传统制造业经历黎明前黑暗，消费电子等新兴产业不失为小确幸。工控自动化传统应用领域化工、石化、冶金、机床等还在经受黎明前的黑暗，2016H1 市场需求同比下滑均在 5%~10%；同时，外资厂商正以降价策略保持在传统领域的市场份额，短期难见改善。医疗设备、电子制造设备等新兴领域的正在接棒并带来新的增长点，2016H1 需求增速为 12%和 5%；且未来有望持续高增长，以锂电池设备和 3C 为例，预计未来五年市场需求的 CAGR 分别在 20%和 30%。

2014 年以来，国家出台了一系列政策推动充电桩建设，展现了对新能源汽车产业的支持决心。其中，2015 年 10 月《指导意见》中提到 2020 年基本建成适度超前、车桩相随、智能高效的充电基础设施体系，满足超过 500 万辆电动汽车的充电需求；随即 11 月《发展指南》提出“十三五”阶段充电基础设施发展的总体目标，以及分区域和分场所建设的目标与路线图。我们认为，在此之前国家对高铁和高速公路建设定调“适度超前”，实施效果明显，本次“适度超前”推进充电基础设施建设，可见国家层面对电动汽车充电的支持力度。

2016 年年初至今（截止到 2016 年 9 月 27 日），大盘整体弱势，沪深 300 指数共下跌 10.70%，电力设备与新能源行业下跌 19.56%，跑输大盘 8.87 个百分点，子行业全部下跌报收，其中电机、核电和风电设备跌幅居前，二次设备和电能表设备跌幅相对较小。个股层面，前三季度只有三十四只个股上涨，涨幅较大个股主要集中在新股及次新股。目前行业整体的估值为 56.86倍，相对于沪深 300 的估值溢价率为 361.15%，估值溢价率为近一年的中枢水平。

E-nose is a complicated term and it has a number of definitions. According to us, it is the purpose of the device that defines an e-nose and not a particular application area or an end-user segment. Therefore, we consider e-noses as devices that can be used to detect odor irrespective of what the device is called (gas chromatography, mass spectrometer, or ion-mobility spectrometer). An e-nose consists of three primary components: a sample delivery system, a detection system, and an analyzing system.

The numerous benefits of LED lights have aided their growth traction among endusers. They are preferred over incandescent bulbs and compact fluorescent lamps (CFLs) as they are energy efficient (they consume almost 75% less energy than other bulbs) and have a long lifespan (which is pegged at 60,000 hours, compared to 1,500 hours of incandescent bulbs and 8,000 hours of CFLs). These features are the main reasons for the continued growth of LED lights, which are also known as green lighting systems.

Lead-acid batteries are designed to maximize current paths and lower the internal resistance. These batteries can be serviceable or maintenance-free and have maximum usable power. There are two major types of lead-acid batteries, namely, the flooded lead-acid and VRLA batteries. The design of flooded lead-acid batteries eliminates the need for high specific gravity electrolyte to provide an extended runtime.

A power cable is an insulated strand of wires used to transmit electricity at variable voltage levels. Power cables are mainly used in submarine, overhead line, building, and underground wiring applications to carry electricity. They can be classified into four broad categories depending on their operating voltage applications — low voltage, medium voltage, high voltage, and extra high voltage.

Precision air conditioners are reliable systems, which are capable of operating continuously while offering precise control over temperature and humidity of the data center environment. These units are specifically designed to cool the IT equipment in data centers. Precision air conditioners comprise of an indoor and outdoor unit. They are used to supply cold air through the cold air inlet of data center racks and exhaust hot air from the air outlet. The hot air is treated to optimal temperature and humidity and then supplied as cold air.

国防信息化急需提速，市场空间广阔。世界新军事革命深入发展，武器装备远程精确化、智能化、隐身化、无人化趋势明显，太空和网络空间成为各方战略竞争新的制高点，战争形态加速向信息化战争演变。据国家统计局，我国2015年军费8890 亿元，增速10.1%。我们预计，未来20 年我国军费有望保持9.4%的增速（下文有详细测算逻辑），其中装备费结构性调整保持12%的增速，据《信息化战争条件下军费开支规模以及结构研究》，西方国家信息技术占装备成本比重平均按照50%，我们认为，未来20 年，我国军事信息化市场空间将达到近3万亿。

本周SW机械设备指数上涨1.85%，跑赢沪深300指数0.71个百分点。国联先进制造细分板块，一周涨幅居前的子版块分别为专用设备（+4.39%）、油气设备（+2.98%）以及通用机械（+2.23%）；一周涨幅落后的子板块分别为轨交设备（+0.12%）、核能核电（+0.81%）以及仪器仪表（+0.85%）。

骗补核查落地整顿近尾声，预计9 月底补贴调整、目录调整将陆续落地，四季度物流放量将带动产销出现明显向上拐点，明年预计85 万辆以上，高增长持续，长期来看，碳配额落地倒逼车厂供给侧创新，刺激需求，乘用车超2 千万辆潜在空间，确保持续高增长，优质乘用车的“主流供应链”及下游运营“共享经济”模式，将成两大投资方向。重点推荐：国轩高科、亿纬锂能、澳洋顺昌、方正电机、海印股份。