中金机械组合过去5 个交易日（2021/02/09-2021/02/22）下跌2.90%，同期沪深 300 指数上涨0.59%。本周组合为A 股三一重工、恒立液压、华测检测、美亚光 电、捷佳伟创、巨星科技、中联重科、拓斯达、捷昌驱动、应流股份；H 股中联 重科、海天国际。本期组合维持不变。

Based on class, the market has been segmented into small and large UAVs. Small UAVs are of different types based on their wing such as fixed wing, rotary wing, and hybrid wing UAVs, whereas the large UAVs can be classified as strategic, tactical, and special purpose UAVs. Small UAVs are used by commercial, consumer as well as government and defense end users. However, a major percentage of small UAVs is used by hobbyists. The government and defense end users also use small UAVs for a varied range of applications in homeland security and military.

A smart gas meter not only measures gas flow but also use wireless communication to connect to local or wide area networks that allow infrastructure maintenance, remote location monitoring, and automatic billing. In gas utility application, the meters must function for long periods and convey data regularly. A combination of smart metering technology with sensors for smart valves, gas pressure, and gas leak detectors on the same network represent a concrete response for gas utilities to enhance safety and improve overall efficiency. The Internet of Things (IoT) ecosystem help drive the smart gas meter market, as these can provide real-time data for various purposes and end-use industries such as residential, commercial, and industrial. With leveraging big data analytics, they can also shift from cutting costs as the main benefit of finding benefits for consumers and organizations. Some of the vendors are offering wireless solution for smart gas metering, which consists of WAVIoT gas meters and the meter data management system that allow them to get the consumption reports from the meters remotely.

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.

20Q4 自动化订单同比+7.2%、全球工控、机器人行业Q4 延续Q3 回暖态势，实现高个位数增长，其中中国地区持续领跑。我们更新统计了
全球4 家工控龙头的订单情况：1）自动化订单合计71.98 亿美元，增速同比+7.2%，增速环比+8.8pct、由负转正，中国市场带动下自动化订
单增速逐步恢复；2）工业机器人订单合计28.81 亿美元，同比+5.5%转正，恢复迹象明显；3）中国区域订单55.74 亿美元，同比+10.1%，环比增速+7.1pct，中国市场订单20Q2 起即快速恢复，20Q3/Q4 恢复明显，21Q1 淡季不淡，叠加低基数，预计21Q1 订单高增。

本篇报告主要探讨胶膜行业商业模式，并回答三个问题：1）胶膜行业轻固定资产，重营运资金的原因为何？2）胶膜行业一、二线公司的营运能力有何差距？3）未来行业一、二线公司的营运及盈利能力将如何变动？

新能源汽车：进入产品驱动市场，国内一月产销同比高增。1 月国内新能源汽车产销同比延续高增长，其中产量为19.4 万辆，同比上涨285.8%，环比下降17.8%；销量达16.9 万辆，同比大幅上涨238.5%，环比下降27.8%。下半年疫情之后，随着国内经济形势进一步好转，叠加新能源车下乡为代表的一系列政策支持，中国新能源车产销同比延续高增长，整体产业延续较好发展趋势。分车型来看，宏光MINI11 月销量继续稳居第一，特斯拉位居次席；比亚迪汉EV 系列销量达9298 辆。目前，在中国市场，包括合资车企、自主品牌、新势力和外资车企仍在持续推出优质车型，考虑到大众、奔驰和通用为首的传统车企平台化车型持续布局、造车新势力颠覆传统的产品驱动力持续发酵和特斯拉Model Y 等产品在未来的潜在爆款效应。我们预计中国今年销量200 万辆；2025 年达631 万辆，5 年CAGR 达36%。

集成灶市场整体上在2021年1月春节未至，同“年货节” 加持下，销售同比破百提升。集成灶高端占比同比大幅提升，1月均价同比小幅提升。蒸烤一体机竞争力持续增强；烟灶蒸均价维稳，稳定增长。受疫情影响，烟灶消占比环比小幅回升，但整体仍呈下行趋势。

2020年，全国居民人均消费支出21210元，同比下降4.0%。其中，城镇居民人均消费支出27007元下降6.0%；农村居民人均消费支出13713
元，下降0.1%。最终消费支出（居民个人消费+社会消费总额）占GDP的比重达到54.3%，为近年来的最高水平，消费仍然是经济稳定运行的压舱石。

银发经济老年产业是随着人口老龄化和人口老龄结构的转变而出现的新兴产业，在国外被称为“银色产业”，银发经济即被称为“老年警徽”，被喻为21世纪的朝阳产业。据统计，2018年中国老年产品与服务总体规模达到3.7万亿元，预计2021年将超过5.7万亿元。