The aircraft industry is experiencing considerable demand for various technologically advanced equipment. The inclination curve of air travel is continuously climbing across geographies forcing the manufacturers of aircraft to provide an increased number of aircrafts such as fixed-wing and rotary-wing. On a global scenario, commercial air passenger is expected to maintain a continuous growth over the years, irrespective of numerous challenges faced by the commercial airlines such as aviation fuel price, and other monetary changes in various countries. However, these challenges are succeeded by the growth of several passengers across the world. In the aviation sector across the globe, the quest for advanced technology, robust systems, and rugged products are ever rising. The technological advancements in the field of aircraft are positively accepted by the developed countries as well as developing regions. The procurement of technologically advanced aircraft has bolstered over the years, flourishing the aircraft component manufacturing market.

The construction sector revenue in GCC has increased over the few years. With the increasing urban and rural population housing needs and rapid diversification of region’s business from the in-house giant oil and gas industry to tourism and other sectors, the demand for construction activities in the region for residential, industrial, and commercial buildings has picked pace since the recent past. It is expected that the GCC region will spend about USD 480 billion over the next four years, out of which, more than 60% is allocated for infrastructure projects. Although oil and gas sector remains the major contributor for the GCC’s GDP, the economic policies and vision of these countries is aimed toward economic diversification.

Mining is a composite industry. Extracting raw material of different shapes, sizes, and chemical compositions from the earth’s crust and transforming it into a standardized and high-quality final product is a challenging process and has pushed the industry to opt for solutions that improve its efficiency and productivity. Typically mines are located in remote areas and adopting automation helps in resource utilization in a better manner. Automation plays an indispensable role in the mining industry to achieve such strategic goals. However, for the majority of those in the mining industry, automation is a much more comprehensive concept than regulative systems, supervision, and instrumentation. Automa tion can cover the geological/ geographical information systems sof tware to autonomous machines and from mine execution software to optimization or expert systems.

Batteries have the capability to tackle one of the most important social, economic, and scientific challenges of the 21st century, i.e., the ability to store electrical energy for decentralized stationary or mobile applications. • As of 2018, approximately 85% of the total global consumption of lead went into the production of lead-acid batteries. Lead-acid batteries remain the lowest priced and most widely used rechargeable batteries in the automotive and industrial sector, across the Asia-Pacific region. Currently, these batteries are the only available mass-market technology for SLI applications in conventional vehicles, including those with basic micro hybrid systems. Moreover, the usage of an increasing number of automobiles in the region is expected to drive the demand for lead-acid battery in the coming years.

Lenses are continuously evolving to accommodate the needs of video capture, sensors are emerging in new sizes and designs, and Wi-Fi connectivity is being enabled in cameras. While the fundamental laws of optics will not change, there is a lot more to a camera lens, than just the glass elements and the zooming features. Both electronics and mechanics play key roles in the performance of a camera. With the advent of contrast-based autofocus in interchangeable lens compacts, the lenses of these systems have developed more robust communications with the camera bodies.

The automotive transmission system has many advantages, apart from performing the simple purpose of transferring an engine's power to the wheels. Some of the advantages of automatic transmission vehicles are: They are simple and easier to use as it reduces the burden on the driver. Automatic shift of gears is faster and more accurate than most manual, as manual transmission shifting involves several degrees of driver movement, offering opportunity for mistakes and mis-timings. Due to higher planetary gear system in automatic transmission vehicles, surface contact between the gears increases, thereby, torque load spreads out over a greater area and reduces breakage.

The global commercial high-speed hand dryer market has witnessed a diversification with regard to the technology used in the past few years. The hand-drying system first presented in the global market was almost 100 years ago. Over the past few decades, the market has witnessed the introduction of disruptive technology used in commercial hand dryers. One such technology is the use of jet-speed air in hand dryers that were introduced in the market in the late 1980s by Japanese leader Mitsubishi Electric. In recent years, the market is witnessing several innovations; one such innovation is the development of smart hand dryers in the market.

According to Eurostat, over 75% of inland cargo transports within the European Union, i.e., about 1,750 billion metric ton-kilometer (tkm), travel by road. In some European countries, this percentage goes as high as 90%, or more. ■ As a result, the demand for commercial vehicles has been continually increasing in the region, owing to the growing logistics industry and increasing usage of light commercial vehicles, such as vans (for ride hailing services). The underlying factor driving the growth of the light commercial vehicle market in Europe is the increased preference for pickup trucks and small vans, over heavy-duty trucks and railways, for logistics. Thus, the demand for lightweight vehicle components to integrate into light commercial vehicles is expected to grow significantly, during the forecast period. This, in turn, is expected to augment the demand for high-pressure die casted products, like fuel filters.

North America has witnessed a surge in the demand for large round balers in recent years with the United States majorly contributing to the demand, followed by Canada. According to Survey conducted by K-State Research and Extension (Research division of Kansas State University), 72% of the farmers in southern Kansas region use large round balers as their primary hay baler. The large rectangular or square balers retain moisture for longer period, which is a disadvantage for producing quality hay through heating and degradation. In contrast, the technological developments in round balers, such as solid plastic bale wrappers, which wraps the baleage in plastic for ready storage. Self-propelled baler prototypes have been attracting a host of farmers, across the region.

电新：（1）风电：我们预计陆上风电2020年量利齐升，海上风电持 续抢装;（2）光伏：我们预计光伏2020年国内需求将重回高景气。 机械：看好光伏和锂电设备 。我们预计光伏设备3Q开始业绩进入拐 点期，硅片设备采购高峰即将到来，电池片设备技术迭代速度加快， 板块有望迎来双击，推荐晶盛机电、捷佳伟创。

过去几年，P-PERC 等技术变革带来的红利推动了度电成本的显著下降与行业的 一轮大发展，当前，光伏产业正处在新一轮技术大发展的前夜，其中，高效电池 与大硅片可能是未来几年最有希望获得突破的方向，其在众多高效电池技术路线 中，HIT 具有一些突出的物理特性和优势。近几年，国内外部分企业开始HIT 电 池的商业化尝试与推广，当前的主要矛盾是PECVD 等核心装备的可用性，再之 后可能是继续提高效率与耗材降本。综合产业端的现状，我们认为HIT 电池产业 化在加速，并且可能正在酝酿着突破。

19 年 11 月，锂电池指数上涨 1.87%，新能源汽车指数下跌 0.79%，而同期沪深 300 指数下跌2.94%，锂电池指数跑赢沪深 300 指数。

根据淘数据显示，11 月线上整体表现较佳。其中空调行业龙头以价换量促销效果明显，三龙头销量同比均超过 200%，份额提升明显，行业格局优化。厨电 “双 11”活动+竣工带动，终端景气度有所改善，伴随竣工增速的逐步改善，厨电行业实现筑底回暖。 

历史来看，家电板块2008年至今12年间其中有7年获得绝对收益，有9年跑赢沪深300取得相对收益。今年截至12/6收盘，在A股各行业中收益排名第3，取得相对及绝对收益。 

2019 年居民消费减速换挡，增速由 2017 年 10%的波动区间转向 8%的波动区间。家电行业受到空调库存、房地产周期、小电新品开发周期等因素影响，限额以上家电零售增速由 2017 年 9%的波动区间降低至 2019 年 5%左右的波动区间，平均增速低于社零增速近 3pct。

年初至 12 月 4 日，板块累计上涨 51%，领先沪深 300 同期涨幅（28%）。2019 年行业需求好于前期悲观预期，经营上、股价上头部公司强者恒强，三大白电龙头实现了收入个位数增长，估值中枢上升至 2012 年以来区间中位。“基本面好于 2018 年底悲观预期+中长期资金增加”推动核心股票估值上行，带来超额收益。 

2020 年制造业具有景气度恢复、政策上有红利、估值和配置仓位处于历史低位 的三大优点，预计大概率具有明显超额收益。我们从全球视角的比较优势、行 业竞争格局、短期催化因素等三个方面构建中信证券第一期制造业精选组合， 合计涉及6 个行业、30 家公司。

2019 年 1-10 月固定资产投资累计同比增长 5.20%，相对上半年有所下降，其中基建/ 房地产/ 制造业/ 采矿业投资分别同比增长3.26%/9.60%/2.60%/25.10%。

进入 2019 年四季度以后，以白电龙头为代表的公司加快了价格促销的力度，我们认为，价格战会加速行业龙头的集中度，中小企业的生存更加困难，强者恒强格局加剧。

电池：（1）由于第一梯队优势明显，持有龙头资产是攻防兼备的最佳选择。（2）由于消费电池具备更高的利润率、更好的现金流，重点关注兼具动力、消费高成长的标的。