2022年锂电技术为重要方向，龙头引领技术升级，龙头优势进一步提升。2022年原材料价格高企，锂电成本压力大，技术创新为降本手段。宁德时代围绕电池能量密度、快充、安全、成本，从电化学体系升级和结构创新两方面布局，技术储备深厚，支撑后续全球份额持续提升。我们预计从材料体系升级+封装形式改进两方面来看， 2022年技术进步加速，超高镍+锰铁锂+硅碳负极+碳纳米管+LIFSI等材料加速渗透，4680大圆柱2022年装机交付，远期规划庞大，2023年钠离子电池等新型电池技术也有望落地，带动行业结构性需求增量。

从品牌端来看：各品牌于21 年下半年开始逐步加快新渠道建设推进速度，新兴渠道销售规模持续提升；从品类端来看：新兴渠道产品结构往往集中于头部产品，是厂家推新打造热门品类的较好方式；从渠道端来看，品牌自播仍为主流的直播方式，头部品牌更加重视商业推广，但推广效率则由品类及品牌调性共同决定。

2022年2月，家电行业景气度显著反弹，生活电器、厨卫大电赛道领航。短期看，3月部分地区疫情加剧，线上生活电器及小厨电有望间接受益，而大家电和线下销售则大概率承压；长期看，Q12022多城利好地产政策频出，随着利好不断积累，地产后周期边际改善逻辑继续加强，根据房天下的数据，2022年预计新房交付面积进一步提升，虽然短期二手房交易热度回升并不明显，但政策驱动的需求回暖值得关注。

22Q1，科沃斯和石头科技相继发布多款新品。两家公司都完善了价格矩阵，丰富了产品功能，也针对不同市场推出差异化产品。我们认为，2022 年，扫地机器人行业的技术迭代红利期将延续。国内市场有望迎来量价齐升趋势，海外市场有望看到更多国内龙头企业的竞逐。维持扫地机器人行业“强于大势”的评级，重点推荐科沃斯和石头科技。

换电模式降低社会层面资源消耗，逐渐得到政策面重视：对于用户来说，换电模式优势主要是：（1）节省时间成本，减少补能等待时间；（2）节省电池购置费用，分摊至后续电池租赁中，降低运营门槛。从社会层面来看，换电模式能够更大程度发挥每一个电池的价值，降低电池资源消耗。在动力电池原材料成本高企，且我国70%的锂、80%以上的镍和钴都依赖进口的背景下，换电模式是当下解决原材料高成本的一种有效方式，获国家和政策面重视。

BIPV 全生命周期经济性凸显，在平价时代成为更具竞争力的光伏建筑解决方案。“双碳”目标驱动之下，建筑行业转型需求迫切，政策支持力度有望提升，“十四五”期间或迎爆发式增长，潜在市场规模可达千亿级别。产品与服务端市场仍处萌芽阶段，机遇与挑战并存。光伏与建筑龙头共探发展路径，跨行业合作趋势逐渐清晰。

Some of the latest medical technologies are fostering the development of new healthcare models that will benefit insured patients and the healthcare insurance sector. New technologies can improve disease prevention, diagnosis, and treatment and enhance patient safety and health system coordination. Also, advanced medical technologies optimize the use of resources, ensure sustainability, and reduce waiting times and errors. Rapid and reliable Information and Communication Technologies (ICTs) have emerged as vital components in improving the quality of human health.

2022 年2 月国内新能源车产量36.7 万辆，同比+198%，环比-19%；销量33.3 万辆，同比+204%，环比-23%。其中乘用车产量35.3万辆，环比-19.2%；销量（含出口）32.1 万辆，环比-23%；渗透率22%，环比+2.3pct，创历史新高；受春节假期影响，2 月属于全年最淡季，历年销量环比下降35-45%，但今年2 月受益于特斯拉、比亚迪两个头部车企销量环比基本持平，叠加吉利、南北大众等降幅较低，新能源车销量超市场预期。

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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.