多因素驱动母婴市场稳健增长，母婴家电化序幕拉开。中国母婴行业已进入稳健增长阶段，艾瑞数据显示 2021 年母婴行业规模达 34591 亿元，同比+10.76%。政策端持续发出利好消息，推动行业体量稳健增长，艾瑞预测 2025 年母婴行业规模为 46797 亿元。人口出生率保持低位，后市母婴行业的新风口或将从人口红利转向母婴家庭人均消费支出增长。此外，行业内部也涌现出育龄人群更迭、育儿观念转变、线上销售占比提高等趋势带来的结构性机会。其中，母婴家电关注度大幅提升，母婴家电化序幕拉开。《中国家电行业消费白皮书》显示，近九成的宝妈都关注过母婴家电产品，50.8%的用户认为非常有必要购买母婴家电产品。

Equipment Type: Mechanical dryers, electric (non-coin operated), household laundry Industry: Major appliance manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Other knife switches, 1000 volts or less Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Land transportation motors, generators, and control equipment (excluding parts) Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Household vacuum cleaners, upright-stick type This industry comprises establishments primarily engaged in mass reproducing computer software. These establishments do not generally develop any software, they mass reproduce data and programs on magnetic media, such as diskettes, tapes, or cartridges. Establishments in this industry mass reproduce products, such as CD-ROMs and game cartridges.

Equipment Type: Other fluorescent lighting equipment, complete units, including processing equipment Industry: Lighting fixture manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Machine tool control transformers Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Household food freezers, complete units Industry: Major appliance manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Indoor and outdoor current instrument transformers electronic audio and video equipment for home entertainment, motor vehicle, public address and musical instrument amplifications. Examples of products made by these establishments are video cassette recorders, televisions, stereo equipment, speaker systems, household-type video cameras, jukeboxes, and amplifiers for musical instruments and public address systems.

Equipment Type: Lithium round and prismatic primary battery cells Industry: Battery manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Industrial control relays (all voltages) electronic audio and video equipment for home entertainment, motor vehicle, public address and musical instrument amplifications. Examples of products made by these establishments are video cassette recorders, televisions, stereo equipment, speaker systems, household-type video cameras, jukeboxes, and amplifiers for musical instruments and public address systems.

Equipment Type: Molded case circuit breakers, 1000 volts or less Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Laser systems and equipment, all other types This report covers the global forecast for laser systems and equipment, all other types produced in the laser systems and equipment, all other types industry. Industry: All other electrical equipment and component manufacturing

Equipment Type: Nonmetallic sheathed cable and cord fittings Industry: Wiring device manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Household vacuum cleaners, hand type electronic audio and video equipment for home entertainment, motor vehicle, public address and musical instrument amplifications. Examples of products made by these establishments are video cassette recorders, televisions, stereo equipment, speaker systems, household-type video cameras, jukeboxes, and amplifiers for musical instruments and public address systems.

Equipment Type: Noncurrent-carrying electrical conduit and conduit fittings, nonmetallic Industry: Wiring device manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

核心观点:电源端投资已进入高景气周期，东方电气为电源装备行业龙头企业，将充分受益于电源投资增长。输变电核心一次设备量利齐增，网内输变电采购总额高增，前两批次同比+50%以上;网外市场由新能源装机高增带动变压器等需求旺盛;海外需求高增，2023H1变压器、高压开关等出口额增速超25%，核心原材料(硅钢、铜)价格下行，毛利持续修复，产量增速不及需求增速，供需偏紧，整体表现出量利齐增的趋势。我们继续看好电源投资，电力一次设备，特高压(项目推进带来的结构性机会)等。

投资建议：储能需求向上，关注储能三大场景下的投资机会。场景一：大储的核心在于商业模式，重点推荐【阳光电源】【南都电源】【南网科技】【金盘 科技】【科陆电子】【威腾电气】等，建议关注【科华数据】【永福股份】【英维克】【青鸟消防】；场景二：工商业侧储能，重点推荐【苏文电能】【华 自科技】【金冠电气】【金冠股份】【泽宇智能】等；场景三：户储的核心在于产品，重点推荐【科士达】【派能科技】【鹏辉能源】【德业股份】等。

工控：需求处于去库尾声，经济政策刺激预期下，H2行业有望迎来拐点。2021Q3起行业 进入下行周期，距今已有2年时间，需求有望于Q3拐点向上：1）分市场看，2023Q2 OEM市场/项目型市场整体同比增速为+2.1%/-10.7%；2）分下游看，2023Q2光伏行业 资本开支仍维持景气，传统OEM行业普遍承压，结合内外资公司反馈，5-6月传统下游需 求仍显疲态。2023年我们预计行业同增5%-8%，刺激政策预期+去年低基数等因素下， 2023H2有望好于H1。内资工控龙头及二线龙头紧抓光伏、海外市场等结构性机会，下行 期业绩表现仍较为稳健。重点推荐：汇川技术、三花智控、宏发股份、鸣志电器、禾川科 技、雷赛智能、麦格米特、中控技术，关注：信捷电气、伟创电气等。