不同于市场的观点： 目前市场对于新能源汽车 中游 板块各标的关注点仍在 于在手订单情况 ，我们认为在手订单作滞后性指标，前瞻略显不足。 目前 新能源汽车行业刚步入高速成长期 ，叠加新一轮补贴政策还未落地， 各家标的 在手订单 较少 ，不足以体现 市场定位及客户 质量的差距。我们认 质量的差距。我们认 质量的差距。我们认 质量的差距。我们认 质量的差距。我们认 为在 现阶段 ，精准定位 细分市场以及拥有优质客户 的供应商将脱颖而出。

国家能源局发布4 月份全社会用电量；发改委印发《关于发展煤电联营的指导意见》 ;十三五战略新兴产业发展规划有望6月底前上报国务院 分布式能源、新能源汽车入选；《国家创新驱动发展战略纲要》印发：新能源领域有看点。

政策徘徊中4 月新能源汽车产量同比大增180%，略超预期。我们预计政策调整、查骗补、标准制定等问题将于二季度中旬逐步落实，二季度末扫清政策障碍后产销量将进一步加速上行，其中乘用车与专用车为增速最高的细分行业，且主要采用三元电池，全年三元电池将实现翻倍以上增长，推荐：亿纬锂能、澳洋顺昌；同时精准卡位乘用车与专用车电机电控市场的龙头也将充分受益于下游高增长，推荐方正电机。

上周家用电器行业指数跌幅 0.85%，同期沪深 300 跌幅 1.77%，行业跑赢市场 0.92 个百分点，在申万二十八个一级行业中排名第 3 位。个股中惠而浦、青岛海尔、爱仕达等涨幅居前。从估值来看，截止 5 月 13 日渤海家电板块整体法 TTM 市盈率为 18.31 倍，沪深 300 市盈率为 11.35 倍，估值溢价率61.32%，环比前周提升 2.13 个百分点。

Equipment financing refers to the credit, including leasing, government loans, and other small business administration loans, which are disbursed to different businesses in the automotive, construction, agriculture, and other industries. It also includes sale and leaseback, which help individual customers raise cash for equipment purchase by selling off collateralized existing equipment. The interest rate on the credit depends on whether a customer has opted for equipment loan or lease, but the maturity term depends on the equipment's life. In case of loan, once the credit is repaid, the instrument or machine belongs to the buyer. If it is leased, then the funder or the financial institution is the owner of the equipment, but the buyer can use it during the lease period.

Globally the power T&D network is undergoing a transformation with the introduction of digital technologies into the grid; it is largely driven by the need for efficiency, improved reliability and the integration of diverse power generation sources. The traditional grid was designed to manage continuous power from sources such as coal, oil, and other resources. However, countries are focusing on newer alternate sources of technology, which serve as intermittent sources of power generation. To harness the full potential of renewable power and provide a continuous power supply, utilities require flexible power supply system.

Water is essential for food production and economic development. However, only 3% of Earth's potentially useful fresh water is obtained from rain, rivers, lakes, springs, and groundwater reserves. Although most of the water in the aquifers can be recovered with the annual rain cycle, freshwater supplies can also be easily exploited on a massive scale through advanced techniques used to drill wells. The other 70% of fresh water is locked up in glaciers and icebergs.