Solid-state transformer (SST) is an advanced power converter that offers bi-directional power flow, which makes use of power electronic components. These transformers are also known as solid-state transformers, such as universal power electronics, intelligent universal transformer, energy control center, and power electronics traction transformer. However, the most common term used to refer SSTs is smart transformers. The concept of solid-state technology has been getting attention in the recent years as a direct result of advances in power electronics, smart grids, and growth in application sectors such as renewable energy generation.

Surge protection devices (SPDs) are designed to protect electrical appliances from voltage spikes. SPDs limit the voltage supplied to an electric device by either blocking or shorting any unwanted voltages above a safe threshold limit to the ground. They are used in automatic control buses, electric power supply networks, telephone networks, and various communication systems. The key factor that drives the SPDs market includes increase in demand for usage of electrical and electronics appliances in commercial & residential sectors. Moreover, high costs incurred due to electrical equipment downtime have also encouraged the adoption of SPDs as it provides safety in industries and in the domestic sector. The key factors that hamper the growth of this market are lack of awareness among small scale manufactures and competition from uninterrupted and non-fluctuating power supply systems. On the contrary, growth in awareness for need of SPDs, rapid industrialization, and power supply issues in developing countries are anticipated to provide lucrative opportunity for the market.

The dynamic cleaning equipment industry has witnessed a paradigm shift over the years in terms of trends and challenges across the globe. The cleaning industry is constantly evolving with micro and macro-environmental factors. It is also externally shaped based on the equipment and technology available in the market. With considerable upgrades in business models and operation techniques, the market will witness further traction supported by stringent protocols and corporate policies. The global cleaning equipment market was valued at approximately $26.01 billion in 2019. The professional cleaning equipment market was $8.69 billion, and that for the consumer cleaning equipment market approximately $17.32 billion in 2019. Highpressure washers accounted for a 10.39% share of the global cleaning equipment market in 2019. Accordingly, the pressure washers that form an integral component of the cleaning equipment industry are expected to grow 1.29 times during the forecast period. For battery-powered pressure washers, the contract cleaning market is expected to shape the growth during the next five years.

The growth in the global population is driving the demand for food in the past decade. The demand for food grains is expected to grow by 59−98% by 2050. This will change the face of agricultural markets in ways that we may not have seen before. Farmers worldwide are expected to increase crop production either by raising the quantity of agricultural land to grow crops or by enhancing productivity on existing agricultural lands through fertilizers, irrigation techniques, and adopting new methods such as precision farming.

焊接是动力电池电芯制造和模组PACK 制造环节非常重要的工序。动力电池的电极、导 线或外壳等包含钢、铝、铜、镍等多种材料，各种材料之间的焊接对工艺提出了较高的 要求。激光焊接具有高精密度、灵活、精确和高效的特点，特别适合应用于锂电池制造， 已成为标配工艺。激光焊接在锂电池产线设备投资中占比约5%-15%，在动力电池生产 中使用激光焊接的环节主要包括：1）中道工艺：极耳的焊接（包括预焊接）、极带的点 焊接、电芯入壳的预焊、外壳顶盖密封焊接、注液口密封焊接等；2）后道工艺：包括电 池模组Pack 的连接片焊接，以及模组盖板上的防爆阀焊接等。

风电行业已经站在新的起点：这两年陆上风电和海上风电陆续平价后，产业链进 入市场化大发展新阶段，与碳中和时代趋势形成正向反馈。2021 年陆上风电平 价之后，机组大型化推动了降本大趋势，供应链格局进一步优化；2022 年海上风 电有望平价，为产业链带来增量空间。展望未来，我们主要看好三方面机会：（1） 能走向全球或实现国产替代的核心零部件企业，受益标的：新强联、日月股份、 中材科技、天顺风能、金雷股份等；（2）未来几年有望实现从1 到10 跨越的海 上风电产业链，受益标的：东方电缆、明阳智能等；（3）受益于2022 年装机增 速加速的整机龙头，受益标的：金风科技、运达股份等。

2021年家电行业需求增长失速，叠加成本上涨，板块整体承压。本文主要依托于消费者的行为数据，从家电行业的赛道中挖掘结构性机会：1）出海家电提价趋势明显，高端化与品牌化将增厚国产家电品牌业绩；2）受益于9月底地产政策面企稳与地产融资侧提升，地产后周期类家电热度持续回暖，11月同比增速达8.03%；3）集成灶、按摩仪器品牌初步布局抖音赛道，群雄逐鹿格局未定，关注谁将占据先手，打开成长空间。

Tabl1e._1S1u月mm电a源ry设] 备与高低压设备市场表现为低涨幅，涨幅分别达到1.24%、4.39%，市场的关注点由10 月的 “新能源+储能”逐步转向储能、电网基础建设方面，细分板块来看，线缆部件及其他（19.67%）、储能设备（9.24%）、综合电力设备商（7.58%）、中压设备（5.6%）市场关注度较高，光伏设备未能维持10 月的高涨幅，11 月成为跌幅最高的板块，达到-7.77%，同样表现的还有低压设备板块，11 月跌幅为-5.88%。

对于晶硅制造企业，目前热场的痛点主要来源于成本，其中石墨原材料成本高，石墨原材料重量利用率小于50%，C/C 复合材料预制体材料利用率在60%-70%，沉积工艺时间长，未来光伏晶硅热场降本需要围绕提高材料利用率和增加使用寿命展开，以大胆创新设计来提高原材料利用率、提高材料抗氧化性能，延长使用寿命、提高加工便利性和套料利用率。

本文对光伏产业的发展历程进行复盘，分析光伏行业20 年来在全球和中国 的发展，针对当下的政策和市场环境对家电企业进军光伏行业的选择做出前 瞻性预期。我们认为光伏产业在各个国家都经历了政策驱动阶段，并在政策 驱动结束后逐步转向市场驱动，行业在政策驱动期快速成长，未来在市场驱 动期健康发展。目前中国光伏产业正处于由政策驱动转向市场驱动的阶段， 在碳中和需求确定的背景下，光伏产业未来发展空间广阔。家电与光伏在诸 多方面具有相同点，家电企业进军光伏领域是有利于公司多元化拓展的方向。