观点：近期，高镍三元811 正极动力电池技术路线因有对应车型出现安全事故引发业界讨论。我们认为，高镍正极的短板在于较低的释氧温度（稍高于200 度）和较低的循环寿命（约1000次），而容量及对应电池能量密度方面仍然占优。表面掺杂、体材料掺杂等手段有望改善材料本征安全性，电池模组、电池包层面的系统安全设计则有望将电池系统安全性推升至更高水平。高镍和高电压技术路线都是高能量密度电池技术路线的重要组成部分。

投资建议：逆变器行业性机会来临，组串式占比迅速提高，国内逆变器企业加速出海抢占海外市场，未来几年海外增长确定性强，重点推荐：阳光电源（逆变器绝对龙头）、锦浪科技（小而美的组串式龙头），关注固德威（光伏+储能逆变器各表一枝）、上能电气（光伏逆变器龙头，储能放量）。平价时代到来，能源革命开始，需求持续高增长值得期待；大尺寸/9BB等新技术加快应用龙头份额快速提升，强者恒强明显，继续强推光伏龙头！光伏持续强烈推荐：隆基股份、通威股份、 福斯特、晶澳科技、爱旭股份、福莱特；关注：亚玛顿、东方日升、捷佳伟创等。

X-ray technology has been commonly associated with the healthcare and R&D sectors for several years. However, in recent times, technology has expanded into the manufacturing environments, which is helping several end-user industries improve the quality of production. Additionally, with the evolution of digital X-ray variants, the price of equipment and operations has considerably gone down, enabling the rapid adoption of X-ray technologies in the manufacturing environments. Some of the initial industries that pioneered the use of X-ray inspection for quality control include the aerospace and defense and semiconductor industries. The innovation of in-line computed tomography (CT) systems was one of the greatest innovations that led to rapid expansion of X-ray inspection technologies in the manufacturing space. One of the first models of inline X-ray systems were introduced in 2010, by North Star Imaging. At present, in-line CTs have become an industry standard for many automotive manufacturers, electronics manufacturers, and several semiconductor industries, where quality control/assurance is the point of focus for physical testing and evaluation of finished products and raw materials. When North Star Imaging first launched its product, it was claimed as one of the fastest systems of that time, which completed an entire scan in under six seconds.

Industrial air purifier is a device that assists in maintaining the indoor air quality (IAQ) in industrial spaces. Industries employ large number of workers, who are constantly exposed to hazardous air. Hence, the installation of industrial air purifiers is important to promote the well-being of the employees working in industries. The report on the global industrial air purifiers market presents a detailed analysis of the trends, future estimations, and thorough study of the market depending on type, portability, end-user industry, and region. The report provides information about the various types of industrial air purifiers available in the market, which include molecular and particulate industrial air purifiers. In addition, it includes the revenue generated portable and non-portable air purifiers. Furthermore, the various end-user industries covered in the study include original equipment manufacturers (OEMs) and aftersales.

Humidity sensor is an electronic device that detects and measures water vapour. It provides accurate measurement of dew point and absolute humidity by combining relative humidity (RH) and temperature (T) measurements. A humidity sensor measures the content of moisture in the environment and converts its findings into a corresponding electrical signal. Humidity sensors are available in a wide range of sizes and functionality. The scope of the report discusses the potential opportunities for the market players to enter the global humidity sensor market. This report also provides 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. It features the strategies adopted by the key market players to maintain their foothold in the market.

The construction industry is highly dynamic, and numerous factors, such as overall economy, budgets, and global economic scenario, are influencing the market’s growth. Volatility in these aspects affects the businesses of construction equipment OEMs, as well as construction rental equipment. This, in turn, is leading to price fluctuations of new, used, and rental equipment. The ASEAN region holds significant oppor tunities for the growth in demand for construction machinery. With the prospects of large infrastructure projects and shifting labor dynamics, the construction equipment rental market is expected to witness growth post-2020 during the forecast period. With a sudden outbreak of COVID-19 pandemic across the world, many economic sectors, including the construction industry, have been under lockdown for a few weeks/months in the first quarter of 2020. In the ASEAN countries, the construction sector is expected to grow at a rate of more than 6% post-2020. It is estimated that over the next five years, the combined value of all the megaprojects in the ASEAN region is expected to be valued at USD 2.9 trillion. Of this value, about USD 1.5 trillion is invested in the planning/pre-planning phase.

With increasingly stringent environmental concerns, governments and environment agencies across the world have been continually working toward reducing exhaust emissions. They have also been focusing on improving fuel economy, which, in turn, is expected to aid in reducing exhaust emissions. As a result, automobile manufacturers have been working toward reducing the overall weight of vehicles, as it can ensure prominent reduction in CO2 emissions. Weight reduction of 10 kg is estimated to save 1 g of CO2 emission per kilometer. In this regard, the focus on the adoption of subsystems, like EPS, has increased, as the incorporation of the EPS results in significant weight savings. In EPS, an electric steering system replaces the hydraulic piston and pump with an electric motor. The motor draws electricity from the battery, only when the vehicle is turning. There is no power loss in such systems, which decreases the fuel consumption of the vehicle. In addition, the aforementioned developments aid in weight reduction, in turn resulting in fuel efficiency of up to 3% and less carbon emissions. When compared to the hydraulic power steering systems, increased fuel efficiency is one of the most deserving advantages of the EPS systems. Furthermore, the automotive industr y’s paradigm shift toward electric mobility is projected to shift the focus of the manufacturers toward electric vehicle (EV) production, over the coming years.

北京发布燃料电池产业规划，目标宏大，当地优质龙头有望受益。同时料将产生“发令枪”效应，燃料电池“十城千辆”有望加速落地。示范奖励政策思路进一步明确，强化“优质区域”+“核心部件”主线，预计在氢能禀赋优质、财政实力强地区有完善布局，具备自主核心技术的优质龙头将受益。

投资建议：我们重点推荐产业链各环节具备全球竞争力的龙头公司：1）电 池环节，重点推荐宁德时代，建议关注亿纬锂能、国轩高科、欣旺达、鹏辉 能源等；2）材料及零部件环节，重点推荐璞泰来、恩捷股份、科达利、嘉元 科技、当升科技、新宙邦，建议关注中科电气、杉杉股份、星源材质等。3） 特斯拉产业链，重点推荐：宏发股份、三花智控、旭升股份、奥特佳、银轮 股份、拓普集团。

事件：8 月挖机销量20939 台，同比+51.3%。其中，国内18076台，同比+56.3%；出口2863 台，同比+25.7%。1-8 月挖机合计销售210474 台，同比+28.8%。其中，国内190222 台，同比+29.7%；出口20252 台，同比+20.8%。