FCV 9 月装机量为 35.79MW，1-9 月累计 396.22MW。2023 年 9 月，燃料电池系统装机量 35.79MW，同比下滑 33%，其中商用车装机量为 33.6 MW，本月装机多为重型货车和轻型货车。全年 FCV 预计呈现高增趋势，政策细则落地叠加产业链成熟度提高下，行业放量确定性强，预计 2023 年 FCV 将持续看向翻倍。

Garage door operators of all segments have an established market across countries, driven by the demand for new units. This is due to new build fenestration or replacement of old units with innovative and high thermal efficiency products. Garage doors have always been a standard component in residential and nonresidential buildings, including commercial and industrial buildings, and they have a long-established market. Most standard doors comprise glass panes mounted on wooden or metal frames. The potential focus is currently hardwood, metal, and fiberglass for external garage doors.

The air purifier market is one of the growing markets in the electronic appliances industry. The use of air purifiers is growing across countries, particularly those facing high concentrations of pollution. The increase in industrial activities, urbanization, traffic pollution, and emissions from factories and household activities are the major drivers of the market. Major regions with growing demand include APAC, Europe, and North America. Some of the advantages of air purifiers include

The pool equipment industry has undergone a rapid transformation concerning technological enhancement, customized automatic pool cleaners, a more favorable and preferred option for cleaning the debris and dirt from the pool, are now being used in the pool cleaning segment. The surge in the infrastructure and the development of residential and commercial swimming pools is a boon to an automatic pool cleaner market that advances cleaning technology and will enforce innovation.

The commercial scrubbers & sweepers market has witnessed consistent growth over the last few years, and the growth is expected to continue during the forecast period. It is also one of the fastest-growing floor-cleaning equipment markets globally. The growth of automation and robotics in commercial floor cleaning has reshaped the market, with rising adoption in industries, such as warehouse & distribution, airports, and other high-traffic areas. This professional equipment provides highly efficient cleaning across all sectors. With the increasing adoption of automation, consumers use technology in many daily chores, including cleaning. Using commercial scrubbers & sweepers can greatly reduce cleaning time and manual labor. In industries, these machines provide a more ergonomic cleaning method, thereby ensuring workers' safety. Commercial scrubbers & sweepers thus precisely make the job of cleaning easier, faster, and safer for workers.

The global centrifugal pump market is expected to grow over the forecast period. APAC and Europe, followed by North America, are expected to witness significant demand in the market. However, the Middle East and Latin America will likely develop opportunities with the opening of new water management, construction, oil & gas, and mining projects.

2023 年8 月，在暑期出行旅游及节假日等消费带动下，社会消费品 零售总额同比增长4.6%，达到37933 亿元，增速较上月明显提升。 其中，家电及音像器材类零售额672 亿元，同比下降2.9%，占总社 消比值微降0.2pct。

我们认为，受益于上游原材料价格高位回落，下游需求逐步回暖， 智能控制器行业有望迎来困境反转，并将长期受益于节能化、智能化 的发展趋势，建议关注：盈利能力突出，成长性有望突破的【振邦智 能】；以及产品有望实现量价齐升的戴维斯双击的全球智能控制器龙 头【拓邦股份】。

2023 年以来，扫地机行业整体呈现弱复苏状态，线上降幅逐步收窄。受 经济形势与居民收入预期影响，后疫情时代国内消费恢复动力有所不足， 扫地机作为价格较高的可选品亦受冲击。根据奥维云网数据，2023 年扫 地机线上销量整体仍有所下滑，但降幅呈逐步收窄趋势。格局方面，追觅 异军突起，云鲸9 月以来表现亮眼。年内头部4 公司布局多款新品，中高 端价格带方面， 科沃斯T20 系列、石头P10、石头G20 表现良好，高端 价格带追觅异军突起，X20 系列占据约7%的市场整体份额，5000+价格 段排名首位；9 月以来云鲸J4 大放异彩，占据约40%的市场份额。 EMISPDF cn-

在汽车产业智能化浪潮的背景下，车载投影显示有望迎来较好发展，目前已形成HUD、智能大灯、车载投影三大应用场景。以AR-HUD为例，得益于近年来成 像技术的不断进步，同时成本的不断下行，AR-HUD迎来较好增长，同时国产零部件厂商不断入局，在智能化浪潮重塑供应链格局的背景下话语权不断增强， 根据亿欧数据，2021年我国AR-HUD渗透率为0.3%，而有望在2025年达到18%，而根据高工智能汽车数据，23年1-4月国内本土供应商份额占比达到 48.02%，HUD座舱智能化赛道国产化率逼近50%。根据我们的测算，25年HUD/激光大灯/车内投影三大应用场景25年市场规模分别为192/108/240亿元，发 展前景广阔。

Arm的商业模式具体包括以下几种，其中据公司财报数据显示：版税使用费占Arm总收入的63%，表明大多数客户通过 TLA条款获得Arm产品的许可。

锂电行业估值处历史底部，储能接续动力驱动基本面向好。从估值看，截至2023年9月1日，锂电池(申万)指数PE(TTM)为19.19倍，位于过去3年5.88%分位点，我们预计板块走势已充分反应市场悲观预期。从基本面看，动力电池领域出货量增速放缓，根据中国汽车动力电池产业创新联盟和同花顺数据，2022年我国动力电池出货量为465.5GWh，同比+150%;2023H1出货量为256.5GWh，同比+18%。根据EVTank，2023H1全球储能锂电池出货量为110.2GWh，同比+73.4%，其中，中国储能锂电池出货量为101.4GWh，占比92%，储能需求未来有望接续动力市场驱动产业链基本面长期向好。

产业链价格筑底，电站IRR 上行，新增装机预期上调。上半年硅料放 量带动产业链价格快速下行，根据Infolink 最新报价，集中式项目182/210mm 单玻PERC 组件的均价1.22 元/W；基于假设条件，我们测算地面单站的项 目IRR 和资本金IRR 分别为10.8%和25.6%；若考虑储能，项目IRR 和资本 金IRR 分别为10.3%和23.7%。在当前较高的收益率水平下，CPIA 上调全 年装机预期， 预计2023 年全球新增装机305-350GW ， 我国新增装机 120-140GW，行业景气度向好。