电池盒作为全新增量市场，受新能源汽车市场高增的拉动而快速扩张，我们预 计 2020/2025/2030 年全球电池盒市场规模为 67/355/911 亿元，未来五年具备 5 倍空间，未来十年需求规模 CAGR 约 30%。首次覆盖电池盒行业并给予“强 大于市”评级，从客户储备及项目建设角度，建议关注凌云股份、和胜股份、 敏实集团、文灿股份、华域汽车、华达科技。

据不完全统计，全国共有1335家动力电池系统相关企业，从省市分布来看，前五省市为广东、江苏、浙江、上海、山东，累计占全国总数的61.65%。按区域划分，动力电池企业主要布局在华东，占比47.94%。

Solid-state transformer (SST) is an advanced power converter that offers bi-directional power flow, which makes use of power electronic components. These transformers are also known as solid-state transformers, such as universal power electronics, intelligent universal transformer, energy control center, and power electronics traction transformer. However, the most common term used to refer SSTs is smart transformers. The concept of solid-state technology has been getting attention in the recent years as a direct result of advances in power electronics, smart grids, and growth in application sectors such as renewable energy generation.

The dynamic cleaning equipment industry has witnessed a paradigm shift over the years in terms of trends and challenges across the globe. The cleaning industry is constantly evolving with micro and macro-environmental factors. It is also externally shaped based on the equipment and technology available in the market. With considerable upgrades in business models and operation techniques, the market will witness further traction supported by stringent protocols and corporate policies. The global cleaning equipment market was valued at approximately $26.01 billion in 2019. The professional cleaning equipment market was $8.69 billion, and that for the consumer cleaning equipment market approximately $17.32 billion in 2019. Highpressure washers accounted for a 10.39% share of the global cleaning equipment market in 2019. Accordingly, the pressure washers that form an integral component of the cleaning equipment industry are expected to grow 1.29 times during the forecast period. For battery-powered pressure washers, the contract cleaning market is expected to shape the growth during the next five years.

The target drones are unmanned vehicles that could be either airborne, marine, or ground. They are used to test and develop military systems, train military personnel on threat identification, and target elimination exercises on piloted combat systems, anti-aircraft systems, among others. These target drones offer cost-effective solutions for the militaries to test their weapons, sensor systems, early warning technologies, and combat training. Thus, several companies are investing heavily in developing innovative products that are highly reliable and efficient. A basic model of target drone might be a remotely piloted model aircraft that receives commands and instructions through a radio. However, the latest target drones are equipped with several payloads, each having a specific characteristic required for a particular mission.

Tower cranes are mostly fixed and offer heavy lifting and handling operations on very high heights. These cranes constitute of a vertical mast and an operating jib or arm, along with other components including, a counter jib, an operating cabin, slewing unit, hoist winch, and a hook, which assists in lifting and maneuvering heavy materials and goods efficiently. The report on the global tower crane market presents a detailed analysis of the trends, future estimations, and thorough study of the market on the basis of type, lifting capacity, end-user industry, and region.

The Food and Drug Administration (FDA) solely regulates medical devices in the U.S. to ensure their efficacy and protection for patients and users. Furthermore, the Center for Devices and Radiological Health (CDRH) of the U.S. Food and Drug Administration (FDA) is primarily responsible for premarket inspection of medical devices, while the Center for Biologics Evaluation and Research (CBER) oversees medical devices associated with blood collection, processing, cellular products, and tissues. The company involved in the production, packaging, marking, and/or distribution of medical devices sold in the U.S. needs to have FDA’s approval of their products. The level of regulatory authority over a medical device is determined by its classification into one of three risk categories: Class I, II, or III. The risk associated with Class I devices is the lowest, while the risk associated with Class III devices is the highest. As a result, the regulatory controls for Class I, II, and III devices differ.

一般而言，狭义的机床是指通过切削或轮磨等机型方式，将金属或其他材料工件制成所需的形状、尺寸及表面精度的动力装置。由于其精度、效率等技术指标都直接影响产品的质量与水平，因此机床行业的技术水平是衡量一国工业发展水平的重要标志。机床产品种类丰富，按照切削加工方式分类，“车铣刨磨镗”是最基础的设备产品。但近年来，随着下游复合加工的需求不断提升，具备两种及以上加工方式的加工中心日渐成为市场主流产品。而作为工业母机，机床下游应用领域极其广泛，包括航空、铁路机车制造、模具制造、电子信息设备制造、汽车制造、工程机械设备制造等领域。根据MIR的统计数据，19年，汽车、通用机械、3C电子、模具、航天航空对数控机床的需求占比分别为30%、27%、17%、7%、5%，汽车制造为数控机床的最大的下游应用。

二季度家电行业受原材料涨价和下游零售景气度较弱双重影响，业绩压力较大，基金重仓比例大幅下滑。展望下半年，成本压力有望边际改善，叠加地产竣工较好带来新增需求，板块景气度有望提升。白电行业龙头竞争力较强，能够享受行业格局稳定红利，建议关注白电龙头美的集团、格力电器、海尔智家。洗地机和集成灶等细分领域景气度较高，建议关注科沃斯、莱克电气、火星人。

投资建议：随着钠离子电池技术的不断进步、宁德时代入局推进钠离子电池产业化，钠离子电池产业链有望充分受益。建议关注：布局各大技术路线的电池龙头宁德时代；持股钠离子电池企业的华阳股份；受益于铝箔用量提升的鼎胜新材、南山铝业、明泰铝业、万顺新材；布局钠离子电池相关技术的翔丰华、容百科技、中国长城、欣旺达；钠资源企业中盐化工、南风化工、百合花等。

光伏是极致追求成本下降的行业，技术进步是核心驱动力。产业竞争格局逐渐从规模竞争向优势技术和规模效应相结合转变，效率提升亦对成本下降具有杠杆效应。规模门槛及持续的技术迭代将持续挖深护城河，领先的产能结构及N 型高效电池产能的持续投建是支撑头部公司盈利能力提升的核心驱动力。而作为第三方专业电池厂商，只有持续为组件客户创造差异化竞争力，才是继续做大做强的根本驱动力。

7月13 日，SEMI 在其《半导体制造设备年中总预测-OEM 视角》中预测2021 年全球半导体制造设备市场将同比增长34%至953 亿美元，并在2022 年将创下超过1000 亿美元的新高。7 月17 日半导体行业权威机构IC Insights 发布了2020 年底全球各地区芯片产能数据图，中国大陆晶圆产能以15.3%的份额位居全球第四。2020 年中国大陆首次成为全球最大的半导体设备市场，国产半导体设备迎来产能迁移的历史机遇，相对成熟的工艺环节（清洗、ATE）有望率先受益国产替代进程。据捷佳伟创官微报道，孙公司创微微电子已取得重要客户在槽式湿法清洗设备上的批量订单，并于2021 年7 月21 日成功交付3 套集成电路全自动槽式湿法清洗设备至客户进行批量生产。推荐具备充分替换进口设备实力的模拟ATE 龙头华峰测控。政治因素导致我国短期晶圆制造扩产集中在成熟制程，关注综合能力领先的IC 装备龙头北方华创（与电子组共同覆盖）。

考虑逆变器环节受光伏产业链价格影响小，我们认为光伏逆变器仍是产业链中确定性最高环节之一，由于芯片供应紧张，头部逆变器企业供货和竞争力或进一步强化。

上半年机械行业经历了工程机械的大起大落，通用机械的超预期景气，新能源和半导体相关设备的高速增长，以及检测等行业的持续成长等行情。我们在年度策略提出关注“内循环”和“外拓展”两条主线；在中期策略，我们将其细化为聚焦其中的优质赛道，去寻找双击的机会。

2021 年6 月19 日-2021 年7 月19 日，沪深300 上涨0.22%，机械板块上涨3.98%，跑赢大盘3.76 个百分点，在申万所有一级行业中位于第6 位，18个子行业4 跌14 涨，其中表现最好的5 个子行业分别为环保设备、磨具磨料、其它专用机械、机械基础件、冶金矿采化工设备，分别上涨17.42%、12.62%、11.61%、11.12%和7.60%。

家电板块2021Q2 公募基金重仓比例大幅下调至1.70%，环比2021Q1 下滑1.28pct，为近年来首次出现低配情况。从原因看，一方面家电行业从需求端看整体表现较弱，白电需求低于预期，厨房类小家电在高基数之下增长乏力；另一方面大宗原材料成本居于高位，导致盈利能力承压。基金持仓数据侧面反映市场已经充分消化板块的利空因素，长期看大家电板块仍有稳健增长，小家电领域创新层出不穷，后续随着需求逐步回升以及原材料价格边际回落，家电板块有望逐步进入配置区间。

1）受益于需求景气和陆风抢装结束后盈利修复的主机环节：推荐明阳智能，建议关注金风科技、电气风电、运达股份、三一重能（已申报上市）。2）受益于大兆瓦趋势、集中度提升的零部件环节：推荐新强联、中材科技、日月股份、广大特材、东方电缆，建议关注禾望电气、金雷股份、天顺风能、泰胜风能，中天海缆（已申报上市）。

六氟重新成为电解液产能的核心制约。巨头争相锁定供给，六氟供需紧张再度确认。户用装机再创新高，预计未来户用光伏装机将成光伏装机主力。光伏环节推荐辅材及逆变器环节福斯特，阳光电源，锦浪 科技，目前业绩弹性较大的组件环节晶澳科技，天合光能，硅料环节 通威股份。建议关注硅片龙头隆基股份，中环股份。

必选家电需求向上，新兴家电扩容空间较大。在疫情缓解的大前提下， 21 年竣工继续回补将使必选家电需求基础向好，行业增速上行。随着居 民人均消费水平提升， 对多元化、健康化、便捷化和品质化生活有着 全新追求的新一代消费群体的崛起，新兴家电品类迎来发展机遇。

电新行业2021H1 整体净利润预计同比增长76.52%。我们预计126 个重点公司2021H1 总体净利润为592.93 亿元，较上年同期的335.90 亿元增长76.52%。电新行业2021H1 净利润增速同比提升57 个百分点，我们认为主要受益于“碳达峰、碳中和”持续布局，新能源汽车市场维持高景气、风电光伏投资加速、输变电产业加大投建力度、工控国产替代化加速，产业链相关公司业务快速发展。