depth analysis of the market share, size, and trends of the African Agricultural Machinery market. The market operates at a B2C level, and market sizing has been done at the consumer level.

The industry value chain, ranging from oil to plastic products, is becoming increasingly complex, as many countries are setting up stringent quality standards concerning the commercial use of plastics.

Pin and sleeve devices are widely used in residential, commercial, and industrial application as medium to flow electricity from circuit to device. Various industries including automotive, manufacturing, oil & gas, energy & power, and others widely use pin and sleeve devices in multiple applications, as these devices offers safe connectivity, high durability. It also provides suitable result in abusive environments. The scope of the report discusses the potential opportunities for the market players to enter the U.S. pin and sleeve devices market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.

Lubricant products are made from the combination of base oils and additives. The composition of base oil, in the formulation of lubricants, is primarily from 75% to 90%. Base oils possess lubricating properties and make up to 90% of the final lubricant product. Base oils are primarily categorized into five groups. The first three groups are based on mineral oils, and the fourth and the fifth group are based on synthetic oils. All the five groups are distinct from one another, and are made from different formulations that cater to a specific application. Paraffinic mineral oil, which represents the first three groups, is considered to be of better quality than the oils of naphthenic (group V), and is used highly in the production of lubricants.

8-9 月，市场主要指数呈现前低后高走势，食品饮料、生物医药及国防军工等板块涨幅居前，电气设备板块收跌 1.4%，表现居行业第 12 位。电气设备各子板块中，新能源板块市场表现居前，光伏行业正经历洗牌阶段，海外高景气需求及国内需求触底反转的预期，对市场表现有较强提振，风电招标量持续高增长提升了业绩确定性，新能源板块配置价值依旧。

9月11日，中汽协发布2019年8月份汽车产销数据，新能源汽车8月份产销分别为8.7万辆和8.5万辆，比上年同期分别下降12.1%和15.8%。2019年1-8月新能源汽车产销分别完成79.9万辆和79.3万辆，比上年同期分别增长31.6%和32.0%。其中，新能源乘用车8月销量同比下降11.4%，而环比增长19.0%，虽然相比7月同比下滑9.4%幅度有所扩大，但环比增速开始提升，市场恢复态势良好，短期仍须等待年底旺季车市景气恢复。 

9 月 24 日，国网发布了 2019 年第二次电能表（含用电信息采集）招标采购公告，共计招标电能表（及采集设备）3635 万只，同比增长 10%， 2019 年前两次招标 7652 万只，同比增长 35%。 

截至本报告期末，电气设备指数 2019 年累计涨幅 21.63%，沪深 300 指数同期涨幅 30.72%。最近一年,电气设备指数涨幅为14.01%，沪深 300 指数涨幅为 15.40%。行业整体 PE 估值回升至28.79 倍，行业整体企业估值倍数（EV/EBITDA）为 16.66 倍，略高于历史均值，处于中性水平。 

个股方面，建议积极关注白电龙头美的集团以及未来分红率和股息率有望保持较高水平的格力电器。小家电领域建议积极关注具备品牌和品类扩张优势的龙头苏泊尔，同时产品力显著提升的九阳股份，以及充分受益于汇率贬值、摩飞自主品牌持续超预期的新宝股份。

8 月新能源车产销量分别为 8.7/8.5万辆，同比分别-12.1%/-15.8%，环比+2.9%/+6.4%；其中，EV 乘用车产销分别为 6.8/6.3 万辆，环比+31.8%/+30.7%；PHEV 乘用车产销量环比 -28.7%/-11.5%，销量占比 20%，环比-8.4pct。纯电 AOO/A0/A 级及以上车型销量分别为 17884/6685/32224 辆，占比分别为 31%/12%/57%。A、B 级纯电动及插混 C 级增长较为明显。新能源车销量环比回升主要系行业逐步消化补贴退坡透支影响。

MB 标准级钴、合金级钴报价分别为 17-18 美元/磅、17.25-18.4 美元/磅，分别上涨 0.50 美元/磅、上涨 0.05 美元/磅；根据 Wind 数据，长江有色市场钴平均价为 30.00 万元/吨，涨幅为 4.53%。 

受 6 月 26 日正式实施的补贴退坡政策等因素影响，新能源汽车 7、8 月产销量连续两月出现下滑，整车销量下滑也导致整个新能源产业链投资的低迷。一方面是对销量持续低迷的担忧，一方面是电动化确定性的大趋势，在当前补贴退坡环境下，我们怎么看锂电设备行业？如何探寻产业链的投资机会？——本系列报告将作出详细解答。

据汽车之家报道，此前一直处于修订中的《深圳市网络预约出租汽车经营服务管理暂行办法》已经得到深圳市政府相关部门的通过。修订后的《办法》明确规定，新注册的网约车必须为纯电动汽车。

2019H1 新能源乘用车实现销量 57.32 万辆，同比增长 61.95%，Q2在同期抢装的高基数影响下，同比增长 35.90%，增速回落，随着销量规模进入百万级别，增速中枢将从 70-80%下滑至 20-30%。车型结构维持升级特征，A 级车为最大细分车型。非营运需求高速增长，出租租赁表现更为亮眼，2019H1 占比已提升至 29.9%，相比 2018H1 大幅提升 17.9pct。 

2019 年 8 月，国内新能源汽车销量环比 7 月略有回暖，同比仍有所下降；光伏国内需求同比下滑，海外需求持续景气；风电需求稳中有升。维持行业强于大市评级。 

上周（0916-0920）上证综指下跌 0.82%，深证成指下跌 0.39%，中小板指上涨 0.25%，创业板指下跌 0.32%，沪深 300 指数下跌 0.92%，锂电池指数下跌 0.98%，新能源汽车指数下跌 1.64%，光伏指数下跌 0.63%，风力发电指数下跌 3.00%。 

光伏行业兼具成长与周期属性：过去15年政策频繁波动，但行业展现出旺盛的生命力。同过去十五年，全球光伏装机量从2004年的3.44GW增长至2018年的486.08GW，年均复合增速42.42%。同时行业也有很强的周期属性，主要体现为需求周期、产能周期和技术周期，补贴时代需求周期本质是政策周期，产能周期受到需求周期和企业盈利、技术革新的共同影响，行业有周期但是技术革新带领优质龙头公司穿越周期。