Employees are an asset to any industry or organization. Therefore, it is the responsibility of the employers to take appropriate welfare measures for the well environment. While most of the accidents happen due to accidental falls, some of the other causes include being struck by a falling or moving object and contact with electricity. In addition to life threats, businesses also lose a lot of money in workers' compensation claims, insurance premiums, product liability costs, and other employee-related expenses. Along with the rise in workforce safety to comply with the growing construction demand, employing an aged workforce can further increase risks. This has given rise to the growth and adoption of fall protection equipment.

Wind turbines are beginning to be used for electrical generation, having previously been used for various other applications, such as sailing, agriculture, grinding, and others. 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 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 support from various governments around the world, through financial incentives.

受困疫情影响，固定资产投资增速同比下滑显著。机械行业经营状况 同比下滑，子行业持续分化。疫情影响之下寻找逆周期数据超预期赛道， 下游投资需求后延、为工程机械领域带来数据超预期表现。随着疫情管控 以及需求回暖，我们对下半年油价反弹持相对肯定态度。新能源产业为我 国战略发展方向，疫情扰动不改行业快速发展。

鉴于尚无钠离子电池相关上市公司标的，而且综合性能仍然是磷酸铁锂占优，叠加特斯拉Model 3 磷酸铁锂版车型即将上市等影响，建议各位投资者关注我国动力电池龙头、动力电池和整车先驱比亚迪（由汽车组覆盖）、磷酸铁锂正极龙头德方纳米、湘潭电化。

今年新能源消纳扩容，光伏48.45GW、风电26.65GW，整体超预期，全年装机大概率同比正增长。工信部发布新规，光伏新产能单晶电池和单晶组件效率不低于23%和20%，新产能扩张受限利好行业龙头，疫情影响下行业集中度进一步提高。风电今年延续抢装行情，部分项目补贴期限延后促进行业未来发展，板块整体业绩增长确定性较高。

5 月新能源汽车总产量企稳回升。据合格证数据，5 月新能源汽车总产量75207辆，同比-32%，环比+3%。其中EV/PHEV 产量56637/18414 辆，分别同比-41%/+18%，环比+6%/-4%；细分车型，新能源乘用车/专用车/客车产量68172/4469/2563 辆，同比-30%/-51%/-47%，环比+4%/-7%/-9%，1-5 月累计生产23.55/1.48/1.02 万辆，累计同比-46.51%/-3.98%/- 57.26%。随着疫情影响逐步降低后，购车需求恢复，我们预计国内产销将逐月转好。

4月海外电动车销量最低点已过。4 月海外电动车销量4.33 万辆，同环 比-31%/-60%，1-4 月累计销量为37.82 万辆，同比+34%；其中欧洲4 月 2.8 万辆，同环比-24%/-65%，1-4 月累计25.4 万辆，同比+62%；美国 4 月0.98 万辆，同环比-52%/-49%，1-4 月累计9.39 万辆，同比-4%。4 月全球电动乘用车销量10.64 万辆，同环比-30%/-31%，1-4 月累计销量 42.08 万辆，同比-30%。

2020 年5 月29 日，工业和信息化部（电子信息司）对《光伏制造行业规范条件（2020 年本》（征求意见稿）（以下简称“征求意见稿”）进行公开征求意见。《规范条件》主 要从生产布局与项目设立、工艺技术、资源综合利用及能耗、智能制造、绿色制造、环境 保护、质量管理、安全卫生和社会责任等八个方面进行规范。

从OEM 视角看动力电池市场未来格局：传统汽车工业体系中，车企处在行业轴心位置，具有绝对的话语权和定价权，主要 原因是汽车平台的建立，是车企生产高效化的一种策略，平台贯穿于研发、生产及供应链整个环节。通过搭建平台，从而 实现多款车型的技术、零部件通用，从而减低成本，提高生产效率和一致性，如大众MQB 平台、丰田TNGA 平台等。因此 车企处于轴心位置，背后是成熟完整的供应链体系，下游直接面对消费者，是产业的“总装商”也负车辆安全的整体责任。

我们持续进行“资源—材料—电池”产业链传导追踪测算。4 月来看，随着国内 疫情逐步得到控制、以及海外疫情逐步见顶，电动车需求逐步修复。我们认为， 疫情后产业链下半年将迎来政策、销量和业绩三重因素共振，建议关注LG Chem、 特斯拉、大众MEB 等核心供应体系，以及高镍/高电压三元与磷酸铁锂板块投资 机遇。