A smart gas meter not only measures gas flow but also use wireless communication to connect to local or wide area networks that allow infrastructure maintenance, remote location monitoring, and automatic billing. In gas utility application, the meters must function for long periods and convey data regularly. A combination of smart metering technology with sensors for smart valves, gas pressure, and gas leak detectors on the same network represent a concrete response for gas utilities to enhance safety and improve overall efficiency. The Internet of Things (IoT) ecosystem help drive the smart gas meter market, as these can provide real-time data for various purposes and end-use industries such as residential, commercial, and industrial. With leveraging big data analytics, they can also shift from cutting costs as the main benefit of finding benefits for consumers and organizations. Some of the vendors are offering wireless solution for smart gas metering, which consists of WAVIoT gas meters and the meter data management system that allow them to get the consumption reports from the meters remotely.

Photolithography, also known as optical lithography, is a process used to create specific patterns on semiconductor wafers using a photosensitive material and an ultraviolet light exposure system by transferring pattern from masks to wafers. This process can fetch a pattern into an integrated circuit using a beam of ultraviolet light without any requirement of additional materials. Photolithography controls the exact size and shape of the substrate to be patterned, making the process highly efficient and cost-effective. It has been a dominant method for patterning nanoscale features, especially in microelectronics industries.

Based on class, the market has been segmented into small and large UAVs. Small UAVs are of different types based on their wing such as fixed wing, rotary wing, and hybrid wing UAVs, whereas the large UAVs can be classified as strategic, tactical, and special purpose UAVs. Small UAVs are used by commercial, consumer as well as government and defense end users. However, a major percentage of small UAVs is used by hobbyists. The government and defense end users also use small UAVs for a varied range of applications in homeland security and military.

近期由于原材料价格上涨引发了市场对白电盈利能力的担忧，我们认为无需过度担忧，随着原材料价格的上涨，空调价格有望继续提升，对冲成本上涨压力。我们认为内销景气持续向上，外销有望延续高增，随着房地产竣工回暖的延续及家电产品结构的升级，公司业绩将持续改善。

1 月低基数下冰洗内外销均表现出色，看好2021H1 复苏性增长；冰箱：1 月冰箱内外销分别同比+51.3%/+44.7%；洗衣机：1 月洗衣机内外销分别同比+12.3%/+8.1%；原材料压力或向终端产品传导，补库存订单或加速释放。

站在当前时点，在价格大幅提升、同期利润低基数以及渠道利润再分配等逻辑的支撑下，我们维持厂商净利率改善的判断；长期家电产业拥有四大向上支撑：第一，白电新一轮格局红利；第二，新兴小家电加速普及；第三，海外价值链向上突破；第四，龙头公司治理新起点，这四大向上力量或将使产业迎来一个更好的三年。此外“周期+制造”的估值体系正逐步向“制造+消费”过渡，中枢有望持续提升。

1）空调销量持续复苏，价格大幅回升，重点推荐美的、海尔、格力三大白电，零部件继续推荐家电与新能车业绩双轮共振的三花智控；2）小家电持续关注跨境电商背景下的投资机会，JS 环球生活、石头科技、科沃斯作为小家电出海标杆企业，背后的产业趋势在于中国小家电企业凭借国内的产业链集群优势，从代工逐步升级到自主品牌，此外推荐关注苏泊尔、九阳等线下渠道修复、估值偏低公司；3）地产产业链重点把握竣工修复带来的投资契机，推荐老板电器、火星人、浙江美大。

我们分析了部分已披露2020 年报的的海外家电公司。受疫情影响，海外家电公司2020 年收入出现小幅下滑，增速环比19 年放缓。2020 下半年需求较上半年出现明显好转，北美及新兴市场需求较为旺盛。

本周SW 机械板块上涨0.44%，沪深300 下降0.19%。前期涨幅较 多的新能源设备以及部分核心资产股价波动较大，中期仍持续推荐产业趋势明确的 锂电/光伏设备、激光、第三方检测等核心标的，另外通用设备需求景气度预期持续， 上半年仍建议重点关注注塑机厂商伊之密、机器人及运控系统厂商埃斯顿、自动化 解决方案商拓斯达等。

中金机械组合过去5 个交易日（2021/02/09-2021/02/22）下跌2.90%，同期沪深 300 指数上涨0.59%。本周组合为A 股三一重工、恒立液压、华测检测、美亚光 电、捷佳伟创、巨星科技、中联重科、拓斯达、捷昌驱动、应流股份；H 股中联 重科、海天国际。本期组合维持不变。