市场表现平淡，估值趋于合理。7 月，周期股领衔市场涨幅，电气设备板块指数跌幅-0.1%，市场表现居全行业 15 位。横向对比，全 A 股市盈率中位数 47.23 倍，电气板块估值居市场中等偏高水平。纵向对比，电气设备板块市盈率中值 49.31 倍，略低于历史均值。

本周，中汽协披露 7 月份产销量分别为 5.9 万辆和 5.6 万辆，同比增长分别为 52.6%和 55.2%；2017 年前 7 月累计产销分别为27.2 万辆和 25.1 万辆，同比增长分别为 26.2%和 21.5%。其中，新能源乘用车销售 4.4 万辆，环比上升 2.5%，同比增长49.5%；而新能源商用车销售 1.2 万辆，环比下降 23%，同比增长 79.4%。

欧洲电网从分散到统一，由2009年之前的六大输电运营商联盟各自独立，到2009年之后形成高度集成化互联电网： ①2009年以前，欧洲有爱尔兰、英国、北欧、欧洲大陆、波罗的海五大输电运营商联盟和一个欧洲输电运营商联盟负责前面五大电网的协调规划和运行。②2009年以后，受欧盟条例规定，六大运营商联盟合并，电网集成化程度高，至今总装机容量10.54亿千瓦，已覆盖34个国家，7亿人口。③欧洲加强互联电网支撑可再生能源消纳，加快风电、太阳能等可再生能源的国际间开发利用。

今年工控复苏趋势仍将延续，工控行业长期增长趋势已定。2016 年一二季度工控行业延续 2015 年的下行趋势，到三季度下降 1%，四季度增长 6-7%，出现了明显拐点。今年上半年前两个季度行业分别同比增长 11.2%和14.3%，复苏趋势良好，预计全年行业将持续回暖。同时，叠加 PMI、工业增加值、工业用电量等数据，验证工控行业复苏趋势基本确立。长期来讲，制造业自动化水平升级和进口替代将是我国工控行业的坚实增长逻辑。

截止 8 月 4 日，较 2017 年 7 月 28 日，上证综指上涨 0.27%，沪深 300 下跌0.38%。本周新能源车、锂电池、电力设备、光伏、风电、核电分别上涨-1.32%、-0.18%、 -0.60%、 1.04%、 0.60%、-0.88%。本周领涨股有同济科技（+21.9%）、融捷股份（+14.1%）、长高集团（+13.7%）、北京科锐（+12.0%）。

弃风率是影响风电新增装机的核心因素。回顾 2003 年以来的国内风电发展历程，可以发现弃风率是影响风电装机的核心因素。当弃风率处于高位时，开发商的投资积极性较差，且政策的监管力度加强，尤其是近年出台的红色预警机制，对于新增装机的影响较大，新增装机存在下行压力；相反，弃风率处于低位时，开发商的投资积极性较高，政策监管的约束也会消除，行业有望呈现较好的収展势头。

上周电力设备指数跌幅 0.48%，跑输沪深 300 指数 0.10 个百分点。输变电设备、电站设备、风电设备、光伏设备和核电设备的涨跌幅分别为-0.72%、 -1.13%、 0.71%、 -0.13%、 2.04%。上周涨幅前五的股票分别为融捷股份、长高集团、北京科锐、天龙光电、万马股份，周涨幅分别为 14.10%、 13.75%、 12.02%、 8.85%、 7.59%。上周跌幅前五的股票分别为正海磁材、中来股份、金利华电、中科电气、鲁亿通，周跌幅为-6.21%、-6.72%、-8.25%、-11.55%、-25.57%。

绿证是国家可再生能源信息管理中心依据可再生能源上网电量，通过国家能源局可再生能源发电项目信息管理平台，向符合 资格的可再生能源发电企业颁发的具有唯一代码标识的电子凭证。2017年 7 月 1 日，全国范围内开始试行可再生能源绿色电力证书核发和自愿认购，并将于 2018 年启动绿色电力配额考核和证书强制约束交易，其价格上限为证书对应电量的可再生能源电价附加资金补贴金额。

Presently, only two of the key players in the market offer smart room heaters with Wi-Fi connectivity: Jarden Consumer Solutions and Crane USA. We expect this number to grow considerably over the next five years as more consumers incorporate home automation technologies.The global room heater market in general faces high competition from centralized heating, ventilation, and air conditioning (HVAC) systems and room air conditioners that also have the space heating feature. Portable air conditioner products that offer space heating options also compete with portable room heaters. An example is Royal Sovereign's Multi-Season Air Comfort System - ARP-51400HA with Wi-Fi Control.Smart thermostat offerings in the market like those of Nest, tado°, and Evohome allow users to monitor and control the entire home heating system from one point.The growing use of these, therefore, poses considerable barriers to the growth of independent smart room heaters.

The report covers the present scenario and the prospects of the global tractor engine market for 2017-2021. To calculate the market size, the report considers the number of tractors sold. In addition, the report discusses the major drivers that influence the growth of the market. It outlines the challenges faced by the operators and the market at large, as well as the emerging trends. 

Smart plugs transform ordinary appliances into smart appliances. They are costeffective alternatives for smart appliances. The technology is expected to have a high penetration among millennials. The use of and dependence on devices that can be controlled remotely through a wireless connection is increasing globally, which is a key factor that is driving the smart plug market. The need for connectivity is increasing,especially because it allows consumers to control devices and perform tasks remotely.Smart appliances depend on wireless technologies like ZigBee, Wi-Fi, Z-Wave,Bluetooth, and NFC, as well as the Internet of Things (IoT) and OS like iOS, Android,Azure, and Tizen for consumer command and control.This report covers the present scenario and the growth prospects of the global smart plug market for 2016-2021.

In this report, Technavio covers the present scenario and growth prospects of the global smart water meter market for 2017-2021. The report also presents the vendor landscape and a corresponding detailed analysis of the major vendors operating in the market.A smart water meter, like a mechanical water meter, is connected to a data logger that continuously monitors the water consumption of a building or house. While traditional water meters only measure total consumption, and provides the information after a month, smart water meters can be connected to the Internet to record how much water is used and when it is being used. Smart water meter provides real-time information enabling companies and individual consumers to understand and monitor their water consumption.

A smart workplace is a concept that involves the integration of workplace technology within a physical office space with the employees or users of the system that facilitates financial optimization, increased productivity, and additional data regarding overall workplace and workforce performance for attaining operational efficiency purposes.For market sizing, the report considers the revenue generated from the installation of the following smart workplace components in both new buildings and retrofitting:Smart Heating, Ventilation, and Air Conditioning (HVAC)，Smart Lighting，Smart Security，Smart Thermostats，Smart Windows.

Through this Technavio report, the present scenario and the growth prospects of the global smart trash bin market for 2017-2021 have been covered. To calculate the market's size, the report considers the revenue generated through the sales of smart trash bins.For market sizing, the sales of products that have sensors for motionless operation have been considered. The market size does not take into account the sales of trash cans with connectivity features (Wi-Fi or any other wireless networking technology) since these products are largely planned to be launched in the coming years.Currently, the wireless connected feature is largely available in public bins, where the bins are procured from a different player and the wireless sensors are procured and maintained by different waste management players in the market (they both are not sold as one product).

Start-stop batteries are rechargeable vehicle batteries that work on a start-stop mechanism, and automatically shut off the engine when the car is idle, for instance,when the car has stopped at a red light. It automatically stops the engine when the car comes to a halt, and the battery powers all the electrical systems and devices such as air conditioning and the radio until the engine starts again. It starts the engine within a fraction of a second when the driver releases the brake. The advanced battery management system then decouples the alternator to charge the battery. The brake recuperation converts brake energy into electrical energy, which further charges the battery.In this report, Technavio covers the present scenario and growth prospects of the global start-stop battery market for 2017-2021.

This report covers the present scenario and growth prospects of the global telecom IoT market for the period 2016-2020. The report considers the average annual investment made by the major telecom companies worldwide on IoT technologies and solutions.The report incorporates business areas such as smart home, smart healthcare, smart manufacturing, and smart mobility. In addition, the report discusses the major drivers that influence the growth of the global telecom IoT market. It also outlines the challenges faced by vendors and the market at large, as well as the key emerging trends.

A solar water heater is an appliance that converts sunlight into renewable energy using a solar thermal collector. Solar water heating systems are of two types: active and passive.The market encompasses solar water heaters for three categories of end-users:residential, commercial, and industrial.The global solar water heater market is expected to grow steadily during the forecast period. The growth rate of the market can be attributed to the increase in the demand for solar water heaters worldwide. China, the US, and Germany are the key leadingcountries in this space. Factors such as the growing population base and a decrease in solar panel prices have a positive impact on the growth of the market. In 2016, the price of solar panels in the US reduced by about 60% compared to the previous year.

目前我国空气净化器市场行业集中度较低，按中怡康统计 CR3 仅为45%，且以国外品牌为主，但近年来，国产品牌表现出较快的增长势头，市场份额不断提升，同时新国标的出台将使国产品牌受益。推荐空气净化器相关的国内龙头，莱克电气、美的集团。 

我们深入研究了以库卡为代表的德国工业机器人产业崛起之路，梳理出行业背后的核心驱动力、催化因子及诸多利弊因素。我们详细分析了库卡的兴衰史实，试图通过优秀公司如库卡的所作所为透析优秀机器人公司的共有特质。

申万机械高频数据库显示，中游复苏持续，工程机械领域各项产品、高端制造领域的工业机器人、叉车等销量持续保持高增速；煤炭后周期持续发酵，煤机装备产值高速增长，煤炭开采和洗选业固投回暖，这些领域的中报业绩前瞻也验证了行业的复苏大超预期。同时，建议重点关注景气度确定向上的锂电设备领域和 3C 自动化领域。