2019 年 1～4 月，机械工业重点联系企业累计订货额 同比下降 7.86%，降幅较 1～3 月加深 1.53 个百分点，工业销售产值 同比下降 3.09%，降幅较 1～3 月加深 0.71 个百分点；营业收入 67787.13 亿元，同比增长 1.92%，较全国工业低 3.15 个百分点；利 润总额 3654.58 亿元，同比减少 401.14 亿元，下降 9.89%。1～5 月， 主要产品产量同比增长的品种数逐步减少；受中美贸易摩擦影响， 机械行业主要产品进出口额同比均为负增长；固定资产投资增速波 动下行。 

Profession AV solutions or pro AV equipment are systems that are involved in the transmission of multiple high-quality live audio and video signals among other transmissions, uncompressed in nature, to multiple devices. The pro AV systems are broadly used in live events, broadcast facilities, commercial installations, and recording, and post-production. Sound reinforcement equipment and solutions form the backbone of any pro AV systems, installed or portable. The advent of the cloud and the software-based application has propelled the audiovisual (AV) technologies to go through a major shift. Enterprises are looking forward to advanced AV solutions to help them in achieving seamless business communication and collaboration. On the other hand, system integrators and channel partners are also witnessing huge revenue potential in the growing global enterprise AV market.

Profession AV solutions or pro AV equipment are systems that are involved in the transmission of multiple high-quality live audio and video signals among other transmissions, uncompressed in nature, to multiple devices. The pro AV systems are broadly used in live events, broadcast facilities, commercial installations, and recording, and post-production. Sound reinforcement equipment and solutions form the backbone of any pro AV systems, installed or portable. The advent of the cloud and the software-based application has propelled the audiovisual (AV) technologies to go through a major shift. Global enterprises are looking forward to advanced AV solutions to help them in achieving seamless business communication and collaboration. On the other hand, system integrators and channel partners are also witnessing huge revenue potential in the growing global enterprise AV market.

与锂电池作为储能装置不同，燃料电池是一种非燃烧发电装置，通过电化学反应将阳极的氢气和阴极的氧气的化学能转化为电能。燃料电池核心结构单元主要由膜电极和双极板构成，膜电极包括扩散层、催化剂层、质子交换膜，为反应发生场所；双极板是带流道的金属或石墨板，其主要作用是通过流场给膜电极输送反应气体，同时收集和传导电流并排出反应产生的水和热量。

当前时点下，随着燃料电池政策扶持纷纷落地，材料板块热度高涨。目前国内相关材料产业方兴未艾，已经具备技术储备且拥有产业化能力的企业将获得较大市场空间，相关标的业绩增长有望迅速落地。 

本篇报告是电力设备新能源行业专题研究第一篇，聚焦光伏产业链逆变器细分环节，梳理和更新当前光伏逆变器行业产业格局与逆变器环节发展趋势。 

2019 年补贴政策实施后，主机厂和电池厂都针对新补贴政策推出了升级产品，最直接的现象就是新能源乘用车车型电池系统能量密度和续航里程大幅提升，高镍 811 应用车型明显增多。2019 年第 6 批推荐目录中系统能量密度超过 170Wh/kg 的车型有 3 款，搭载 NCM811 电池的车型在逐步增多，续航里程也有进一步升级。这表明新能源乘用车产品升级效果显著，仍在向高能量密度、高续航方向倾斜，高端乘用车领域尤为明显。

2019 年 6 月空调零售和出货数据陆续出炉，到底应该如何看待 6 月空调表现，对空调龙头股价后续表现是该悲观还是乐观？ 

光伏龙头个股绝对收益显著，电新行业持仓维持高位：Q2 电力设备各板块中，光伏板块获得较高的相对收益，光伏行业龙头逆势上涨，隆基股份涨 14.2%、通威股份涨 11.80%，表现亮眼。同时，电新行业整体重仓市值和比例维持高位，重仓市值达 445 亿元，占基金股票投资市值比例为4.48%，延续了自 2018 年 Q4 以来的高位。