我们全面剖析了电解环节的竞争壁垒，并复盘了LiPF6 2015-2017 年与本轮的涨价周期。我们认为，LiPF6 目前的供需偏紧加速具备纵向一体化能力的电解液龙头的份额成长，短期利润加速释放，中长期份额提升可期且稳固，格局清晰。

我国新能源汽车动力蓄电池回收利用政策发展始于2012年，之后相关部委陆续出台多项相关政策，主要分为三个阶段。我国汽车动力蓄电池回收利用主要管理部门为国家发展改革委环资司、工业和信息化部节能司，此外生态环境部、科技部等相关部门也会在相应环节进行管理。主要原则：生产者（动力电池与汽车生产企业）责任延伸，生产者承担回收的主体责任

Advancements in technology have led to the development of several tools and machines used across industries. Power tools are outpacing traditional hand tools in the professional and residential segments due to the demand for higher efficiency. For example, the construction industry experiences high pressure to launch innovative tools that reduce human effort. The surge in the infrastructure and the construction market is a boon to the power tools market that will also enforce innovations in the future years. The rise in manual labor costs and home improvement activities such as DIY has pushed the demand for user-friendly tools.

按照历史经验，2020 年制造业将启动新一轮复苏周期，但是2020 年年初爆发的新冠疫情打破了市场自身运行的节奏，导致需求骤降、库存被动累积，随后国内疫情得到控制，需求逐步回暖，被动上升的库存才开始去化。

大尺寸硅片优势明显，可为下游电池、组件、电站环节实现增效降本，引领未来行业新需求。在制造端，大尺寸硅片可以提升硅片、电池和组件的产出量，从而降低每瓦生产成本；在产品端，大尺寸能有效提升电池功率，通过优化组件的设计提高组件效率；在系统端，随着单片组件的功率和效率提升，大尺寸可以减少支架、汇流箱、电缆、土地等成本，摊薄单瓦成本。

投资建议：2020 年11 月，建议三条主线布局机械行业：1）受益于需求放量及出口提升的工程机械行业，重点关注三一重工、中联重科、恒立液压、艾迪精密；2）全球车企电动化趋势以及新一轮的动力电池产能扩张周期利好下的锂电设备行业，重点关注先导智能、杭可科技、赢合科技；3）受益于光伏行业高景气以及技术迭代带来设备更新空间的光伏设备行业，重点关注迈为股份、捷佳伟创。

【核心组合】三一重工、恒立液压、上机数控、杭氧股份、国茂股份、先导智能、晶盛机电、迈为股份、捷佳伟创、华测检测、建设机械、东睦股份、航发动力、内蒙一机、洪都航空、铂力特。

Ultraviolet (UV) is a form of light which is considered as the most effective method for disinfecting bacteria from water. It is a safe and chemical-free process and can effectively destroy bacteria that have a wavelength of 240 to 280 nanometers. In this disinfection process, water flows through a stainless chamber to purify it from powerful bacteria with the help of UV-lamp. When UV radiation penetrates the cell wall of an organism, it destroys the cell’s ability to reproduce. This procedure is used in many industrial applications such as food and beverage, biopharmaceutical, cosmetics, centralized drinking water, swimming pools, among others.

The report provides market dynamics and trends related to the global aerosol delivery devices market. In addition, it presents estimations and forecast of the market. The study estimates revenue generated from the sales of aerosol delivery devices; which are available in the form of dry powder inhalers, metered dose inhalers, and nebulizers. Applications such as asthma, chronic obstructive pulmonary disease, cystic fibrosis, and non-respiratory disease indication (diabetes, analgesia, & Parkinson’s disease) have been considered in the market estimation. However, it excludes aerosol delivery devices service revenue. The report comprises revenue generated from cost of pre-filled devices (devices that are available with a drug) such as multi dose dry powder inhalers and metered dose inhalers. In case of some nebulizers and single dose dry powder inhalers, only device price has been considered during the market estimation. Similarly, cost of drugs sold without devices is excluded from the study. Furthermore, the report excludes revenue generated from post-sale services of aerosol delivery devices.

The artificially produced UV-C radiation has been in use for many decades and successfully being used as a germicide or bactericide. The demand for UV-C based systems and equipment has grown steadily in the last century. However, post-2000, the traction for such systems increased as many applications in the commercial and industrial sectors gained popularity on a larger scale. The increase in the number of viral infections and epidemics such as SARS, Dengue, Ebola, Chikungunya, Zika, and Nipah also aided in the development of germicidal lamps that would reduce the infectious disease spread by way of sterilization. The UV-C based systems and equipment act as an alternative to chemical-based disinfection mechanism in many end-use sectors, especially in water treatment, where generally chlorine is used for destroying microorganisms. Ultraviolet germicidal irradiation (UVGI) in the UV-C band is used for water, air, and surface disinfection. UV-C energy is used to interrupt the transmission of pathogenic organisms such as Mycobacterium tuberculosis (TB), influenza viruses, molds, and possible bioterrorism agents.