工程机械领域，建议关注国内主机厂龙头中联重科、三一重工、徐工机械，此外建议关注国产核心零部件龙头恒立液压、艾迪精密；叉车领域，国内叉车行业的高景气度可以持续，持续看好叉车行业龙头，重点关注安徽合力、杭叉集团；缝纫设备领域，随着出口+内需驱动行业景气度持续增长，缝纫设备行业集中度有望持续提升，重点关注缝纫设备龙头杰克股份；光伏设备领域，在新型电池技术有着深厚积淀的设备企业有望深度受益，建议关注捷佳伟创，迈为股份。

十四五规划和2035年远景目标纲要发布，规划提到高端制造的主要有：《第四章 强化国家战略科技力量》、《第八章 深入实施制造强国战略》、《第九章 发展壮大战略性新兴产业》、《第十一章 建设现代化基础设施体系》。十四五规划《第八章 深入实施制造强国战略》中指出，坚持自主可控、安全高效，推进产业基础高级化、产业链现代化，保持制造业比重基本稳定，增强制造业竞争优势，推动制造业高质量发展。

伴随线上消费比重增加，我国消费流通渠道变革有所加快。互联网发展的不断深化，导致高流量电商App、社交软件、短视频的崛起以及流量的深度融合，加快了产品信息流传导模式的重构，以直播带货、社交电商为代表的内容营销生态逐步走向成熟。更高的信息传播效率，更低的流量触达成本，更丰富的内容营销渠道，以及Z 世代消费者乐于接受新事物、强调“个性化”、“消费体验”的特征，均对企业适应营销新趋势提出了更高的要求，也为新兴品牌弯道超车提供了良机。能够深刻理解并把握新零售渠道演变红利的消费品企业，将获得更强的竞争优势。

2020年良信在低压电器中高端市场的市占率约7%，看好公司未来5年份额有望提升至20%，主要通过：1）传统行业（如地产、工建、公商
建）：低压电器大部分都在传统行业，其中中高端市场规模超400亿，而三大外资品牌市场份额超50%，具有较大国产替代空间。2）新兴
行业（新能源、通信）：行业发展较快，且国内品牌与外资品牌处于统一起跑线，良信凭借快速的反应能力能快速切入市场。因此，本报
告主要分析良信股份的国产替代之路。

二次疫情影响下，欧洲车市同比延续负增长，环比总体改善。根据对主要车市汽车销量的统计，2021 年2 月，随着欧洲二次疫情并未得到完全改善，由于展厅关闭等方面的影响，除瑞典和挪威小幅增长外，欧洲车市同比延续负增长。而从环比来看，英国由于历年车牌政策和疫情封锁的双重影响，二月销量显著下滑，其他国家则环比改善。在此背景下，欧洲新能源车销量的逆势向上显得尤为可贵，渗透率的持续提升，进一步验证了欧洲电动化延续向上趋势。

在燃料电池技术国产化不断推进下，具备技术领先与区位放量优势的龙头企业将具备更高的成长性与确定性。我们推荐总成技术领先、放量确定性高的燃料电池龙头亿华通，同时建议关注即将上市的重塑股份。

The home gym equipment market is one of the fastest growing industries at present owing to the COVID-19 outbreak, as many gyms and health clubs were under lockdown since Q1 2020. Hence, the consumer’s shift toward home gym was a positive driving factor for the home gym equipment market. Home gym equipment is also driven by an increase in health awareness, the prevalence of obesity, and a rise in health consciousness. Home gym equipment are classified based on product type and sales channel in the market. The global home gym equipment market is vast, with multiple players delivering a diverse range of equipment.

The invertor generator market has grown exponentially across the globe to cater to the changing demands of consumers and due to the growing proliferation of electronic devices. An inverter generator electronically controls the engine up and right down to meet demand rather than running full tilt all the time. Inverter generators produce lower emissions and generally do not make noise. An inverter generator is different from what many consider a traditional portable generator. The APAC inverter generator market is expected to grow at a high potential of CAGR of 8.25% during the forecast period. There is increase in camping activities in south Asian countries, especially in remote areas. For instance, Cardamom Hills in southeast Cambodia has become a hotspot for camping tourism. Asia has several dense forests, hill stations, and national parks for camping and recreational activities.

推动能源电力从高碳向低碳、从以化石能源为主向以清洁能源为主转变，技术、平台、管理等手段并重应对日益凸显的电力系统“双高”、“双峰”特征。能源供给侧最大限度开发利用风电、太阳能等新能源，坚持集中开发与分布式并举，积极推动海上风电开发，通过多种技术和政策手段扩大新能源消纳空间。“十四五”期间规划建成7 回特高压直流线路，2025 年跨省跨区输电能力达到3 亿千瓦；2025 年分布式光伏达到1.8 亿千瓦，2030 年公司经营区风电、太阳能发电总装机达到10 亿千瓦时以上。

The pool equipment industry is undergoing a rapid shift with respect to technological enhancements, energy efficiency, environmental impact and customization features. Heat pumps, which are more favorable and preferred options for space heating, are venturing into the pool heating segment owing to the unique advantages over conventional fuels and boilers. They are considered as the next big opportunity to exploit in the heating systems for a pool with competitive fossil fuels and solar heaters in the picture. With North America and Europe being the major markets with over 85% of the share in 2019, growth is expected in growing economies of APAC, Latin America owing to the rise in awareness and growth in disposable income. Global warming is caused by various heating mechanisms that emit pollutants in the air that eventually increases carbon dioxide in the atmosphere. Hence, decarbonizing society is mandatory, where decarbonizing heating and cooling mechanisms are the primary steps for the change. With gas boilers being more dominant for heating pools, the demand for sustainable solutions is enhancing the momentum for heat pumps. With the technology available at present, it is possible to achieve 100% decarbonatization as heat pumps are the most popular solutions in the market. The success of the product also depends on the macro-environmental features such as social, legislative, and environmental aspects.