小家电板块子行业众多，整体较为分散。清洁电器、净水器、电饭煲以及台式微蒸烤是规模较大的细分板块，从增速来看，咖啡机、清洁电器、净水器、榨汁机以及净化器同比增速居前。从赛道维度对比，清洁电器自 2015 年以来销额保持正增长，咖啡机自 2022 年以来销额保持正增长。2024 年 10 月以来，在国补助力下，小家电品类终端销额表现明显回暖，2024 年 10 月 - 2025 年 3 月的 6 个月累计销额同比数据中，咖啡机、清洁电器、净水器、榨汁机、净化 器销额同比增速居前。量价拆分来看，国补对刚需品类价格拉动明显。

Automatic milking machines, also known as robotic milking systems, are designed to milk dairy animals, particularly cows, without human intervention. These systems utilize advanced technologies such as sensors, laser technology, and software-based systems to ensure efficient and hygienic milking processes. The integration of data analytics and herd management software enables farmers to monitor the health and productivity of their livestock, further enhancing farm efficiency.

An autoclave is an instrument that is designed to operate at high pressure and temperature to sterilize equipment and materials. It also helps in decontaminating medical or biological waste before disposal. The high temperature generated inside the chamber of the autoclave helps in killing the microorganisms and spores present in the materials placed inside the chamber.

An automatic door, also known as an auto door, is a door that opens and closes automatically without the need for human intervention. These doors typically operate using sensors that detect the approach of a person or object, triggering the door to open.

The atomic clock market is primarily driven by advancements in timekeeping technologies and the increasing demand for precise time synchronization across various aerospace and defense applications. The atomic clock market has a diverse range of atomic clock solutions, with rubidium (Rb), cesium (Cs), and hydrogen (H), as well as Maser Atomic Clocks, being prominent types. • The aerospace and defense sector has emerged as a major end-user of atomic clocks. Defense industry use cases leverage atomic clock accuracy for applications such as combat aircraft, unmanned vehicles, armored vehicles, and naval ships. Space end-users rely on atomic clocks for satellite systems, space launches, and ground stations, which highlights the extensive adoption of atomic clock technology in critical sectors.

Bicycle gearing is a feature of the drivetrain that determines the rate at which the riders are peddling to the rate at which the drive wheel rotates. There is a shifting mechanism that allows the proper selection of the gear, which is effective in increasing the comfort of riding. For instance, top gear can be used for riding downhill, medium for a flat road, and low for uphill.

2025 年风电行业投资主线聚焦四大方向：1）海风：政策松绑叠加招标放 量驱动深远海开发加速，海底电缆/基础产品升级开启新周期；2）陆风： 价格筑底企稳与大型化趋势深化共振，整机及铸锻件环节盈利修复弹性突 出；3）零部件：大兆瓦机型交付放量推升供需紧平衡，叶片/铸件等高价 值量环节进入量价齐升通道；4）出海：全球能源转型加速催生海外需求 扩容，中国整机商依托成本优势实现市场份额与盈利结构双升。四大领域 共同构建"政策-技术-成本-市场"多维驱动格局，奠定行业增长性高，确定 性强。

光伏：临近抢装节点，产业链价格再度下行 临近 531 抢装节点，用于抢装的组件采购基本完成，产业链价格再度小 幅下跌，市场预期后续终端组件需求下降，情绪由前期积极转为消极 态势。建议关注全年确定性相对较高的 BC 产业趋势。

锂电板块核心观点：25 年 4 月 7 大核心车企销量同比增长超 30%，美 国将对部分进口汽车零部件提供关税补偿。1）25 年 4 月 7 大核心车企销 量同比+31%，零跑、小鹏销量同比大增；2）美国将对进口汽车零部件提 供关税补偿，补偿上限逐年降低。

当前时间点海风板块推荐排序大幅提前。从板块的横向对比看：国内链多数产业仍在经历供给过程的深度洗牌，而出海链受中美贸易摩擦影响较 大，我们预计海风有望成为新能源中为数不多明年有50%+增速的细分赛道，与中美贸易摩擦无关，并且国内及海外对海上风电的政府规划及政策 支持力度边际持续改善，本轮海风装机将迎来国内及欧洲需求共振，积压海风项目装机及订单即将放量。从近年海缆订单看，头部厂商优势明显， 同时产品结构中高压直流及出口订单量利齐升，进一步提升龙头竞争优势。