随着机械装备制造的龙头企业在国内市场获得优势地位，并且逐步提升全球化经营水平，我们认为需要更多的站在全球视角下去分析。在本篇报告中，我们以工程机械为例，讨论三一重工在全球市场的发展阶段、核心竞争力和长期拓展空间。 

2018 年下半年以来，政策面上定调加大基建投资力度以抵御宏观周期波动；汽车及家电的消费刺激政策呼之欲出，对机械行业的提振效果将逐步显现；中美贸易谈判虽未有定论但形势良好。建议在成长性和景气度良好的行业中去选择拥有技术壁垒、市场优势、盈利能力优异的上市公司。

2019Q1 机械行业跑赢大盘，估值依然偏贵，行业内个股表现不一。我们认为机械行业春季围绕开工旺季、减税、科创和 MSCI 等关键词展开。宽信用和地方政府债券支撑，基建触底回升，迎来春季开工旺季。制造业减税降费有望刺激制造业的复苏。MCSI 提振、科创板映射提升行业估值。 

4台核电机组获得核准，标志核电时隔三年正式重启！今年 1 月 30 号漳州、惠州 4 台华龙一号核电机组获得核准，时隔三年核电正式重启，验证了我们去年年中以来的判断！审批后还需要通过安全评审，之后即可浇筑第一罐混凝土（FCD），正式开工建设，乐观估计 19 年上半年可完成 FCD。

2019 年 1-2 月制造业固投增速（5.90%）环比下滑，不过较去年同期仍有小幅回暖。分行业来看，自动化设备的主要下游电子设备制造等行业固投增速下滑明显。不过2019 前两个月工业技术改造累计投资增速上升至 19.5%，为近年来增速的高位，或反映设备更新升级需求趋势。2019 年 2 月新订单 PMI 指数回升至 50.6%，在连续下行 6 个月以后首次回升且突破荣枯线，或在一定程度上反应制造业需求的回暖。

移动机器人在驱动控制器、系统、传感器等核心部件上，依然高度依赖国外品牌。 中游：“个性化服务+高性价比”推动产业快速发展。移动机器人消费者大多价格敏感。提供高性价比产品的中游企业极受市场欢迎，产业持续快速发展。 下游：人口红利降低与新兴领域发展造就 AGV 高需求。我国长期低出生率导致人口红利降低，加上新兴行业的兴起，移动机器人的需求愈发旺盛。 

Air humidifier is an air conditioning appliance that is used to increase moisture level within a single room, and commercial building. Residential humidifiers are commonly used to humidify a single room, while whole-house humidifiers, which connect to a home's HVAC (heat ventilation and air conditioning) system, provide humidity to the entire house. Humidifiers are also used in commercial, institutional, or industrial buildings. Air humidifiers help reduce static electricity effectively, which represents the foremost issue for computer storage devices, compact discs, and other electronic devices. The scope of the study is intended to discuss the upcoming and present market trends of air humidifier. In addition, this report details current market trends, drivers, restraints, and opportunities and determines the future growth potential of the global air humidifier market.

competition in Brazil’s pharma and healthcare sector is becoming increasingly intense. The deceleration of the domestic drug market has propelled the pharmaceutical companies operating in the country to search for scale and efficiency gains through organic growth, acquisitions and internationalisation of their operations. The opening of the healthcare market to foreign investors in January 2015 also unleashed a consolidation trend, triggered by the entry of both strategic and institutional investors. Given the deficiencies in the provision of quality health services, healthcare will remain the subsector with the highest growth potential in the medium term.