小间距LED 是指芯片尺寸小于200 微米的LED 器件，包括Mini LED、Micro LED 等。今年以来，小间距LED 产业加速发展，1-9 月投资规模超过300 亿元，小间距LED 显示器已进入主流市场，未来5 年市场规模预期将达到百亿级。赛迪研究院集成电路研究所认为，我国小间距LED 显示产业已具备良好的发展条件，亟待进一步明确发展路径、推动示范应用，促进产业集聚和创新发展，以应对新时期全球新型显示产业化的竞争。

Photolithography, also known as optical lithography, is a process used to create specific patterns on semiconductor wafers using a photosensitive material and an ultraviolet light exposure system by transferring pattern from masks to wafers. This process can fetch a pattern into an integrated circuit using a beam of ultraviolet light without any requirement of additional materials. Photolithography controls the exact size and shape of the substrate to be patterned, making the process highly efficient and cost-effective. It has been a dominant method for patterning nanoscale features, especially in microelectronics industries.

Note sorters are used as sorting units that facilitate the management of notes for cash-intensive businesses. The note sorter machine helps banks reduce the human efforts as well as reduces different types of error in sorting and counting of cash. In addition, it provides different benefits to end users that include reduction in operational expenses, less risk of internal theft occurring during the sorting and counting processes, faster processing of bank procedures, and decline in financial losses.

Envelope tracking is a power supply technique that is used to adjust the converter voltage to improve the efficiency of a power amplifier, which is used in wireless systems. In envelope tracking technique, RF signal’s amplitude envelope is tracked and the bias voltage is adjusted according to the results in amplitude. This helps in operating power amplifier with maximum efficiency at any instantaneous power level. The recent cellular communications, such as W-CDMA, HSPA+, and LTE, operate signal waveforms with more extreme “peaks” and “valleys”, unlike GSM, which maintains continuous waveform throughout the operation. Recent cellular technologies experience continuous deflection in waveforms; hence, the requirement of envelope tracking technique is required to bring out maximum efficiency.

家电（中信）行业整体PE（TTM）估值相对较低。截至2021年6月21日，家电（中信）指数PE（TTM）为20.55倍，处于行业近5年估值中枢下方。家电（中信）指数PE（TTM）与沪深300指数PE（TTM）估值之比为1.42，而近5年溢价率平均值为1.63，可见家电行业整体相对于沪深300的溢价率处于行业近5年平均值之下。

自2021 年年初以来（截止到2021 年6 月18 日），家电（中信）行业下跌14.37%，在30 个中信一级行业中排名第29。上证指数上涨1.50%，沪深300 指数下跌2.09%，家电行业走势弱于大盘。细分板块方面，板块内部出现明显分化。五个子板块中，黑色家电板块涨幅居前，上涨3.79%；白色家电板块跌幅居前，下跌18.38%。其余子板块中，厨房电器板块上涨5.88%；小家电和照明电工板块分别下跌0.33%和5.83%。

2020年工程机械主要产品销量创出历史新高，挖机销量突破32万台，同比增长+39%。工程机械行业景气度延续至2021年，1-5月累计销量20万台，同比增长37.7%，我们预计21全年行业销量依然有望维持较高的增速

从沪深A股中选取25只业务涉及新能源生产、新能源汽车、清洁能源、资源回收、氢能、新材料等上市公司股票作为指数样本股，以反映绿色能源领域代表性股票的整体表现。年初以来累计上涨16.13%，跑赢沪深300指数18.22个百分点；从5月24日-6月18日，上涨7.15%，跑赢沪深300指数7.77个百分点。

国内5月新能源车销21.7万辆，同环比+165%/-12%，符合预期。根据中汽协数据，21年5月新能源汽车销量为21.7万辆，同比大增159.7%，环比增长5.4%，符合预期。终端需求强劲，季末有望环比再创新高，高端车型销量强势增长，我们预计21年Q2销量65万辆以上，1H超115万辆，全年国内维持250-270万辆。

2020 年H1 回顾：顺周期+新能源涨幅领先，科创板表现抢眼。2021年上半年机械板块走势与大盘基本一致。年初至今机械行业累计涨幅为0.62%。涨幅居前的细分子领域分别为注塑机、机床工具、检测服务、油气开发设备、锂电设备、半导体设备、激光、光伏设备。从个股角度看，机械板块上半年科创小票表现抢眼。