固定资产投资进一步向好，工程机械高景气度有支撑。2020 年1-11 月固定资产投资增速同比上涨2.6%，增幅环比扩大0.8%。地产投资受益于竣工周期与销售端向好，同比增速6.8%；基础设施投资基本恢复至上年同期水平。1-11 月份基础设施投资同比上升3.32%，涨幅比1-10月份扩大0.31 个百分点。在“六稳”的目标指引下，预计基建仍将继续发力，成为稳增长的重要动能。

2021年“顺周期”板块景气有望延续．展望2021年，我们预计工程机械保 持稳中有增，制造业固投同比增速约10%，我们继续看好2021年“顺周期” 板块的表现机会，重点关注业绩扎实、估值合理的优质标的。

机械龙头的成长空间：第一类是受益于机器替代人力的 小挖、叉车、高机等小型工程机械；第二类是受益于后周期更新替代高景气的 混凝土机械、起重机械；第三类是出口高速增长的挖掘机龙头；(2)液压件进 口替代趋势确立，国内龙头市占率提升空间广阔；(3)注塑机下游需求复苏明 显，进口替代与出口市场潜力巨大。 

12 月16 日至18 日，中央经济工作会议在北京举行。会议中明确指出我国二氧化碳排放力争2030 年前达到峰值，力争2060 年前实现碳中和。

从机械行业的收入来看，2020 年初的疫情影响逐渐降低。随着海外需求逐渐复苏，我们认为21 年我国制造业仍将保持景气，而国内机械行业也将继续受益需求回暖。

近期国务院新闻办公室发布的《新时代的中国能源发展》白皮书。回顾过去，我国能源供应保障能力不断增强，能源节约和消费结构优化成效显著。白皮书提出中国坚定不移推进能源革命，坚持能源生产和利用方式发生重大变革，推动高质量发展，深化供给侧结构性改革，推动消费方式变革，推进能源领域国际化合作，为维护世界能源安全、应对全球气候变化、促进世界经济增长作出积极贡献。

我们建议关注“需求复苏、国产替代、碳中和”三条投资主线，从中优选具备护 城河和长期增长潜力的制造龙头。维持覆盖公司的盈利预测、目标价和评级不变。 

Commercial understanding of each product category through pricing analysis, market potential, and key growth factors Demand forecast of products in scope across their specific propulsion type within electric ATV and UTV. Propulsion types included in the report: hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) Product benchmarking and pricing analysis for electric ATV and UTV Examination of the future adoption scenario of different product technologies of the leading innovation areas in the electric vehicle industry and the pricing trends for the products in scope

Electric lawn mowers are one of the most used garden equipment for grass cutting and lawn mowing. Based on their usage, these machines are divided into various categories, the simplest being walk-behind mowers, ride on mowers, and the robotic lawn mowers. Further, these mowers use various blade types depending on the terrain and mowing requirements for mulching grass across residential lawns, golf courses, sports fields, and public parks, among others. Lawn mowers are the largest category of garden equipment and have established a market presence in developed western countries.

Solar pumps are pumps powered using photovoltaic cells to pump water for irrigation and water management purpose. For analyzing market, cost price for solar PV cells, pumps, and controller are considered. The solar pumps market is analyzed and estimated in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is 2019–2027. The report focuses on revenue generated from various solar pumps product, end user, and operation. Moreover, the report analyzes the current market trends of solar pumps for different regions and suggests future growth opportunities by analyzing government regulations & policies, thereby further increasing consumer acceptance of solar pumps.