个护家电行业指的是生产和销售用于个人护理、家庭清洁和厨房烹饪等领域的电器产品的产业。这些电器产品包括但不限于电动牙刷、电吹风、剃须刀、洗发水、洗衣机、空气净化器、除湿器、电烤箱等。个护家电行业的目标是为消费者提供更加便利和舒适的生活体验，同时也能提高生活品质和卫生水平。随着科技的不断发展和居民生活水平的提高，个护家电行业也在不断创新和发展，成为电器行业的重要组成部分。

Equipment Type: Surface cooking tops, gas (one or more burners) Industry: Major appliance manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Rechareable battery-oper. incandescent hand portable lighting equip. Industry: Lighting fixture manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Power switching equipment, indoor and outdoor, excluding structures Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Parts for nonelectric water heaters Industry: Major appliance manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Storage batteries other than nickel cadmium or lead acid Industry: Battery manufacturing

Equipment Type: Power circuit breakers, all voltages Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Surge suppressors, industrial use Industry: All other electrical equipment and component manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Solid state motor controllers (all voltages) Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Solid state motor controllers (all voltages) Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Parts for nonelectric water heaters Industry: Major appliance manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Parts for dishwashing machines Industry: Major appliance manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

机械Q3 策略核心：1）我们强调当前基本面的边际变化更为重要，原因系我们估计中报行情相对失效，板块性超 预期情况少，因而我们的核心策略是关注【没涨】+【边际变化】的标的，基于此我们新增光伏新技术、杰克股份 等相关标的；2）10 月份的一带一路峰会为接下来重要的核心催化剂，我们认为，一带一路国家的工程机械市场 显著大于国内/欧美/日本市场，此外石化炼化市场为重要增量，看好三一重工/徐工机械/中联重科/恒立液压等，建 议关注柳工/海陆重工/福斯达等。

本篇报告聚焦机器人灵巧手，主要探讨灵巧手的演变历程、分类方式以及未来有可能的发展方向。

我们认为首先继续持续推荐今年潜在的大风口: 产业链安全。中央、国务院近期各项重要会议都对产业链安全、高端制造等领城有更强的关注和推动。中长期看，供应链安全在总体国家安全观、政策引导、产业链上下游一致认同、国产化经济性好、国产技术积累突破节点到来等多重逻辑共振下，行业逻辑硬、内生推动力强,很长一段时间内都将会是我国高端装各制造业向制造强图突破的关键点。

事件：7 月24 日中共中央政治局召开会议，会议明确：“要切实防范化解重点领 域风险，适应我国房地产市场供求关系发生重大变化的新形势，适时调整优化房 地产政策，因城施策用好政策工具箱，更好满足居民刚性和改善性住房需求，促 进房地产市场平稳健康发展。要加大保障性住房建设和供给，积极推动城中村改 造和“平急两用”公共基础设施建设，盘活改造各类闲置房产”。

基于新兴产业和国产替代的逻辑:2023下半年，继续重点布局人形机器人、工业母机。特斯拉人形机器人在AI技术加持下加速推进，在终局2C端定位和降本诉求背景下，国内人形机器人产业链迎来机遇，重点推荐产业链相关的减速器、电机、丝杠、传感器等核心硬件赛道。同时，工业母机在补链强链背景下，政策预期持续强化，继续推荐以核心零部件为代表的工业母机核心品种。

光伏:根据国家能源局数据，6月国内光伏新增装机量17.2GW，同比+140%，环比+33%;展望Q3，我们认为光伏主产业链价格将完成探底企稳，从而带来更多装机需求的释放，三季度光伏行业有望呈现量增价稳的运行态势。从细分市场来看，我们认为海外市场和分布式市场渠道和品牌溢价更强，价格接受度更高。风电:二季度陆上风电交付受多重因素影响略有延迟，不改下半年放量趋势，7月主机厂发货预计环比显著提升，8月零部件发货情况有望显著好转。年初开工的海上风电项目建设整体顺利，广东、福建等地陆续启动新一轮海上风电竟配，下半年海风招标、开工有望集中释放。今年以来欧洲海风竞配、招标快速推进，23-24年有望迎来设备招标高峰期中国风电龙头有望充分受益。

新型电力系统加快建设，新能源发电消纳日趋重要。2011-2022年， 太阳能、风电的发电装机容量占总装机容量的比重逐年提升，截止 2022年，太阳能、风电的发电装机容量占总装机容量的比重达29.6%， 较2021年提高2.9个百分点。截至今年6月，太阳能累积发电装机容 量达到471GW，为仅次于火电的第二大装机容量的电源。随着太阳能、 风电装机规模的不断快速提升，将给电网安全性和稳定性带来挑战， 随着大规模新能源装机并网发电，新能源电力消纳问题不可避免。

1)虚拟电厂是聚合用电侧的分布式发电储和其他可控负的一种新型电力市场主体，将发电侧与用电侧关系从"源随荷动变为“源荷互动，当电力供给紧张时用户可主动减小用电负荷，当电力供给过剩时可主动增大用电负荷，使电力用户具备"源荷”双重身份。2) 虚拟电厂具有缓解电力供需矛盾、促进新能源消纳、服务用户开展多元化用能服务三大主要作用。3)从发展阶段看，拟电广可分别邀约型、交易型和自主调动型三类，国外对于虚拟电厂的示范和推广较早，目前主要类型为交易型和自主调动型，国内对于虚拟电厂的示范始于2015年，目前以邀约型为主4)虚拟电厂(VPP)需求响应(DR) 微电网(Micro-Grid)关系辨:虚拟电厂是需求侧响应的延伸，需求侧响应是虚拟电厂的初级阶段，虚拟电厂是用户侧概念，无法孤岛运行，微电网同时具有电源和用户资源，可孤岛运行。