Manufacture of discharge, incandescent, fluorescent, ultra-violet, infra-red etc. lamps, fixtures and bulbs Manufacture of ceiling lighting fixtures Manufacture of chandeliers Manufacture of table lamps (i.e. lighting fixture) Manufacture of Christmas tree lighting sets Manufacture of electric fireplace logs

Manufacture of distribution transformers, electric Manufacture of arc-welding transformers Manufacture of fluorescent ballasts (i.e. transformers) Manufacture of substation transformers for electric power distribution Manufacture of transmission and distribution voltage regulators Manufacture of electric motors (except internal combustion engine starting motors) Manufacture of power generators (except battery charging alternators for internal combustion engines) Manufacture of motor generator sets (except turbine generator set units)

Manufacture of ball and roller bearings and parts thereof Manufacture of mechanical power transmission equipment: Transmission shafts and cranks: camshafts, crankshafts, cranks etc. Bearing housings and plain shaft bearings Manufacture of gears, gearing and gear boxes and other speed changers Manufacture of clutches and shaft couplings Manufacture of flywheels and pulleys Manufacture of articulated link chain Manufacture of power transmission chain

1）FA自动化零部件供应商的商业模式已得到广泛认同：74%受访者接触过怡合达/米思米等FA供应商，19%听说过未进行购买，仅有7%未听说过；2）对FA定制化需求非常高：22%受访者对于怡合达有经常性的定制化服务，仅有37%按照目录进行选型；3）目前提供的品种数量占比仍较少，未来有较大提升空间：①19%的受访者认为FA目前对所在公司可以提供的sku数量在5%以下，31.5%认为在5-10%，11%认为在20%以上，目前供应占比仍然较低；②针对FA供应商难以替代的竞争对手（品牌方、一级供应商等），33%的受访者认为公司在这些地方的采购占比仅有10%以下，26%为10-20%；③33.33%的受访者认为，对于有定制化需求、种类多但是单SKU数量少以及对交期要求高的这三类零件，公司都会选择使用米思米/怡合达等FA工厂产品，而非经销商/品牌方/五金店的产品，并且有将近50%的受访者希望未来FA工厂供应占比可以提升至20-50%；④18.5%的受访者认为FA在中国的市场空间在千亿以上，13%认为在500亿以上，44%认为在100-500亿。

正股（基本面）和转债（估值+条款）双维度分析，构建转债组合。本文梳理了全市场大制造板块可转债清单，①立足正股基本面，根据浙商证券“大制造”板块（机械设备、国防军工、电力设备、汽车）各行业组的研究观点，筛选出基本面有优势且发行转债的大制造板块股票标的；②转债（估值+条款）分析，对已筛选出股票的转债进行分析，精选重点看好的可转债组合，提示投资者亦可通过配置可转债获取这些行业的成长性收益机会。