回顾2021，制造业投资相关以及高景气专用设备是主要方向。虽受到大 宗涨价以及第一大细分板块工程机械景气下滑影响；截止最新，年初至今 涨跌幅中信机械在30 个子行业中仍排列第9。究其原因，具体梳理年初 至今细分板块涨跌幅领域以及个股情况，以制造业投资（机床、刀具、减 速机、激光等）、锂电设备、光伏设备等为代表的行业需求持续景气，头 部公司超额收益明显，再叠加今年中小市值风格明显，机械板块从市值分 布来看更占优。另外，年初至今中信机械新上市公司数量达86 家，板块 证券化加速背景下，自下而上选股变得更为重要，细分领域个股机会较多。

电动车2021 年需求旺盛，销量持续超市场预期，板块业绩逐季大幅向上：2021 年 Q1-Q3 国内和海外电动车分别销216/198 万辆，同比+185.3%/+92.7%，超市场预期。 我们所选取的101 家企业2021 年Q1-3 总体营收8,131.25 亿元，同增51.74%。实 现归母净利润549.02 亿元，同增147.02%。龙头表现突出，锂电中游环节盈利同环 比持续向上，具备价格弹性环节盈利大增；2021Q3 环比进一步提升，实现营收 3,027.03 亿元，同比增加40.62%，环比增加7.93%；实现归母净利润226.84 亿元， 同比增加102.60%，环比增加14.85%。各环节满产满销，盈利能力亮眼。

中怡康发布10月白电零售数据，空冰洗同比增速较9月有所下滑，均价同比涨幅进一步扩大，龙头公司份额占比持续提升。

It is estimated that over 600 million people across the world lack access to safe water as a majority of the freshwater resources are contaminated and are unsuitable for human consumption without undergoing multiple levels of treatment at the municipal and residential levels. The delivery of the highest quality water signifies the hallmark of modern civilization, where the water treatment systems like dispensers have undergone various technological innovations in terms of filtration techniques to address modern challenges. Accordingly, the global water dispenser market is expected to pose an absolute growth of 53% in revenue terms during the forecast period, with huge growth potential in the markets of APAC, Latin America, and the Middle East & Africa due to the under-penetration of water treatment systems.

11 月16 日上证指数下跌0.33%，沪深300 上涨0.02%，创业板综下跌0.57%， 中证1000 下跌1.14%。Wind 11 个一级行业分类中，电信服务、信息技术和工 业指数分别实现0.49%、-0.96%和-1.26%的涨跌幅。

看好高端制造长期向荣，分化成长各放异彩。1）2021年前三季度我国制造业 GDP 为22.59 万亿元，同比增长12.5%，2020 年3 月~2021 年8 月制造业PMI 连续站上荣枯线。2）工程师红利孕育产业升级，匹配人才结构的新兴行业有 望加速成长。3）制造业研发费用加计扣除比例提高，引导企业加码研发投入。 4）出口景气度延续，盈利能力有望逐季改善，积极关注贸易政策变化。

2021.11.8 -2021.11.14：上周市场表现良好，电力设备及新能源板块有所回升。其中沪 深300 指数上涨0.95%，报收4,888.37 点，成交额1.45 万亿元。同期电力设备及新能 源行业涨幅3.39%，报收14,467.00 点，成交额0.66 万亿元。电气设备二级行业中，电 气设备表现良好，涨幅4.82%，电源设备表现良好，涨幅2.58%；三级细分子行业中， 储能行业表现良好，涨幅达7.40%，同时太阳能行业涨幅4.37%。

市场行情回顾：2021 年10 月1 日至11 月11 日，申万半导体指数涨 跌幅为9.42%，优于电子板块，表现也大幅优于各大指数。各细分子 板块中分立器件以22.87%领涨。从整体估值水平来看，申万半导体板 块整体法估值PE 为69.83 倍，估值处于历史前44.80%分位；中位数 法估值PE 为76.68 倍，估值处于历史前50.60%分位。

Cordless vacuum cleaners are electrical appliances that are designed to make the cleaning task more convenient. These vacuum cleaners contribute to increased productivity and save around 50% of the time over manual cleaning. Users no longer struggle with the tangled cord of corded vacuum cleaners, finding power sockets, and changing the socket when the cord does not reach. The cordless vacuum cleaner market is currently growing at a brisk pace considering the current focus of people on cleanliness. North America and Europe are contributing to a larger share of the market, whereas APAC is observing a higher growth rate due to a rise in disposable income, health awareness, etc. Also, adding to the rising trend in APAC, China is the major production base for vacuum cleaners, and vendors are setting up joint ventures in China due to the presence of large numbers of OEMs and ODMs.

Milling is a method of removing excessive or unwanted material from any metal or other objects using rotary cutter. It helps to give the workpiece desired shapes and sizes. The process is performed using milling machines that are either manually controlled or automated or both. In the automatic or semi-automatic type, the operator of the machine programs the machine to perform milling operations automatically. A CNC (computer numerical control) milling machine is a variant of milling machine. The CNC milling machine offers a wide range of procedures that can be used in a variety of end-users industries. Automotive, aerospace, electrical and electronics industries are the major end-users of CNC milling machines owing to the high requirement for precise equipment. Several players in end-user industries are shifting toward automation, which, in turn, has propelled the demand for CNC milling machines. These machines require less human intervention and enable endusers to increase production efficiency and eliminate errors. Therefore, several endusers have switched to autonomous machines and hence the demand for CNC milling machines has increased in recent years.