Commercial understanding of each product category through pricing analysis, market potential, and key growth factors Demand forecast of products in scope across their specific propulsion type within electric ATV and UTV. Propulsion types included in the report: hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) Product benchmarking and pricing analysis for electric ATV and UTV Examination of the future adoption scenario of different product technologies of the leading innovation areas in the electric vehicle industry and the pricing trends for the products in scope

The demand for sustainable and eco-friendly devices is rising as the reality of climate crisis and consequences of the environmental damage on ecosystem have turned into a major threat in the past five years. By leveraging on technology, efforts are taken by non-profit organizations, government, and major consumer appliances vendors to reduce the emission level of greenhouse gases in the environment by developing more climate friendly solutions in the market. Thus, heat pumps are considered as one significant strategy for substantial and immediate carbon savings compared to the other modes of heating systems available at present. Heat decarbonization is a major priority where economies are striving to implement a wide scale adoption of appliances with lower carbon emissions.

Electric lawn mowers are one of the most used garden equipment for grass cutting and lawn mowing. Based on their usage, these machines are divided into various categories, the simplest being walk-behind mowers, ride on mowers, and the robotic lawn mowers. Further, these mowers use various blade types depending on the terrain and mowing requirements for mulching grass across residential lawns, golf courses, sports fields, and public parks, among others. Lawn mowers are the largest category of garden equipment and have established a market presence in developed western countries.

Solar pumps are pumps powered using photovoltaic cells to pump water for irrigation and water management purpose. For analyzing market, cost price for solar PV cells, pumps, and controller are considered. The solar pumps market is analyzed and estimated in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is 2019–2027. The report focuses on revenue generated from various solar pumps product, end user, and operation. Moreover, the report analyzes the current market trends of solar pumps for different regions and suggests future growth opportunities by analyzing government regulations & policies, thereby further increasing consumer acceptance of solar pumps.

Traction motors are AC or DC electric motors that provide power to drive locomotives. Further, these motors offer high durability and deliver robust performance, owing to high power and superior mechanical susceptibility of heavy payloads. . The traction motors require high power to deliver the torque required to move the wheels, resulting in compact designs, efficient power-to-weight rations, and efficient cooling of the traction motors. Thus, torque motors have minimum torque ripple, reduced noise & vibrations, higher efficiency, and efficient cooling capabilities through open or forced ventilation. The growth of the global traction motor market is driven by volumetric surge in the transportation sector and the introduction of new vehicles, which are equipped with latest technologies. Moreover, increase in the requirement for advanced transports globally has led to the development and production of better and efficient traction system

我们于近期参加了由GGII举办的铿电＆电动车年会，并结合我们的近期跟踪研究，基于供给、需求、技术技术等维度，对产业链核心要点进千犷提炼与详述。我们持续建议把握产业链龙头与细分结构性变化、供需趋紧赛道两犬主线的投资机遇。 

2019Q4 开启工控新一轮复苏周期，疫情中断后恢复迅速，2021 年工控复苏有望延续。2019 年11 月起，PMI 指数重新站上荣枯线，疫情期间出现急剧下滑，疫情后连续九个月站在荣枯线上，11 月制造业PMI指数为52.1%，环比上升0.7pct，创年内新高，工控复苏趋势明显。据MIR 睿工业，前三季度工控市场季度同比增速为-12%/+6%/+7%，全年市场同比增速有望由负转正，整体来看，OEM 市场复苏强于项目型市场，2020Q3 期间OEM 市场规模达174 亿元，同比增长11%，项目型市场规模达148 亿元，同比增长2%，增速实现由负转正。

近期国务院新闻办公室发布的《新时代的中国能源发展》白皮书。回顾过去，我国能源供应保障能力不断增强，能源节约和消费结构优化成效显著。白皮书提出中国坚定不移推进能源革命，坚持能源生产和利用方式发生重大变革，推动高质量发展，深化供给侧结构性改革，推动消费方式变革，推进能源领域国际化合作，为维护世界能源安全、应对全球气候变化、促进世界经济增长作出积极贡献。

投资建议：根据明年国内组件需求规模及硅料企业的成本曲线，我们预计明年硅料的价格中枢将在85元/kg附近，低位跌破80元/kg概率较小，高位可能探至100元/kg。而硅料龙头企业由于具备规模效应，更具成本优势，盈利能力显著优于行业平均水平。推荐：通威股份、大全新能源（海外覆盖）、新特能源（海外覆盖）、保利协鑫能源（海外覆盖）等；建议关注：亚洲硅业（IPO受理中）。

我们建议关注“需求复苏、国产替代、碳中和”三条投资主线，从中优选具备护 城河和长期增长潜力的制造龙头。维持覆盖公司的盈利预测、目标价和评级不变。 

固定资产投资进一步向好，工程机械高景气度有支撑。2020 年1-11 月固定资产投资增速同比上涨2.6%，增幅环比扩大0.8%。地产投资受益于竣工周期与销售端向好，同比增速6.8%；基础设施投资基本恢复至上年同期水平。1-11 月份基础设施投资同比上升3.32%，涨幅比1-10月份扩大0.31 个百分点。在“六稳”的目标指引下，预计基建仍将继续发力，成为稳增长的重要动能。

上周（12.14-12.18）多因素共振带动光伏产业链强势表现（沪深300 +2.3%／日SCLI +0.3% ): 此前习主席于气候雄心峰会宣布上修国家自主贡献一「的2030年减排力度、并给出风尤累 积装机量12亿千瓦的保底目标，行业信心提振带动产业链普涨。

sum制ma造ry业＃ PMI 连续10 个月站上荣枯线，制造业由“投资驱动”转型“创新驱动”。回望2020 年，年初由于疫情影响国内制造业遭受打击，我国制造业PMI 在2020 年2 月录得历史新低35.7。此后国内疫情得到有效控制，制造业经济有序复苏，3~12 月制造业PMI 连续10 个月站上荣枯线。

从机械行业的收入来看，2020 年初的疫情影响逐渐降低。随着海外需求逐渐复苏，我们认为21 年我国制造业仍将保持景气，而国内机械行业也将继续受益需求回暖。

投资建议：光伏方面我们建议把握3 条主线：1）明年供需较为紧张的硅料和玻璃环节，重点推荐通威股份、大全新能源（美股）、福莱特（A+H），重点关注信义光能（港股），亚玛顿；2）垂直一体化龙头隆基股份、晶澳科技、晶科能源（美股）；3）受益于国产替代，业绩有望持续高增的逆变器和跟踪支架环节，重点推荐阳光电源、锦浪科技、固德威、中信博，重点关注上能电气。目前风电板块整体估值10-15倍，向上修复弹性较大。重点推荐金风科技、明阳智能、天顺风能、中材科技、日月股份、金雷股份等，建议重点关注大金重工、东方电缆等。

2020 年新能源车与光伏板块表现亮眼，市场认可反映的是产业中长期逻辑不断升华：1）临近COP26，中国、欧洲、美国在减排领域有望共同加码，将推动新能源车和可再生能源中期增长中枢抬升；2）新能源车与可再生能源行业在经历了前期的政策扶持后，都进入产业加速发展的拐点阶段，光伏、风电实现平价；新能源车逐步转向由产品竞争力及渗透率约束政策驱动。也让我们更加坚定的认为，能源革命将成为市场重要主线。

12 月16 日至18 日，中央经济工作会议在北京举行。会议中明确指出我国二氧化碳排放力争2030 年前达到峰值，力争2060 年前实现碳中和。

事件:12 月 21 日，国务院新闻办公室举办新闻发布会，发布《新时代的中国能源发展》白皮书，全面介绍中国贯彻“四个革命、一个合作”能源安全新战略，能源生产和利用方式发生重大变革，能源发展取得的历史性成就，介绍中国积极参与全球能源治理，携手应对全球气候变化，推动构建人类命运共同体的理念和行动。

2021年“顺周期”板块景气有望延续．展望2021年，我们预计工程机械保 持稳中有增，制造业固投同比增速约10%，我们继续看好2021年“顺周期” 板块的表现机会，重点关注业绩扎实、估值合理的优质标的。

《新时代的中国能源发展》白皮书分为七大章，全面介绍了中国贯彻“四个革命、 一个合作”能源安全新战略、能源生产和利用方式发生重大变革、能源发展取得的 历史‘｝生成就，介绍了新时代中国能源发展成就，全面阐述中国推进能源革命的主要 政策和重大举措。从战略和政策理念、历史成就、能源消费供给、国际合作等角度 整体分析了新时代能源体系。