Soft magnetic material are those materials that are easily magnetized and demagnetized and are known for having intrinsic coercivity less than 1000 Am. Soft magnetic material is known for enhance and channel the flux produced by electric current. Material considered under includes nickel, cobalt, iron, electric steel, soft ferrite, and their alloys. These material are used in both AC and DC applications. In DC applications, the material is magnetized to perform an operation and then demagnetized at the end of the operation. While, in AC applications, material is continuously cycled and being magnetized in one direction to other throughout the period of application. This is one of the major advantages that the soft magnetic material has over hard magnetic material.

Primarily owing to the increased a doption in consumer electronics, th e demand for supercapacitors increased significantly over the past few years. While Samsung’s Galaxy Note 9 came with a nifty new feature: the S Pen stylus Bluetooth, and could be charged instantly using a supercapacitor, several smartphone manufacturers invested in next-gen battery design to better protect against drops and weath er condi tions tha t drove the growth of smartphon e supercapacitors.  Moreover, with automotive manufacturers emphasizing on reducing dependency on the oil sector and governing bodies imposing stringent environmental regulations, growth prospects for the el ectric vehicles is expected to be promising. This has led the supercapacitor manufacturers to explore profitable opportunities in the rapidly-evolving automotive industry. Due to this, in February 2019, Tesla Inc., a global giant in the automotive and energy industries, acquired Maxwell Technologies Inc., a leading battery technology company for approximately USD 218 million. Following this acquisition, the company aimed to capitalize on lucrative opportunities for electric vehicles, and it planned to add expertise in the field of supercapacitors that could speed up car charging capabilities.

我国在践行“四个革命、一个合作”的重大能源战略的进程中，能源供给和能源消费要在2050 年实现两个重要的“50%”里程碑。“2050 年我国能源清洁化率（非化石能源占一次能源的比重）达到50%和终端电气化率（电能占终端能源消费的比重）达到50%”。电网企业在这一转型进程中必须对自身定位和收益机制进行根本性变革，泛在电力物联网是变革的两大支点之一。

我们持续进行“资源—材料—电池”产业链传导追踪测算，随着补贴退坡，产业链企业定位与经营状况有所分化，价格—成本成为决定盈利的关键变量，关注核心供应体系龙头。

国内年末翘尾增长有限，产业链中下游排产分化，紧握龙头供应体系。11 月锂电装机与新能源车产量同比均较大幅度低于去年同期，年末抢装幅度较为有限。中游11 月产量环比下降但锂电环节产量环比增长，产业链未装机累计库存已达25.5GWh。我们认为龙头库存有限同时排产下降带动中游排产回落，二三线企业年末受专用车及A00/A0 级乘用车需求回升增产提升锂电环节库存。留意供应体系风险，紧握产销高质量的龙头企业供应体系。

11 月份国内PMI 为50.2，重回荣枯线以上，工控企业单月订单普遍转正。在目前制造业企业利润短期出现回升，中美贸易争端缓和带来情绪面修复的环境下，市场对2020 年工控市场的走势莫衷一是。本文我们跳出国内企业的视角，从海外工控巨头西门子和施耐德财报中对国内工业自动化和低压电器市场的展望，来探究2020 年工控市场环境的可能变化。

展望2020 年，泛在电力物联网建设将进入“三年攻坚突破年”，电力信息通信各环节特别是全产业链企业将充分受益；工业制造业下游有望弱复苏，地产竣工确定性提速，工业控制、低压电器均处于向上提速阶段；在国家财政、产业政策均大力支持新能源车发展的大背景下，充电桩不足一定程度成为掣肘行业发展的关键因素之一，新能源车地方补贴从“补车”到“补电”，将使得充电运营企业充电量和车桩新增量延续2019 年的良好表现。