高耗能用电需求持续疲弱，但出口强劲推动10 月单月全社会用电量同比增长6.1%，彰显用电韧性；新能源装机增长迅速，10 月末风电/太阳能装机3.0/2.8亿千瓦，同比增长 30.4%/23.7%，从装机和投资变动看技术进步推动风电单位投资下降显著；预计11 月用电同比增速和10 月基本持平，预计全年用电需求增速为9.1%。推荐华润电力（H）、三峡能源、中国核电、华能水电、华能国际（A&H）中国广核（A&H）、福能股份、长江电力、川投能源、信义能源（H）。

电动车销售旺季已至，继续强烈看好电动车板块，第一条主线看好Q2 盈利拐点叠加储能加持的电池，龙头宁德时代、亿纬锂能、比亚迪、派能科技，关注欣旺达、蔚蓝锂芯；第二条为持续紧缺、盈利稳定的龙头：隔膜（恩捷股份、星源材质）、负极（璞泰来、杉杉股份、信德新材，关注贝特瑞、中科电气）、结构件（科达利）、添加剂（天奈科技）、前驱体（中伟股份、华友钴业）、勃姆石（关注壹石通）、铝箔（关注鼎胜新材）；第三条为盈利下行但估值低的电解液（天赐材料、新宙邦，关注多氟多）、三元（容百科技、当升科技、振华新材，关注厦钨新能）、铁锂（德方纳米、万润新能）、铜箔（嘉元科技、诺德股份）；第四为价格持续维持高位低估值的锂（关注天齐锂业、赣锋锂业等）。

国家能源局分布电力现货市场基本规则和监管办法2 个文件征求意见。11 月25 日，国家能源局综合司发布关于公开征求《电力现货市场基本规则（征求意见稿）》《电力现货市场监管办法（征求意见稿）》意见的通知。文件就市场成员、市场构成与价格、现货市场运营、市场衔接机制、计量、市场结算、信用管理、市场监管、干预等进行了规定。这将为全国电力现货市场的运行运营铺平道路。10 月20 日-11 月20 日，国内光伏组件招中标市场定标约19.39GW。 10 月20 日-11 月20 日的光伏组件招中标市场，约19.39GW 定标，均价为1.96 元/W。

Transformer oils are used as dielectric fluids and act as a coolant for transformers, switchgear, starters, regulators, and more. The performance of transformers mainly depends upon the quality and type of transformer oil. Transformers are important equipment that is used for the transmission & distribution of electricity. Additionally, various industries require different types of transformers to get the desired voltage and current that is essential for the optimum performance of machinery installed in plants. The agricultural sector also uses transformers for various tools and irrigation equipment, such as electrical pumps and motors.

The sterilization of medical equipment is a vital process within critical healthcare environments to ensure patient safety. Similarly, life science and pharmaceutical laboratories must sterilize their laboratory equipment and supplies to get rid of contaminants. Therefore, healthcare establishments and medical and research laboratories must invest in efficient and reliable sterilization devices to ensure the timely availability of sterile medical equipment and instruments. For instance, critical medical instruments such as urinary and cardiac catheters, surgical instruments, and implants require thorough sterilization before reuse. Also, endoscopes, anesthesia and respiratory equipment, laryngoscope blades, blood pressure cuffs, and bedpans are some semi-critical equipment in healthcare settings that require regular sterilization. Various methods of medical sterilization include high temperature/pressure and chemical processes, which require equipment such as dry heat sterilizers and ovens, UV chambers, steam sterilizers, autoclaves, irradiation products, and stand-alone water treatment systems.

There is substantial growth in the global ride-on lawn mowers market due to the increased demand for equipment from residential and commercial users. The growth in demand is due to the expansion of green acreage. The need for ride-on lawn mowers surges during summer and spring due to the increased time spent on lawncare activities. Moreover, government efforts to expand green acreage through the construction of parks, lawns, and playgrounds push the demand for ride-on lawn mowers in the market. Also, increased interest in gardening and lawn care activities significantly drives the demand for landscaping services, thereby driving the need for equipment from landscaping service providers.

The dynamic cleaning equipment industry has witnessed a paradigm shift over the years in terms of trends and challenges across the globe. The cleaning industry is constantly evolving with micro and macro environmental factors. It is also externally shaped based on the equipment and technology available in the market. With considerable upgrades in business models and operation techniques, the market can witness further traction supported by stringent protocols and corporate policies. Accordingly, pressure washers form an integral component of the cleaning equipment industry and are expected to grow 1.29 times during the forecast period. For battery-powered pressure washers, the contract cleaning market is expected to shape the growth during the next five years.

Liquid handling systems are critical equipment used in manufacturing and sanitation operations in biological research and drug development laboratories. Liquid handling equipment includes a comprehensive range of micropipettes and pipettes, stackers, handlers, washers, and robotic systems. Automated liquid handling systems include liquid handling robots, which are automated devices used to dispense and sample liquids in laboratory settings. Also, these systems are used in preparation for high throughput screening or sequencing, liquid weighing, sample preparation, and bioassays in industrial and academic settings. Several liquid handling systems are being used in epigenetics and genetics studies. The use of robotic liquid-handling systems in research and clinical genomics laboratories has made the sequencing workflow more efficient and cost-effective in high-throughput next-generation sequencing (NGS).

投资建议：个股方面，重点推荐高端化多品牌领先布局效率优化的海 尔智家（22 年14.6X）、显著受益Q3 空调需求改善的格力电器（6.8X）、 内销结构升级明显，出口逐步企稳的美的集团（10.3X）、家空业务逐 渐改善，央空稳健增长的海信家电（12.5X）

2022 年CS 机械板块跑赢沪深300 近10pct。截止11 月15 日收 盘，2022 年CS 机械行业下跌3.46%，跑赢沪深300 指数（-13.24%） 9.78pct，排名30 个中信一级行业第8 名。中信机械三级子行业中 金属制品、工业机器人、机床设备等子行业表现靠前。