本周沪深300指数下跌0.59%，家电指数下跌2.02%。从各行业本周涨跌幅来看，家电板块位列中信29个一级行业涨幅榜的第27位；从家电和其他行业PE(TTM)对比来看，家电行业PE(TTM)为22.1倍，位列中信29个一级行业排行榜的第21位，均处于较低水平。从家电细分板块来看，本周其他家电上涨0.21%，照明设备上涨0.01%，小家电下跌0.80%，黑色家电下跌1.98%，白色家电下跌2.24%。板块个股涨跌幅方面，涨幅前五名：高斯贝尔+5.66%、得邦照明+5.39%、莱克电气+5.34%、光莆股份+4.94%、春兰股份+4.69%；跌幅前五名：创维数字-11.69%、金莱特-7.14%、珈伟股份-7.12%、兆驰股份-6.28%、冠福股份-5.29%。

本周沪深 300 指数上涨 2.68%，家电指数上涨 4.39%。从各行业本周涨跌幅来看，家电板块位列中信 29 个一级行业涨幅榜的第 4 位， 处于较高水平；从家电和其他 行业 PE(TTM)对比来看，家电行业 PE(TTM)为 22.9 倍，位列中信 29 个一级行业 排行榜的第 21 位，处于较低水平。从家电细分板块来看，本周白色家电上涨 5.11%，小家电上涨 1.92%，黑色家电上涨 1.54%，照明设备上涨 1.21%，其他家电下跌 0.13%。板块个股涨跌幅方面，涨幅前五名：冠福股份+14.65%、格力电器+9.57%、三花智控+7.96%、新宝股份+6.92%、海信科龙+6.90%；跌幅前五名：小天鹅 A- 3.39%、莱克电气-3.04%、雪莱特-2.33%、得邦照明-2.07%、奇精机械-1.58%。

Military fitness equipment constitutes machines for workout and devices that help in monitoring soldiers' physical exercises. It helps in improving the stamina, developing muscular strength, and joint flexibility of military personnel and maintaining mental strength and agility.

Dairy processing equipment utilizes the dairy processing technology and systems for processes, such as homogenization, blending, milking, and filling, and for manufacturing dairy products. In dairy farms, the milking process is of utmost importance as it enables the production of pasteurized milk, cream, cheese, butter, and other milk products. Traditional methods of milking animals involved time and laborintensive manual processes carried out by farm workers. In order to cut down on the production time and with a focus on enhancing the yield of output, dairy farmers are adopting automation technologies, such as milking robots.

With the developments in the orthopedic market, there has been an emergence of product offerings, which facilitate robotic and computer-assisted surgeries. Such products are gaining traction due to the increase in the demand for musculoskeletal disorders across all the age groups, and the increased demand for procedures that enhance precision and eliminate any revisions. As opposed to open surgeries, the forecast period is expected to see a burgeoning demand for minimally invasive surgeries (MIS), which improve functional outcomes and reduce recovery times and hospital stays for patients.

居民收入不断提升。2016 年我国城镇居民人均可支配收入达到3.36万元，预计2017 年人均可支配收入达到3.63 万元，保持8%的增速。2016 年居民消费支出占GDP 比例为39.33%，相比发达国家还有很大差距。未来在经济“新周期”下，居民消费支出占比有望进一步提升。

从长期来看，板块收益与业绩增长基本同步，10年至今板块年化收益率与年化业绩增速匹配度极高。而目前整体市场炒壳炒主题偏好热度下降，对价值投资认可度提高，从17年数据可见，低估值白电板块收益率高于其他子版块，龙头估值有所修复，这一趋势下龙头白马将继续享受估值溢价。

应对朝鲜核导弹威胁，增强导弹防御系统是核心内容。日本 将加紧强化弹道导弹防御（BMD）系统，预算中包括斥资 440 亿日元 引进日美联合研发的“标准 3 BLOCK 2A”反导系统，以及从美国引 进陆基“宙斯盾”系统的前期费用。考虑到“西南诸岛”防卫，此次 日本国防预算也将致力于加强“离岛防御体系”。预算斥资 393 亿日 元购买 4 架 V-22“鱼鹰”运输机，用于加强一线部队快速调动部署能 力。

应对朝鲜核导弹威胁，增强导弹防御系统是核心内容。日本 将加紧强化弹道导弹防御（BMD）系统，预算中包括斥资 440 亿日元 引进日美联合研发的“标准 3 BLOCK 2A”反导系统，以及从美国引 进陆基“宙斯盾”系统的前期费用。考虑到“西南诸岛”防卫，此次 日本国防预算也将致力于加强“离岛防御体系”。预算斥资 393 亿日 元购买 4 架 V-22“鱼鹰”运输机，用于加强一线部队快速调动部署能 力。

建议关注细分成长子行业的龙头，分享未来行业成长红利，推荐个护小家电龙头飞科电器、清洁小家电龙头莱克电气、西式小家电龙头新宝股份、集成灶龙头浙江美大、按摩椅龙头荣泰健康。