随着去年 12 月初新电改 6 个配套细则落地，售电侧市场化改 革将继续深化。

春节家电需求平淡，零售均价走反映趋势，电商比继续攀升。

截至 2015 年底，中国在建的核电机组数为 24 台，保持全球领先；投入运行的核电机组数为 30 台（其中 28 台正式投入商业运行）。 2015 年，全国风电产业继续保持强劲增长势头，全年风电新增装机容量 3297 万千瓦，再创历史新高。电力设备行业全年累计进出口额均为负增长，共实现出口额 1037.28 亿美元，增速由上年同期的 6.95%下降至-3.51%；进口总额为 511.86 亿美元，增速由上年同期的 1.73%下降至-10.75%。

我们对于电力设备公司高管增持、定向增发、 员工持股计划进行了统计及测算， 有相当一部分公司的股价在这些资本运作中已经出现较大程度倒挂。我们建议从溢价率角度关注上述公司， 主要公司包括臵信电气、新时达、平高电气、安科瑞、长园集团等。此外，从公司未来发展角度考虑， 近期建议关注国电南瑞、 方正电机、 电科院、 大洋电机、 汇川技术等公司。

国内光伏景气延续，企业营业收入持续增长。

近日，我们邀请了大连理工大学教授、铸造行业 3D 打印领军人物，为我们分享 3D 打印技术在铸造行业的应用前景。以下是这次专家电话会议纪要，以飨各位投资者。

中游动力电车仍处于供不应求状态，重点推荐用电信息采集龙头新联电子。

本周机械设备板块（801890）上涨3.26%，沪深300 上涨0.60%，跑赢指数2.66%。机械行业整体市盈率TTM 为67 倍，市净率3.20 倍。

2015 年家电行业总收入预计下滑3.36%,净利润增长 7.54%，是最近 6 年来最艰难的时期。白色家电行业仍在去库存阶段， 2015 年总收入预计下滑 4.31%，净利润增长9.46%；彩电行业竞争加剧总收入预计下滑 1.64%，净利润下滑17.43%（康佳、长虹出现大规模亏损）；小家电行业（含厨电）保持增长态势，预计 2015 年总收入增长 13.45%，净利润增长 24.5%。

智能物流利用集成智能化技术，使物流系统模仿人的智能，具有思维、感知、学习、推理判断和自行解决物流中某些问题的能力。根据中国物流业协会统计，中国物流费用占 GDP 比例为 18%，与美日等发达国家相比，单位 GDP 我国物流成本占比是其他国家的 2-3 倍，并且呈逐年扩大的趋势。我们认为，以物联网为基础的智能物流是工业 4.0 的基础，是提升现代物流效率、降低全社会物流费用率的理想解决方案。

Garden tools like hedge trimmers and power lawn mowers are used to maintain a healthy lawn and garden. Proper mowing, cutting, irrigating, and fertilizing result in a healthy, dense, and high-quality lawn. Battery-powered hedge trimmers and lightweight gardening equipment have contributed to people becoming more interested in gardening. The simplest kind of hedge trimmer is the manual hedge trimmer, which is designed as a large scissor. This hedge trimmer does not require a motor to operate and is ecofriendly.

Generators convert mechanical energy into electrical energy. The source of mechanical energy varies, from an internal combustion engine, a hand crank to compressed air and a reciprocating steam engine. An internal combustion engine uses either diesel, gasoli propane gas, or natural gas to produce mechanical energy, which is transformed into electrical energy with the help of a generator assembly. Generators are designed to provide temporary AC or DC power. They serve as a source of backup or emergency power for residential, commercial, and industrial applications. A fuel engine powers a typical generator.

Water purification is a process to remove unwanted chemicals, biological contaminants, suspended solids, and gases from contaminated water. It decreases the concentration of particulate matter, reduces the chance of waterborne diseases, and makes water safe for drinking. The increased incidence of waterborne diseases and awareness about the importance of clean drinking water is driving the global water purifier market.

The global rechargeable battery market is likely to grow at a steady pace. Lead-acid batteries are the dominant battery technology in the rechargeable battery segment. Lead-acid batteries are used in automotive, stationary, and deep-cycle batteries. It provides quick thrust of power (cold cranking amperes, CCA) in a short time, suitable for SLI applications. Replacement activities in the global automotive industry also contributed to the demand for lead-acid batteries in 2014.

Garden tools or equipment like leaf blowers and power lawn mowers are used to maintain a healthy lawn and garden. Proper mowing, cutting, irrigating, and fertilizing result in a healthy, dense, and high-quality lawn. We believe that innovations like battery-powered leaf blowers and lightweight gardening equipment have contributed to a rising interest in gardening.

Refrigerators are classified into two main categories, direct cool and frost-free, and our analysts believe that both categories have immense potential for growth in the underpenetrated Indian market. It is predicted that in the long run the frost-free models will gain a larger market share as compared with the conventional refrigerator models.