截至本报告期末，沪深300 指数2020 年跌幅4.49%，电气设备指数同期涨幅9.63%。最近一年，沪深300 指数涨幅7.34%，电气设备指数涨幅为16.75%。行业整体PE 估值29.77 倍，行业整体PB 估值2.48 倍，行业整体企业估值倍数（EV/EBITDA）为16.77倍，超过历史平均值+1 倍标准差水平，行业估值依然处于高位区。

本文旨在对燃料电池未来两大下游应用领域重卡、叉车进行分析，探究两个领域未来的市场空间、对比其与传统汽油、电动车之间的性能差异、成本差异等。

HJT 电池产业化与设备国产化推进顺利，后续降本路径明确且实现概率大，我们预计在HJT 电池成本进入临界范围的过程中，产业化脚步即有望逐步加快，成本进入临界范围后，HJT 电池对现有技术路线的替代则有望迅速推进。电池设备方面推荐迈为股份、捷佳伟创，建议关注金辰股份；电池片制造方面推荐山煤国际、东方日升、通威股份。

Stage lighting is an illuminated stagecraft and requires many components. It is used in concerts, plays, operas, dance performances, theatre, and other performance art shows using a synchronized system of various lighting equipment to create a dazzling lighting display. The process involves manipulating the light intensity, color, distribution, direction and motion. These qualities are in nature manageable controllable and are also known as stage lighting variables, since they can be used in different combinations to alter the result.

Power electronics is an engineering study of converting electrical power from one form to another. The world- wide average rate of 12 billion kilowatts every hour of every day of every year, more than 80% of the power generated is being reprocessed or recycled through some form of power electronic systems. A lot of energy is wasted during this power conversion process due to low power conversion efficiency. It is therefore very important to improve the efficiency of these power conversion systems. With the extensive use of efficient and cost-effective power electronics technology across the globe, the energy consumption is expected to reduce up to 35% during the forecast period. The scope of the report discusses the potential opportunities for the market players to enter the global power electronics for electric vehicle market. Furthermore, it provides an 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. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.

Rise in the automation of complex production systems led to an increase in the demand for components, which are proficient in providing important data regarding the production process. The ability of proximity sensors to work in hazardous conditions, such as extreme humidity and temperature, as well as in chemical processing applications, aided the growth of the proximity sensors market. Rising significance of no-contact sensing applications, along with the interest of automobile and aerospace manufacturers toward the integration of sensor technology in security and infotainment systems, is expected to boost the market opportunities for proximity sensors. Currently, in the automotive industry, there is an increasing demanding for lighter automobiles, especially for usage in electric vehicles. This is encouraging material change in automotive components from iron to aluminum. This, turn, is increasing mixed production lines containing iron and aluminium.

特高压板块2019 年/2020Q1 样本公司营业收入同比+6.0%/-3.2%,归母净利润同比+5.7%/-1.9%。工控自动化板块营业收入 2019/2020Q1 分别同比30.8%/18.2%。归母净利润同比0.6%/23.0%。在疫情冲击、国内经济下行压力加大的背景下，特高压等新基建项目有望成为拉动基建投资并刺激经济、提升新能源消纳能力、改善能源结构的重要抓手。

美国白宫近日发布总统行政命令，以国家安全的名义，要求禁止敌对国家为大型电力系统设备提供开发、进口、转让、安装、设备等服务。

4 月份新能源汽车销量7.30 万辆，环比增长40.87%：根据GGII数据，2020 年4 月新能源汽车销量7.30 万辆，同比下降31.42%，环比增长40.87%。国内疫情得到控制，市场需求恢复正常。新能源汽车延补2 年，国网和南网大力推动充电桩建设，对消费端形成长期拉动作用，国内市场向好趋势不变。

作为下一代新型高效电池技术，异质结电池正处于小批量生产向规模化量产过渡阶段，市场前景广阔，技术领先的国内厂商有望占据先机，夺得头筹。随着国内外电池设备的技术差距逐步缩小，凭借良好的产品性价比以及便捷的本土配套服务，国内设备厂商具备较大发展潜力。综合考虑技术水平、客户资源以及产品系列等因素，关注异质结国产设备龙头企业捷佳伟创、迈为股份。