2017年，中国机械行业迎来复苏之年。机械行业迎来“朱格拉周期”，工程机械、集装箱、重型机械等主要子行业订单、营收、利润等主要指标迎来向上势头。（1）本轮复苏以更新需求为主；机械行业上一轮高峰期为2010-2011年，经过8年左右的周期，更新需求明显增加。（2）行业集中度提升；“强者恒强”，不少子行业向寡头竞争格局演变。（3）出现或即将出现一段时期的“量价齐升”；产品涨价表明对未来一段时间需求的信心。

A battery is a device that stores electric charge. It consists of one or more electrolytic cells that supply electric power when connected externally to devices such as flashlights, smartphones, watches and clocks, electric cars, etc. A battery analyzer or a battery tester is a device to check the state of an electric battery. Basic battery analyzers include ammeters and voltmeters that measure the charge stored in the battery under test and its voltage output. Advanced battery analyzers are capable of determining the battery's condition by evaluating critical parameters such as its capacity for accumulating charge and any conditions affecting the performance.

Power factor controllers are mainly used to control voltage fluctuations and maintain optimum power factor for eliminating interference during machine operations. Power factor controllers include both automatic and manual controllers. The applications of both these controllers are similar, the recognition mode being the exception. Automatic power factor controllers use an automatic capacitor recognition mode whereas manual power factor controllers must be adjusted manually in times of fluctuation or decrease in the power factor. Manual power factor controllers are suitable for testing relay outputs. However, the use of these controllers is limited as most of them are getting replaced by automatic power factor controllers. This is because automatic power factor controllers are easy to use and maintain compared with manual power factor controllers.

我们将家电领先型公司分为三类：专业型（专注于一种产品）、综合型（在多种家电产品上布局）、多元化（大量布局了家电以外的产业）。在我们所熟悉的海外上市家电领先者企业中，我们发现专业型公司的估值并不低于综合型和多元化布局的家电领先者。以估值平均数来看，专业型 21 倍；多元化 17 倍；综合型 12 倍。 

Q1 为年报、一季报公布时期，建议持有业绩确定性较高的家电龙头，推荐白电龙头美的集团、格力电器、青岛海尔，厨电龙头老板电器，小家电龙头苏泊尔。

2017 年 12 月 7 日，融通中证军工 B 遭遇下折。截至 2018 年 1月 20 日，前海开源与申万菱信触发下折所需的指数下跌幅度分别为5.07%和 11.13%，其余 4 支分级基金触发下折所需的指数下跌幅度在20%-35%之间。在当前板块整体已出现较大跌幅的情况下，再次出现大幅度下跌的可能性较小；可能面临下折风险的两支基金规模占比合计仅为 27.83%，下折风险整体可控。