The global medical central vacuum systems market is expected to witness a rise in the use of non-conventional cleaning equipment such as centralized vacuum systems. Centralized vacuum systems are becoming ideal for residential and nonresidential segments where the systems are installed at a designated area, and their penetration is expected to be significant in the healthcare segment. The penetration of centralized vacuum systems in healthcare segments is driven by their use as a part of the design and operation mandate.

Mechanical and electromechanical locks have an established market worldwide, and their demand is also driven by the adoption of new doors in all buildings. Locks and access control systems have always been a standard component in both residential and non-residential buildings, including commercial and industrial buildings, and locks now have a long-established market. Most standard doors comprise of glass panes mounted in wooden or metal frames. Currently, the focus is on wood, plastic, and glass for internal doors and hardwood, metal, and fiberglass for external and exit doors. Residential buildings have at least one door and more than one window in every room. However, commercial buildings have a large number of doors, which enhances the demand for new locks with more new door orders across the globe.

An understanding of the global economic scenario is vital to make informed decisions regarding the fasteners market’s landscape. Emerging and developed economies might react to similar challenges in similar ways, but the implications and protective measures as well as their degree are different for different economies. In 2019, the global economic growth for 2020 was expected to be characterized by moderate recovery (1−3%) in the developed economies of Germany, the US, and the UK, average growth to outperformance (5−9%) in developing economies such as China and India, and contraction to flat growth in economies of Brazil, Russia, and the EU (1.20−1.50%). However, the spread of the coronavirus pandemic sent global economies into phases of lockdown, and almost all industries took a hit on their production, manufacturing, and operational capacities, even as essential services were carried out by skeleton staffing. As a result of COVID-19 and its impact on economies, the global economy is expected to contract by over 3% in 2020.

2019 年国内新能源汽车补贴退坡幅度大，叠加20 年新冠疫情影响，行业增速下滑。然而新能源汽车战略属性与消费属性兼具，成为促进消费、培育新增长点的重要抓手。《新能源汽车产业发展规划(2021-2035年)》为行业发展指引方向，2025 年实现渗透率20%的宏伟目标推动行业发展步入快车道。我们预计2025 年国内新能车产销有望达520-540万辆，“十四五”期间CAGR 将高达34%-35%。同时，双积分政策、地方补贴（路权）政策及新能源汽车下乡等政策为行业发展保驾护航。

Spinal implants and devices are used to treat disorders and impairments related to spine. The scope of the report includes revenue generated from sales of spinal implant and devices, which are used during surgery for various spine disorders by practitioners. Recent advancements and developments in spinal implants and devices have enhanced their efficiency. Drivers, restraints, and opportunities are explained in detail to understand the market dynamics. Market share analysis and key strategies adopted by potential market leaders to facilitate effective planning and decision-making are also discussed in the report.

我们认为，十四五规划的核心是要从“两头在外”的国际循环转变为国际国内互促的双循环发展的新格局，而其基础和根本仍是国内大循环。国内大循环有望使供需联动升级、提升收入水平从而创造消费需求。在产业升级的过程中，同时对接海外需求，实现国际国内互促双循环。

我们预计2021 年机械行业在中国内需和外贸回升的拉动下，继续全面复苏，增速来看前高后低，疫情后制造回流中国或将超预期，出口和制造业资本开支回升，同时财政政策和货币政策趋于中性，机械行业仍保持景气。过去几年中美贸易摩擦和疫情加快中国制造升级和进口替代，机械行业龙头在逆境中实现竞争力提升，龙头企业有应对各种不确定性的能力，未来估值将得到提升。

2019年海外光伏新增装机约为85GW，同比增长约37.7%，拉动了海外市场对光伏产品的需求。据CPIA 数据，2019 年全国光伏产品出口额为207.8 亿美元，突破200 亿美元，同比增长约29%。RCEP 签订后在货物贸易方面给予关税减免政策，未来20 年后零关税商品类别达到总数的90%。2019 年中国光伏产品全球出口金额前十的国家和地区中，有三个RCEP 协约国，分别为越南（占比9%）、日本（占比8%）、澳大利亚（占比6%）。目前，有光伏产品进口关税的国家及对应关税税率分别是印尼5%、柬埔寨7%、老挝5%、缅甸7.5%。以上国家关税仍有一定下降空间，RCEP 的签订将逐渐降低协约国之间的关税，推动区域内自由贸易，为中国光伏产业深入东南亚市场提供有利契机。

目前我国两轮电动车保有量趋于饱和，渗透率接近7成，存量替换成为行业发展大逻辑，而随着2019年新国标落地叠加智能化升级趋势，电动两轮车行业正发生两大变革：1）超标车存量替换带来两轮车复苏周期；2）清退中小产能，集中度快速提升，龙头公司盈利有望修复。

半导体光刻胶是半导体光刻工艺的核心材料，决定了半导体图形工艺的精密程度和良率。作为高精尖的半导体制造核心材料，由于技术壁垒和客户壁垒高，全球半导体光刻胶市场集中度高，市场被美日公司长期垄断。国内在半导体光刻胶领域自给率低，高端ArF 光刻胶则完全依赖进口，中美贸易摩擦下，出于半导体产业安全的考虑，光刻胶自主可控意义凸显。以日本光刻胶发展史为鉴，我们认为在拥有全球最大电子产业和半导体市场的中国，持续扩大的本土半导体产能、国家政策和决心与集成电路大基金的支持都将为中国国产光刻胶提供前所未有的发展新机遇。