小间距LED 是指芯片尺寸小于200 微米的LED 器件，包括Mini LED、Micro LED 等。今年以来，小间距LED 产业加速发展，1-9 月投资规模超过300 亿元，小间距LED 显示器已进入主流市场，未来5 年市场规模预期将达到百亿级。赛迪研究院集成电路研究所认为，我国小间距LED 显示产业已具备良好的发展条件，亟待进一步明确发展路径、推动示范应用，促进产业集聚和创新发展，以应对新时期全球新型显示产业化的竞争。

Note sorters are used as sorting units that facilitate the management of notes for cash-intensive businesses. The note sorter machine helps banks reduce the human efforts as well as reduces different types of error in sorting and counting of cash. In addition, it provides different benefits to end users that include reduction in operational expenses, less risk of internal theft occurring during the sorting and counting processes, faster processing of bank procedures, and decline in financial losses.

Envelope tracking is a power supply technique that is used to adjust the converter voltage to improve the efficiency of a power amplifier, which is used in wireless systems. In envelope tracking technique, RF signal’s amplitude envelope is tracked and the bias voltage is adjusted according to the results in amplitude. This helps in operating power amplifier with maximum efficiency at any instantaneous power level. The recent cellular communications, such as W-CDMA, HSPA+, and LTE, operate signal waveforms with more extreme “peaks” and “valleys”, unlike GSM, which maintains continuous waveform throughout the operation. Recent cellular technologies experience continuous deflection in waveforms; hence, the requirement of envelope tracking technique is required to bring out maximum efficiency.

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.

Steam boiler is a type of closed vessel designed and constructed with steel to generate steam by heating water with the help of combustion of various fuels, including oil, coal, gas, and others. It offers various advantages, including low construction cost, less floor area, portable, easy installation, and others. Steam boilers are used in various applications, including generation of power, process industries, heating application in residential & commercial buildings, and others. Rise in demand for electricity across the globe is expected to increase the demand for steam boilers from the power generation industry, which is anticipated to drive the growth of the market during the forecast period. In addition, rise in oil & gas offshore and onshore exploration activities is further expected to increase the demand for steam boilers in the future. However, high initial cost associated with steam boiler is the key factor expected to hinder the growth of the market during the analyzed timeframe. On the contrary, rapid growth of end-use industries, such as chemical, food processing, pulp & paper, pharmaceutical, and others, by developing and expanding their production bases or expansion of manufacturing facilities is expected to create opportunity for key players in the market in the coming years.

An electrical connector is an electromechanical gadget used for joining circuits. It consists of jacks (female end) and plugs (male end). The established connection may be a permanent joint between devices or act as temporary for portable gears. An adapter can be used to efficiently bring together different connectors. These connectors significantly reduce the effort, time, and manpower needed for assembling, manufacturing, and installing devices, their components as well as wiring. It is extensively used on circuits for computers, communications, consumer electronics, and industrial machinery. Also, it joins two lengths of flexible copper cable or wire, or connects a cable or wire to an electrical terminal. However, in computing, a connector is generally known as a physical interface (physical layer of OSI model in networking).

Smart thermostat is the latest technology used for home heating. The device provides remote access for heat switching via internet and allows users to turn heating off or on from anywhere using smartphones. The scope of the report discusses potential opportunities for key players to enter the global smart thermostat market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features strategies adopted by key market players to maintain their foothold in the market.

A portable air conditioner is a self-contained unit, similar to a window air conditioner. It is typically designed with wheels to allow it to be moved. Water condensed from the portable air conditioner may be collected in a bucket for manual removal, drained through a gravity hose, or evaporated and exhausted with the condenser process air. For the purpose of analysis, the global portable air conditioner market is segmented into type, end user, distribution channel, and region. The study highlights various types of air conditioners, which include portable air conditioners for small, medium, and large rooms. Diverse end users covered in this report include residential and commercial. Moreover, the report provides information about distribution channels such as supermarket & hypermarket, specialty store, departmental store, e-commerce, and others. The study further covers the revenue generated by portable air conditioner in various regions such as North America (the U.S., Canada, and Mexico), Europe (Russia, Spain, Italy, France, Germany, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Indonesia, Thailand, Australia, and rest of Asia-Pacific) and LAMEA (Latin America, Middle East, and Africa). In addition, the report covers strategies adopted by key market players to sustain the competitive environment and increase their market share. Lloyd Electric & Engineering Limited, LG Electronics Inc., Midea Group, AB Electrolux, United CoolAir Corporation, Blue Star Limited, Haier lnc, Daikin Industries Ltd., Olimpia Splendid Spa, and Whirlpool Corp. are some of the major players discussed in the report.

本篇报告运用阿里平台的生意参谋数据，选取各子行业搜索人气靠前的且具有代表性的十个品类，并选取每个品类中搜索人气前五的关键词，对搜索人气、直通车单价、支付转化率进行加权平均和指数化处理，从消费者和品牌商两个角度，横向和纵向对比每个子行业和品类的受消费者关注度以及品牌商投入热度和投入成本。

根据汽车动力电池产业创新联盟统计数据显示，2021年4月国内动力电池装 机达8.4GWh，同增134.0%，环降6.7%；其中三元装机5.2GWh，同增97.3%, 环增1.5%；铁锉装机3.2GWh，同增244.5%，环降1了．6%。测算海外装机 量约7.1GWh，同增256.0%，环降35.8%s 

自2021 年年初以来（截止到2021 年6 月18 日），家电（中信）行业下跌14.37%，在30 个中信一级行业中排名第29。上证指数上涨1.50%，沪深300 指数下跌2.09%，家电行业走势弱于大盘。细分板块方面，板块内部出现明显分化。五个子板块中，黑色家电板块涨幅居前，上涨3.79%；白色家电板块跌幅居前，下跌18.38%。其余子板块中，厨房电器板块上涨5.88%；小家电和照明电工板块分别下跌0.33%和5.83%。

与其他锂电材料类似，锂电铜箔也是典型的周期成长板块：1）成长性：下游新能源车进入加速渗透阶段，我们预计25年全球电动车销量达1800万辆，21-25年复合增速36%。2）周期性：铜箔主要原材料为大宗商品铜（铜成本占比近80%），定价模式为成本加成（即“铜价+加工费”），故铜箔可看作典型的“类大宗”的制造业。另外铜箔的扩产和调试周期长于电池和其他锂电材料，因此容易形成供需错配。锂电铜箔生产核心环节在于生箔，生箔know-how体现在添加剂配方和设备的调试。生箔前需在硫酸铜溶液中加入添加剂，这就考验铜箔厂对添加剂组合调试、添加量及滴加频率的把握，另外生箔设备的调试（包括电流、电压、磨辊技术）是决定良品率的关键，需保证极薄铜箔不出现断带、褶皱等问题。

乘联会上调新能源乘用车批发销量预期至 240 万辆。我们认为，随着新能源汽车销售结构与质量的持续改善，以及 Model Y、ID 系列等优质新车型的不断推出，供给将驱动需求 变革，新能源汽车渗透率有望加速提升，预计 2021 年销量实 现快速增长。

亿纬锂能公布三项扩产计划，把握利润率、信用风险甄选优质标的。据中汽协最新数据，2021 年5 月国内新能源汽车产、销分别完成21.7 万辆、21.7 万辆，环比增长0.5%、5.4%，同比增长151.7%、159.7%；2021 年1-5 月，国内新能源汽车产、销分别完成96.7 万辆、95.0 万辆，同比累计分别增长224%、224.2%。

国内5月新能源车销21.7万辆，同环比+165%/-12%，符合预期。根据中汽协数据，21年5月新能源汽车销量为21.7万辆，同比大增159.7%，环比增长5.4%，符合预期。终端需求强劲，季末有望环比再创新高，高端车型销量强势增长，我们预计21年Q2销量65万辆以上，1H超115万辆，全年国内维持250-270万辆。

宏观格局向荣，国内制造业复苏深化。1）自 2020年 3月起至今制造业PMI已保持 14个月位于荣枯线之上，生产、新订单PMI在疫情后率先恢复， 2021年以来出口链反弹明显。2）工程师红利释放背景下，人才高端化与产业升级化相适应，教育结构与产业层次衔接制造高端乃时势使然。

上周（06.0了一06.11)项目电价及开发规则利好政策频出，光伏产业链表现 迎来积极拐点（沪深300 -1.1%/HSCEI -0.5%), 6月10日，中国光伏行业 协会发布呼吁：1)行业抵制上游囤货及哄抬物价行为，2)政策保障存量项 目电价、避免不合理抢装，我们看好乐观情况下产业链涨价有望阶段性趋缓， 带动下游盈利及开工率回暖；6月11日，国家发改委政策明确2021年新建 项目按燃煤发电基准价上网，此前征求意见稿中执行指导电价，较燃煤标杆 折让0.02 %一 6.63 %，新投项目回报率有望改善。福斯特、锦浪科技收涨 31.9%/21．了％；其余收跌一15.0%（大全新能源）一收涨15.2%（晶澳科技）。 

2020 年H1 回顾：顺周期+新能源涨幅领先，科创板表现抢眼。2021年上半年机械板块走势与大盘基本一致。年初至今机械行业累计涨幅为0.62%。涨幅居前的细分子领域分别为注塑机、机床工具、检测服务、油气开发设备、锂电设备、半导体设备、激光、光伏设备。从个股角度看，机械板块上半年科创小票表现抢眼。

新能源行业正驶入新一轮的成长周期，维持行业“强于大市”的评级。建议重视新能源和工控行业的成长机遇期，从成长性和预期弹性两个维度出发，优先布局电动车、光伏、工控高景气板块，关注存边际改善的风电板块。电动车方面，推荐动力电池龙头宁德时代，受益高端化和一体化的当升科技、杉杉股份、璞泰来、新宙邦，以及通用五菱核心供应商鹏辉能源；新能源方面，推荐光伏行业长期成长的受益者隆基股份，细分赛道龙头金博股份、美畅股份，风电竞争格局较好的日月股份；工控方面，推荐行业高景气背景下份额有望加速提升的龙头企业汇川技术、麦格米特、良信股份。

“碳中和”目标为可再生能源提供长期确定性指引。2020 年12 月，在气候雄心峰会上，我国宣布到2030 年单位生产总值二氧化碳排放将比2005 年下降65%以上，非化石能源占一次能源消费比重将达到25%左右，风电、太阳能发电总装机容量将达到12 亿千瓦以上。