11 月，电力行业多项“十三五”出台，根据电力、风电和水电“十三五”规划，“十三五”期间，我国特高压输电和常规输电技术新增规模将达 1.3 亿千瓦，新增投产水电 6000 万千瓦，风电建设总投资将达 7000 亿元，将拉动相关电力设备的需求，为行业发展提供支撑。全球市场方面，预计 2016 年，全球先进太阳能光伏组件收益将超过 30 亿美元， 2025 年将达 380 亿美元。

年末将至，我国批复大型基建项目的速度明显加快。据不完全统计，10 月中旬至 11 月中旬，国家层面共批复了 17 项交通基础设施建设项目，总投资额达 3536.3 亿元，基建投资持续加码的趋势有望一直持续到 2017 年 1 季度。同时，工程机械设备利用小时数保持增长。此外，考虑到去年年底基数较低，工程机械销量具备较快增长基础。初步预计， 1～ 11 月八大典型产品总销量约为 48.3 万台左右，同比增长 7.5%左右。

Cryogenic technology involves production, maintenance, and application of low temperatures below 150⁰F. This technology has increased its scope of application from cold storage to core processes in various end-user industries. The petrochemical and chemical industry holds a major revenue share in the global cryogenic equipment market. The applications of cryogenic equipment such as valves, pumps, vaporizers, and storage tanks in the petrochemical and chemical industry play a crucial role in maintaining the temperature of LNG and preventing leakages.

Test equipment is part of assembly line testing of semiconductor devices that saves manual effort and time of a semiconductor manufacturing process while ensuring the quality of these devices. The size of such test equipment can range from small computer-driven dedicated fixed purpose testers to large programmable machines. The cost of the equipment also varies accordingly. Probe cards are test equipment devices that are used by semiconductor device manufacturers to perform wafer test or wafer sort. Probe cards are used to test the semiconductor die or chips while the die is still constituted on the semiconductor wafer.

Hay is grass or legumes that have been cut, dried, stored, and transformed into bales for feeding livestock. It is used as animal fodder when animals are not able to graze due to unsuitable weather or when they are kept in stables or barns. Haying machinery is used to cut the crops, which are then stored in the form of silage or bales. Forage is plant material that livestock graze on. Forage machinery is widely used for harvesting forage grains. The North American haying and forage machinery market constitutes a dominant part of the global haying and forage machinery market that accounts for a small portion, i.e., 7.78% of the global agricultural machinery market.

今年家电和白电的超额收益显著：截止12月2日，申万家电指数上涨6.0%，其中申万白电指数上涨12.2%，视听器材指数下跌14.9%，同期沪深300指数下跌5.4%。申万家电指数跑赢11.4pp。

2016年前三季度机械行业实现营业收入5107.68亿元，同比减少1.14%，比去年同期降低6.11pct；但与2016年前两个季度机械行业实现营业收入同比减少3.12%的数据相比，前三季度营收提高1.98个百分点，呈现改善趋势；归属于母公司净利润182.79亿元，同比减少26.55%， 比去年同期降低22.26pct；但与2016年前两个季度机械行业实现归母净利润同比减少24.34%的数据相比，前三季度归母净利润下降2.21个百分点，业绩改善不明显；销售毛利率22.90%，比去年同期提高0.66pct；净利率4.13%，比去年同期降低1.19pct。