Over the last few years, the demand for heat-transfer fluids increased due to their various end-use applications. Heat-transfer fluids are primarily used as intermediate fluids to transfer heat from a heat source to parts that require heat. They are liquids or gases used to heat or cool machine systems. Heat-transfer fluids are utilized in countless industrial and other applications that require specific temperatures in closed circuits and continuous cycles.

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 can witness further traction supported by stringent protocols and corporate policies. Accordingly, pressure washers form an integral component of the cleaning equipment industry and 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.

Advances in technology have led to the development of several tools and machines used across industries. Power tools are outpacing traditional hand tools in the professional and residential segments due to the demand for efficiency. For example, the construction industry experiences high pressure to launch innovative tools that reduce human effort. The surge in infrastructure and construction is a boon to the power tools market that will also enforce innovations in the future.

The global chainsaw market is witnessing substantial growth owing to the high consumption of wood among individuals. According to the FAO, the United Nations, wood fuel production was 928 million m3 in 2020. Hence, the rising demand for roundwood is also pushing the demand for chainsaws during the forecast period. The chainsaw market is also influenced by the growing efforts of the government to expand green space and agricultural land, which is also pushing the market demand for the product.

OVERVIEW The global electric lawn mowers market is growing at a substantial rate due to the increasing demand for equipment from residential and commercial users. The increase in demand is attributed to the expansion of green acreage, and it is highly influenced by weather conditions. The demand for electric lawn mowers surges during the summer and spring months due to the increased time spent on lawncare activities. Moreover, growing government efforts for the expansion of green acreage through the construction of parks, lawns, and playgrounds are pushing the demand for electric lawn mowers in the market. With the rising interest in gardening and lawn care activities, the demand for landscaping services is also growing significantly, thereby pushing the demand for electric equipment by landscaping service providers in the market.

There is substantial growth in the global ride-on lawn mowers market due to the increased demand for equipment from residential and commercial users. The growth in demand is due to the expansion of green acreage. The need for ride-on lawn mowers surges during summer and spring due to the increased time spent on lawncare activities. Moreover, government efforts to expand green acreage through the construction of parks, lawns, and playgrounds push the demand for ride-on lawn mowers in the market. Also, increased interest in gardening and lawn care activities significantly drives the demand for landscaping services, thereby driving the need for equipment from landscaping service providers.

Liquid handling systems are critical equipment used in manufacturing and sanitation operations in biological research and drug development laboratories. Liquid handling equipment includes a comprehensive range of micropipettes and pipettes, stackers, handlers, washers, and robotic systems. Automated liquid handling systems include liquid handling robots, which are automated devices used to dispense and sample liquids in laboratory settings. Also, these systems are used in preparation for high throughput screening or sequencing, liquid weighing, sample preparation, and bioassays in industrial and academic settings. Several liquid handling systems are being used in epigenetics and genetics studies. The use of robotic liquid-handling systems in research and clinical genomics laboratories has made the sequencing workflow more efficient and cost-effective in high-throughput next-generation sequencing (NGS).

The management of many gastrointestinal diseases relies on the diagnostic and therapeutic capabilities of endoscopes. Endoscopes are considered semicritical and used in sterile body cavities. Complex endoscope design features may allow organic debris to accumulate and should be sterilized after each procedure. Although endoscopic procedures carry a minimal risk of infection, the potential transmission of exogenous infections among patients is a significant concern for patients, clinicians, healthcare facilities, endoscope manufacturers, and regulatory agencies. Hence, every patient must be considered a potential source of infection, and all endoscopes and accessory devices must be decontaminated with the same degree of rigor following every endoscopic procedure.

There is substantial growth in the global ride-on lawn mowers market due to the increased demand for equipment from residential and commercial users. The growth in demand is due to the expansion of green acreage. The need for ride-on lawn mowers surges during summer and spring due to the increased time spent on lawncare activities. Moreover, government efforts to expand green acreage through the construction of parks, lawns, and playgrounds push the demand for ride-on lawn mowers in the market. Also, increased interest in gardening and lawn care activities significantly drives the demand for landscaping services, thereby driving the need for equipment from landscaping service providers.

Transformer oils are used as dielectric fluids and act as a coolant for transformers, switchgear, starters, regulators, and more. The performance of transformers mainly depends upon the quality and type of transformer oil. Transformers are important equipment that is used for the transmission & distribution of electricity. Additionally, various industries require different types of transformers to get the desired voltage and current that is essential for the optimum performance of machinery installed in plants. The agricultural sector also uses transformers for various tools and irrigation equipment, such as electrical pumps and motors.

The sterilization of medical equipment is a vital process within critical healthcare environments to ensure patient safety. Similarly, life science and pharmaceutical laboratories must sterilize their laboratory equipment and supplies to get rid of contaminants. Therefore, healthcare establishments and medical and research laboratories must invest in efficient and reliable sterilization devices to ensure the timely availability of sterile medical equipment and instruments. For instance, critical medical instruments such as urinary and cardiac catheters, surgical instruments, and implants require thorough sterilization before reuse. Also, endoscopes, anesthesia and respiratory equipment, laryngoscope blades, blood pressure cuffs, and bedpans are some semi-critical equipment in healthcare settings that require regular sterilization. Various methods of medical sterilization include high temperature/pressure and chemical processes, which require equipment such as dry heat sterilizers and ovens, UV chambers, steam sterilizers, autoclaves, irradiation products, and stand-alone water treatment systems.

The commercial scrubbers & sweepers market has been witnessing consistent growth over the last few years, and the growth is expected to continue during the forecast period. It is also one of the fastest-growing floor cleaning equipment markets in the world. The growth of automation and robotics in commercial floor cleaning is reshaping the market, with rising adoption in industries such as warehouse & distribution, airports, and other high-traffic areas. This professional equipment provides highly efficient cleaning across all sectors. With the increasing adoption of automation, consumers are using technology in many daily chores, including cleaning. The use of equipment such as commercial scrubbers & sweepers can greatly reduce the time and manual labor required for cleaning. In industries, these machines provide a more ergonomic method of cleaning, thereby ensuring the safety of workers. Commercial scrubbers & sweepers thus precisely make the job of cleaning easier, faster, and safer for workers.

本文梳理了设备更新周期的分析框架与其对经济的影响。我们判断，在设备 更新改造专项再贷款等政策的刺激下，我国有望开启新一轮设备更新周期， 并带动明年制造业投资延续强劲增长态势。

11 月21 日，工信部等三部门联合印发《关于巩固回升向好趋势加力振作工业经济的通知》（以下简称“《通知》”）。《通知》提出17 条政策举措，夯实工业经济回稳基础，其中，第7 条“巩固装备制造业良好势头”对机械设备行业做出部署，以下就数控机床、农机、光伏、锂电、工控设备领域做简要分析。

液态食品包装机械具有一定抗周期性，行业需求较为稳健。根据观研报告网数据，液态食品包装机械约占包装机械21%的比例，主要应用于乳制品、啤酒、饮料、白酒等领域；食品饮料行业市场空间大，具备持续发展潜力，带动上游包装机械向好发展，使其具有一定的抗周期性。在乳制品领域，低温奶增速较快，行业空间大，带动了相应包装机械的快速增长；液态食品领域存在其他类似低温奶的细分市场，总体来看，包装机械市场需求在稳健中蕴含新的机遇。

国家能源局分布电力现货市场基本规则和监管办法2 个文件征求意见。11 月25 日，国家能源局综合司发布关于公开征求《电力现货市场基本规则（征求意见稿）》《电力现货市场监管办法（征求意见稿）》意见的通知。文件就市场成员、市场构成与价格、现货市场运营、市场衔接机制、计量、市场结算、信用管理、市场监管、干预等进行了规定。这将为全国电力现货市场的运行运营铺平道路。10 月20 日-11 月20 日，国内光伏组件招中标市场定标约19.39GW。 10 月20 日-11 月20 日的光伏组件招中标市场，约19.39GW 定标，均价为1.96 元/W。

11 月21 日，工信部等三部门联合印发《关于巩固回升向好趋势加力振 作工业经济的通知》（以下简称《通知》），从多措并举夯实工业经济回稳基 础、分业施策强化重点产业稳定发展、分区施策促进各地区工业经济协同发 展、分企施策持续提升企业活力、保障措施等五方面提出了17 项具体举措。 我们认为，《通知》从核心技术攻坚、金融投资、稳定出口、供应链保障、 数字化转型等多方面支持高端数控机床行业发展，并给予一定政策方向的指 引，对机床设备板块将构成重大利好。中长期来看，高端数控机床作为高端 装备的重要组成部分，有望得到更多财政货币政策方面的优惠待遇，建议关 注相关投资机会，重点推荐科德数控。

报告期内（2022/11/5-2022/11/18）机械设备行业下跌0.36%，跑输沪深300 指数1.27pct，二级子行业中轨交设备、工程机械、自动化设备、专用设备、通用设备分别变动2.41%、2.39%、1.28%、-1.64%、-2.28%。重点跟踪的三级子行业中，工控设备、激光设备、锂电专用设备、光伏加工设备、半导体设备分别变动1.24%、-0.58%、-12.95%、-12.96%、-13.61%。

近两周机械行业上涨3.81%，跑赢沪深300 2.83 个百分点。机械行业上游主要原材料价格处于近五年较高位置，今年以来钢价/铜价/铝价指数上涨6.68%/24.71%/18.86%，近两周以来钢材综合价格指数相比两周前环比下降7.79%，铜价格指数环上升0.63%，铝价格指数环比下降5.36%。10 月制造业PMI 指数为49.20%，环比回落0.4 个百分点，位于荣枯线以下。大/中/小型企业PMI 为50.30%/48.60%/47.50%，分别环比变动-0.10/-1.10/-0.00 个百分点。

硅料降价信号释放，电池新技术百花齐放。硅料：11月23日，根据PVinfolink报价，致密块料价格为302元/kg，环跌0.3%，边际松动趋势明显，月末接近新的签单周期，硅料价格下行压力增加。硅片：隆基与中环均下调报价，我们认为此次降价意味着龙头厂家对硅料环节的供需关系改善与降价持乐观态度； 高纯石英砂内层砂仍为限制因素，龙头有望通过供应链管控能力提升市占率。电池片：受产能逐步落地等多重因素影响，此前维持强势的硅片价格在近期出现了松动。与此同时，由于终端需求只增不减，导致近期电池片价格继续上涨，电池片环节企业利润增厚得到了双向加持。组件：从2022年前三季度出货情况来看，集中度持续提升，前三季度CR5超过70%。辅材：未来量增确定性强，有望深度受益。