投资建议：光伏方面我们建议把握3 条主线：1）明年供需较为紧张的硅料和玻璃环节，重点推荐通威股份、大全新能源（美股）、福莱特（A+H），重点关注信义光能（港股），亚玛顿；2）垂直一体化龙头隆基股份、晶澳科技、晶科能源（美股）；3）受益于国产替代，业绩有望持续高增的逆变器和跟踪支架环节，重点推荐阳光电源、锦浪科技、固德威、中信博，重点关注上能电气。目前风电板块整体估值10-15倍，向上修复弹性较大。重点推荐金风科技、明阳智能、天顺风能、中材科技、日月股份、金雷股份等，建议重点关注大金重工、东方电缆等。

上周（12.14-12.18）多因素共振带动光伏产业链强势表现（沪深300 +2.3%／日SCLI +0.3% ): 此前习主席于气候雄心峰会宣布上修国家自主贡献一「的2030年减排力度、并给出风尤累 积装机量12亿千瓦的保底目标，行业信心提振带动产业链普涨。

Traction motors are AC or DC electric motors that provide power to drive locomotives. Further, these motors offer high durability and deliver robust performance, owing to high power and superior mechanical susceptibility of heavy payloads. . The traction motors require high power to deliver the torque required to move the wheels, resulting in compact designs, efficient power-to-weight rations, and efficient cooling of the traction motors. Thus, torque motors have minimum torque ripple, reduced noise & vibrations, higher efficiency, and efficient cooling capabilities through open or forced ventilation. The growth of the global traction motor market is driven by volumetric surge in the transportation sector and the introduction of new vehicles, which are equipped with latest technologies. Moreover, increase in the requirement for advanced transports globally has led to the development and production of better and efficient traction system

我们于近期参加了由GGII举办的铿电＆电动车年会，并结合我们的近期跟踪研究，基于供给、需求、技术技术等维度，对产业链核心要点进千犷提炼与详述。我们持续建议把握产业链龙头与细分结构性变化、供需趋紧赛道两犬主线的投资机遇。 

A low voltage circuit breaker is a type of electromechanical switch that breaks the circuit manually or automatically under abnormal conditions such as over current, over voltage, and short circuit and works up to 1,000 V voltage rating. Its basic function is to detect a fault function by interrupting continually and immediately discontinue electric flow. As compared to fuse, which operates once and needs to replace, a low voltage circuit breaker can be reset either manually or automatically to resume normal options. The global low voltage circuit breaker market is segmented on the basis of type, application, end user, and region. Based on type, it is categorized into miniature circuit breaker, molded case circuit breaker, and air circuit breaker. On the basis of application, it is divided into energy allocation, shut-off circuit, and others. By end users, the market is fragmented into residential, commercial, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

11 月锂电池板块指数略弱于沪深300 指数。2020 年11 月，锂电池指数上涨4.26%，新能源汽车指数大幅上涨7.05%，而同期沪深300 指数上涨5.07%，锂电池指数略弱于沪深300 指数。

The lighting industry has seen tremendous progress over the past 200 years. The gas lamp was invented and brought into the US in the 1790s. These lamps became common since coal was also used as a fuel source for cooking in homes. The early 1900s were preceded by light bulbs in the 1830s and the first electronic lamps were installed. The light arc was built in Paris in the 1840s. Theater illumination was developed by guiding an oxyhydrogen flame to a calcium oxide cylinder for early arc lights or street bulbs. Although it is no longer a light source for theaters, the term "in the focus" is still used. Fluorescent lights were invented and available in the early 1860s. Thomas Edison developed the carbon filament incandescent light bulb in 1879, which became the standard for lighting for many decades.

A concrete pump is a machine used to transfer liquid concrete by means of pumping. The pump operates by one piston drawing liquid concrete into a cylinder from a hopper, while the other simultaneously pushes its concrete out into the discharge pipes. Concrete pump is important in revolutionizing the construction of highrise buildings and structures. The report on the global concrete pumps market presents a detailed analysis of the trends, future estimations, and thorough study of the market depending on type, industrial vertical, and region.

Dry type transformer consists of magnetic core transformers in which the magnetic core, primary & secondary windings are embodied using insulating materials such epoxy or polyester that are non-inflammable and can be defined as self-extinguishing. The global dry type transformer market analyzes different types and configurations of dry type transformers used in industrial, commercial, and other end uses. The market is segmented on the basis of type, technology, phase, voltage, and end use. Based on region, the global dry type transformer market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

作为储能技术的具体体现之一，动力电池对能量密度、功率密度的需求较高，同时也要兼顾安全性、寿命与成本。铅酸电池系统能量密度低（约30Wh/kg），远低于锂离子电池（约150Wh/kg），对应车型的工况续航也有巨大差距。铅酸电池车面对燃油车型全无竞争力，而锂电车型逐步具备了竞争力。