Agricultural equipment offer assistance in various farming activities such as tilling, sowing, harvesting, and irrigation. The deployment of agricultural equipment offers high productivity gains in relatively lower operational time and cost. The report on the global agriculture equipment market presents a detailed analysis of the trends, future estimations, and thorough study of the market depending on type, automation type, business type, and regions. The report segments the market on the basis of type into tractors, harvesters, soil preparation & cultivation, irrigation & crop processing, agriculture spraying equipment, hay & forage machines, and other agriculture equipment. By automation, the global agricultural equipment market is categorized into manual, semi-automatic, and automatic equipment. Considering business, it is classified into original equipment manufacturers (OEMs) and aftersales.

Wind turbines are beginning to be used for electrical generation, having previously been used for various other applications, such as sailing, agriculture, and grinding. From an emerging power source, 20 years ago, wind turbine technology has been transformed into a commercial electricity-generating technology in more than 80 countries. While the world has been harvesting energy from wind for several decades, the growing environmental concerns in the last few years have driven the deployment of renewables, globally. The usage of wind power has reached a point where it has become a noticeable contributor to the world’s energy mix. The exponential growth in the wind energy market is supported by depleting fossil fuel reserves, declining cost of wind power generation, growing sensitivity toward environmental issues, and suppor t from various governments around the world, through financial incentives.

An industrial control system (ICS) consists of combinations of control components, such as electrical, mechanical, hydraulic, and pneumatic, that come together to achieve an industrial objective (e.g., manufacturing, transportation of matter, or energy). The control part of the system includes the specification of the desired output or performance. Control can be fully automated or may consist of a human in the loop. The systems can be configured to operate in the open-loop, closed-loop, and manual modes. With the large-scale, continuous, and highly parameterized industrial devices, the need for industrial automation systems is continually increasing. The present-day industrial control systems have evolved from existing physical systems to the addition of IT capabilities, often replacing or supplementing physical control mechanisms. Thus, to independently meet the requirements of safe start-stop, stable operation and optimal operation of industrial production systems, it has become a necessity to automate various industrial products and manufacturing systems seamlessly.

年初以来，家电板块整体+5.9%，处于中后方位置。20Q1 公募基金及外资在家电行业的配置占比有所下降。Q2 以来，随着疫情可控性加强，估值相对处于低位，市场情绪回暖后，家电板块表现有所回暖，尤其是线上占比较高、受疫情影响较小的小家电板块表现亮眼，其中，新宝股份和小熊电器涨势位居前列。我们认为，疫情只是基本能力的放大器，在危机之下，各企业也在迅速调整，我们可以明显看到有部分企业开始在各个方面尝试调整与改

变。

7 月预期国内中游锂电需求恢复，龙头订单预计环比大幅增长，海外市场已从疫情中恢复高速增长Q3 将迎来全球新能源汽车基本面拐点。全球电动化正迈入供给端优质车型加速期，未来三年是全球主流供应链加速爆发的趋势性机会。围绕全球一线供应链投资主线，持续看好切入全球电动车主流供应链（特斯拉、大众MEB、LG、CATL 等）投资机会。持续推荐：宁德时代、恩捷股份、璞泰来、三花智控、比亚迪、亿纬锂能、宏发股份、拓普集团、先导智能、赢合科技、鹏辉能源、卧龙电驱等。

6 月电动车生产10.2 万辆，同环比-25%/+21%，环比恢复。国内明确补贴延迟两年，6 月排产开始改善，7 月有望迎来拐点；海外复工复产提速，4 月销量低点已过，5、6 月销量恢复好于预期，欧洲主流国家销量8.12 万，同比+93%，欧洲电动车补贴政策持续超预期，6-7 月有望恢复高增长状态；Tesla Model 3 国产和 Model Y 推进超预期，大众等传统车企提速奋力直追，近年海外车企有近 50 款全新电动平台车型上市，新车型带来的超级产品周期值得期待。重点推荐布局中游龙头（宁德时代、璞泰来、科达利、新宙邦、恩捷股份，关注亿纬锂能、比亚迪、天赐材料、天奈科技、嘉元科技、当升科技、星源材质、杉杉股份等）；核心零部件（宏发股份、汇川技术、关注三花智控）；重点推荐底部的优质上游资源（华友钴业、天齐锂业、关注赣锋锂业）

投资建议：我们首推储能电池龙头宁德时代，推荐磷酸铁锂电池龙头亿纬锂能、国轩高科，关注鹏辉能源，推荐储能逆变器及系统集成供应商阳光电源、林洋能源。

2020 年6 月新能源汽车产销数据：6 月产销分别为10.2 万辆和9.8 万辆，同比下降25.0%和35.5%，环比上升21.3%和21.5%，符合市场预期。1-6月新能源汽车累计产销分别为39.7 万辆和36.8 万辆，同比下降36.5%和40.3%。

预计下半年光伏需求有望强势复苏，2020-2022 年全球光伏装机有望分别达到120GW、150GW、170GW。硅料、电池片环节供需格局有望优化，硅片环节降价空间有望缩小，组件环节集中度有望提升，玻璃等关键辅材或于装机高峰期出现涨价。推荐隆基股份、通威股份、东方日升、晶澳科技、爱旭股份、福斯特、锦浪科技、林洋能源、阳光电源、正泰电器等，建议关注福莱特。HJT 设备国产化有望推动产线投资回收期快速下降，加速产业化进度，2020-2025 年新增设备需求空间有望超过600 亿元。推荐迈为股份、捷佳伟创、山煤国际、东方日升、通威股份等，建议关注金辰股份、苏州固锝等。

本报告中作为案例的富港万嘉后智能厨房系统，从2016年开始专利布局，目前共计申请了1130项智能厨房的专利，致力于实现全自动化烹饪。该项技术打破原有厨电功能局限，用智能化技术衔接从备菜到清洁的整个流程，是智能厨房领域的前瞻式尝试。未来，在后智能厨房领域，我们持续可期能实现从个人健康饮食、从高精度还原烹饪技术，从商业餐饮数字化等维度给家庭厨房以及餐饮市场带来革新。