硅氧中期仍主流，硅碳长期空间更大。硅氧循环性能更佳，在钢壳电芯中循环1000-2000 周，而硅碳目前的工艺路线在500-600 周，预计硅氧将率先在动力电池领域应用。硅碳提升循环性能主流方案是降低纳米硅的粒径，但传统研磨法仅能产出100nm 的粒径。近年来随着研磨法的革新、PVD、CVD法的逐步应用，将纳米硅粒径可降至30nm 甚至10nm，并通过结构化碳层将硅碳循环性能大幅提升对标硅氧，同时首效&克容量显著由于硅氧，长期看硅碳路线有望后来居上。

The research study constitutes an in-depth study of the global positive airway pressure (PAP) devices market, including a thorough analysis of the revenue generated from the use of PAP devices in professional healthcare as well as homecare settings. Based on product launches, approvals, and ongoing strategic collaborations as well as business expansions, the market size and potential for the forecast period 2021-2030 have been estimated. The scope of this report is focused on a country-wise analysis of the global PAP devices market. The market has been segmented based on region into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

The escalator cleaning machine market has been witnessing consistent growth over the last few years, and the growth is expected to continue during the forecast period. The growth of automation and robotics in commercial cleaning is reshaping the market, with rising adoption in shopping centers, malls, airports, public utilities, and other high-traffic areas. This professional equipment provides highly efficient cleaning across all sectors. With the increasing adoption of automation, end-users are significantly using technology for cleaning. The use of escalator cleaning machines can greatly reduce the time and manual labor required for cleaning. Moreover, it reduces the downtime for escalators significantly.

The considerable growth of the global beltdriven starter generator market is attributable to the unprecedented consumer shift from Internal Combustion Engine (ICE) vehicles to Mild Hybrid Electric Vehicles (MHEVs). The growing awareness of the environmental impact of carbon emissions among consumers has accelerated the demand for technologies that minimize their carbon footprint. Moreover, the rising fuel costs are also encouraging consumers to minimize their fuel usage and focus on adopting solutions that improve fuel efficiency. Thus, all these factors are driving the demand for belt-driven starter generators in the market.

3季度很可能是本轮周期的最低点，我国制造业，包括机械行业有望在4季度迎来边际向上。我们提出下半年两条投资主线：（1）通用设备（2）光伏设备。

供需紧平衡，光伏降本迫在眉睫。需求端：1）“双碳”政策目标加持下，光伏行业发展 确定性强，带动光伏设备需求提升；2）为加快建设清洁低碳能源体系，国家能源局规划 建设风光基地总装机至2030 年达4.55 亿千瓦，这也将刺激光伏组件及设备需求；3）N 型电池性能优异，符合光伏行业降本增效的大背景，需求有望迎来增长。供给端：相对紧 缺，上游原材料价格高企，降本增效势在必行。经过成本拆分，降本路径主要有三条：1） 硅片薄片化+细线化；2）银浆技术更新迭代+国产化替代；3）设备国产化。

本篇报告中，我们尝试回答机械板块投资的几个问题：1）机械板块整体 的长期配置价值如何？2）目前机械板块是什么状态？3）券商的机械研究 策略报告反应了哪些机械研究的思路？我们通过分析2010 年以来的历史数 据和新财富机械研究团队的年度及半年度研报，提供以下结论。

我国机床产量在2011年达到历史顶峰，2015-2019年为行业 低潮期，2020年起呈现新一轮景气周期，目前仍处在上行阶 段。金属切削机床2021年产量60万台，同比增长35%，但仍 仅为2011年86万台的70%，存量更新潜力待释放。另一方 面，从制造业固定资产投资看，今年上半年疫情反复影响， 预计下半年在积极政策的引导下，制造业有望呈现复苏态 势。另外，机床作为工业母机，中高端整机和零部件亟待实 现自主可控，加快智造升级将推动国产品牌进口替代。机床 行业的更新周期、需求周期及自主可控周期三者共振，行业 或将迎来新一轮快速发展期。

整体看，产业升级+自主可控背景下，光伏/锂电/风电/半导体/工业自动化等新兴战略产业迎来爆发，推动相关企业形成大量的资本开支，带来对中游机械公司巨大的需求，产业链上设备公司均有较好地成长，特别是在增量扩张逻辑下中小制造企业会有更大的盈利弹性。基于此，我们一方面持续看好优质赛道中长期胜出概率大的龙头公司，并自下而上优选细分行业隐形冠军；另一方面建议关注具备极高业绩弹性的优质中小成长公司。

7 月 SW 机械设备行业指数上涨 5.15%，在 31个申万一级行业中排名第2，同期沪深300 指数下跌7.02%。年初至今机械设备一级行业指数下跌10.86%，跌幅有明显收窄。各二级子行业中，通用设备与专用设备7 月涨幅居前。一级行业PE（TTM）与PB（LF）十年期分位数回升至50%左右，二级子行业中专用设备板块分位数水平最高，达到62.80%/78.51%。