集成电路作为全球信息产业的基础与核心，被誉为“现代工业的粮食”，其应用领域广泛，在电子设备、通讯、军事等方面得到广泛应用，对经济建设、社会发展和国家安全具有重要战略意义和核心关键作用，是衡量一个国家或地区现代化程度和综合实力的重要标志。受益于移动通信终端、汽车等众多应用领域需求持续走强，叠加国家层面政策支持，“十四五时期集成电路市场规模将高速增长，预计2025年中国集成电路销售额将突破2万亿。

Tower cranes are mostly fixed and offer heavy lifting and handling operations on very high heights. These cranes constitute of a vertical mast and an operating jib or arm, along with other components including, a counter jib, an operating cabin, slewing unit, hoist winch, and a hook, which assists in lifting and maneuvering heavy materials and goods efficiently.

2021 年前三季度回顾：Q3 显著强于大盘，以专精特新为代表的小 市值公司表现突出。2021Q4 投资策略：自上而下把握符合时代大趋势的产业龙头&自下 而上寻找机械设备“专精特新”隐形冠军。结合行业景气度、业绩确定性及估值，重点推荐埃斯顿、拓 斯达、先导智能、亚威股份。

动力电池装机量创新高 产能供应紧张。龙头厂商纷纷扩产 设备空间广阔。宁德时代发布的扩产公告象征着新一轮锂电扩产周期的开始，锂 电设备商将持续受益，建议关注与龙头动力电池厂商紧密合作的设备供应 商。

A sewing machine is used to stitch the fabric and other pliable materials together with threads. The different parts of a sewing machine and its various functions help the Operator to know the functioning of a sewing machine. There are different types of sewing machine used in the manufacturing of garments and other articles. Some sewing machines are larger, faster, more complex, and have wide range in their size, cost, appearance, and task. There are mainly three types of sewing machines such as mechanical, electronic, and embroidery. In a modern sewing machine, the fabrics are easily operated in and out of the machine with the convenience of needles and thimbles and other such tools used in hand sewing, automating the various processes of stitching and thus, saving time. For the purpose of analysis, the global sewing machine market is segmented on the basis of product type, application, distribution channel, and region. The study estimates revenue generated from the sales of mainly two product types of sewing machines such as mechanical, electronic, and embroidery.

疫情导致复工延期，制造业承压，预计2月份制造业PMI指数将进一步回落，对于中小企业压力尤其大。为了帮助中小企业复工复产共渡难关，政府出台一系列扶持政策。受此次疫情影响较大的行业有电子行业、汽车制造、面板行业、家电和自动化装备等。

Solar Freezers are now used in several end-use applications such as households, dairy, research-labs, medicals, and more. It is a freezer that transfers solar energy into thermal energy for providing low temperature. The basic components present in solar freezer include solar array, panel support structure, battery (optional), and freezer. Solar-battery based and solar-direct drive solar freezer are the most common types used in different end-use applications.

消费锂电全球领先企业，全球笔电类榜眼、手机类第五。新型消费电子贡献主要增量，软包电池大势所趋。大客户战略成效显著，募投项目打开产能瓶颈。公司专注消费电子锂电赛道，技术领先、盈利能力稳定，随着产能扩 张和份额提升，有望实现较高增速。

淡季不淡逆势高增，8 月电车销量大超预期。动力电池：黄金时代下的竞速赛，高镍和铁锂两大趋势确定。充电基础设施：政策引导建设，增势有望加速。8 月国内电动车产销量逆势高增，产品驱动下迎来黄金时代，电 池材料与汽车芯片供应端逐步释放，高景气度有望持续，与此同时，供需格 局仍凌驾于竞争格局之上。

机械行业的护城河来源主要是无形资产（专利和技术）、成本优势和 转换成本。专利和技术不仅确保"造得出来"，还间接影响成本高低。 对于专用设备而言，转换成本也是其护城河来源。