2020 年四季度家电板块公募基金重仓比例环比提升0.61pct 至4.67%，处于近十年来57%左右分位，环比提升幅度位于所有长江一级行业中第5 位；对应到板块涨跌幅层面，四季度长江家电制造指数累计上涨23.12%，分别跑赢沪深300 及上证综指9.63pct及15.41pct，涨幅在所有长江一级行业中排名第4 位；全年来看，家电板块基金重仓比例在一季度大幅下挫，且二、三季度连续小幅下滑，四季度在经营回暖驱动下重仓比例企稳回升，全年仍累计下滑1.68pct，当前仍位居所有长江一级行业的第5 位，仅次于食品饮料、医疗保健、电子及电力与新能源设备，与2019 年年末的行业排序保持一致。

白电推荐战略升级科技主导的美的集团、建议关注效率提升推进的海尔智家和渠道优化推进的格力电器；厨电推荐高增长、强激励的集成灶龙头火星人、建议关注受益竣工回暖的老板电器；小家电建议关注受益海外需求增长、叠加欧洲市场拓展推进、2020-21 盈利高弹性，有望成为全球小家电龙头的JS 环球生活、高景气的扫地机器人头部企业科沃斯以及国内小家电龙头小熊电器、苏泊尔。

我国工业机器人产量创新高，关注本土品牌国产替代机会。2020 年12 月我国工业机器人产量为2.97 万台（套），同比增长32.4%，1-12 月累计生产23.71 万（套），同比增长19.1%，创下我国工业机器人单年产量纪录。关注掌握本体、零部件核心能力，在工业自动化赋能进程中长期受益的综合型供应商埃斯顿，子公司北京克鲁斯与三一重装签订1.04 亿合同，为后者提供机器人焊接相关设备及技术服务，埃斯顿由此实现向新领域下游的市场推进。关注克来机电，公司已获得南北大众、德国大众MEB CO2冷媒管路定点，有望受益MEB 标配CO2 冷媒车型推出、放量，拳头产品在Tesla 供应链（Model 3）亦有突围机会。

据CME 观测，2021 年1 月挖掘机（含出口）销量约20500 台，同比+106%左右。其中，国内市场销量约17000 台，同比+112%；出口市场销量约3500 台，同比+60%。一方面，2020 年春节在1 月，受节日影响基数较低。

持续加仓机械设备。自19Q4 以来机械设备行业基金配置表现了良好加仓趋势。20Q4 机械设备行业整体配置比例3.68%，较上季度环比增加0.21 个百分点；行业低配比例缩窄至17Q4 以来最低水平。截止20Q4，机械设备持仓总市值750.9 亿元，较上季度增长39.1%。

去年4月份，我们以寻找高景气度方向龙头为指引，发布报告《寻找高景气度方向龙头2020年春季策略报告》，主要投资方向：工程机械、工业机器人及自动化、光伏设备及半导体设备、锂电设备、服务机器人，基本抓住了机械行业20年演绎的主线，各子板块均有超预期的表现。

2020 年12 月26 日-2021 年1 月25 日，沪深300 上涨11.58%，机械板块上涨8.36%，跑输大盘3.22 个百分点，在申万所有一级行业中位于第10 位，18 个子行业10 跌8 涨，其中表现最好的5 个子行业分别为工程机械、铁路设备、其它通用机械、机械基础件、冶金矿采化工设备，分别上涨23.30%、13.33%、7.74%、6.54%和6.13%。

PMICs are used to manage power of an electronic device or in modules on devices that have a range of voltages. PMICs are highly efficient and are generally used for voltage conversion. It is highly compact, smaller in size, and suitable for hard to reach places in an electronic device. PMICs are primarily termed as solid-state drives, playing a vital role for controlling the direction and flow of electric power to perform basic electrical functions such as voltage conversion, power source selection, voltage scaling, and power sequencing. The scope of the report discusses the potential opportunities for the key players to enter the global power management integrated circuits market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.

Solar water heater, also known as domestic hot water system, is generally used as a cost-effective energy solution for hot water. It consists of solar collector and water tank. Solar water heater can be effective under different climate conditions and in isolated areas. This study provides information on the usage of solar water in various end-use industries. The market is segmented on the basis of type (glazed, unglazed), capacity (100 liter, 150 liter, 200 liter, and others), end user (residential, commercial, and industrial), and region (North America. Europe, Asia-Pacific, and LAMEA). The global solar water heater market analysis covers in-depth information about major industry participants. Some of the major players in the market include Himin Solar Energy Group, V-Guard Industries Ltd, Ariston Thermo SpA, KODSAN Company, Solav Energy, Zhejiang JiaDeLe Solar Co., Ltd., Sunpower Corporation, A.O. Smith, and Alternate Energy Technologies.

Silicone is a high-performance material used in various heavy machineries in the form of resin, elastomers (adhesives and sealants), gels, and fluids. Silicone offers different features, including low thermal conductivity and low chemical reactivity making it one of the preferred material of choice in heavy machinery market. For the purpose of analysis, the report segments the global silicone in heavy machinery market based on product type, component, and region. It further provides details about various product types available in the market such as elastomer, fluids, and others. Switchgear and others are the different components highlighted in the study. Furthermore, the report outlines the details about the revenue generated by silicone in heavy machinery market across North America, Europe, Asia-Pacific, and LAMEA. This study provides information on the usage of silicone in heavy machinery applications.