作为新一代高效光伏电池中的佼佼者，异质结HJT 电池具备转换效率高、提效空间大、发电能力强、工艺流程短等多重优势，目前正受到产业资本的高度关注。我们在HJT 电池转换效率23.5%、25 年功率衰减8%、4%发增益的假设下，判断HJT 电池非硅成本的临界范围约0.4-0.5 元/W，预计当异质结电池性价比优势逐步显现之后有望实现对主流路线的替代。

Millimeter wave is a kind of electromagnetic technology used in various products such as phones, cars, medical devices, and others to ensure wireless broadband communications at a higher speed. It is known as extremely high frequency (EHF) because it presents signal spectrum ranges from 30GHz to 300GHz with a wavelength between 1 and 10mm. Moreover, Millimeter wave technology provides security for communication transmission. The scope of the report discusses the potential opportunities for the market players to enter the global Millimeter wave technology 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. The report features the strategies adopted by key market players to maintain their foothold in the market.

目前，锂电池是发展主流，但频发的安全问题引人担忧，且能量密度未来将触顶；固态电池有望突破密度限制，且安全性能较高，未来或将更好地解决电动汽车续航里程问题。

1～10 月，机械工业重点联系企业累计订货额同比下降 4.7%，降幅较 1～9 月（-5.57%）收窄 0.87 个百分点；全国规上机械工业企业营业收入 173871.01 亿元，同比增长 2.14%，较全国工业低 2.08 个百分点；利润总额 10402.93 亿元，同比下降 3.37%，降幅虽较全国工业低 0.43 个百分点，但较 1～9 月收窄 0.65 个百分点；截至 11 月份，机械工业产品产量增减不一，增长产品数量不足四成，仍在增长的产品多数增速回落；受中美贸易摩擦影响，机械行业主要产品进出口额同比负增长，本月降幅有所收窄；机械工业主要涉及的五个国民经济行业大类固定资产投资增长较弱。

Primarily owing to the increased a doption in consumer electronics, th e demand for supercapacitors increased significantly over the past few years. While Samsung’s Galaxy Note 9 came with a nifty new feature: the S Pen stylus Bluetooth, and could be charged instantly using a supercapacitor, several smartphone manufacturers invested in next-gen battery design to better protect against drops and weath er condi tions tha t drove the growth of smartphon e supercapacitors.  Moreover, with automotive manufacturers emphasizing on reducing dependency on the oil sector and governing bodies imposing stringent environmental regulations, growth prospects for the el ectric vehicles is expected to be promising. This has led the supercapacitor manufacturers to explore profitable opportunities in the rapidly-evolving automotive industry. Due to this, in February 2019, Tesla Inc., a global giant in the automotive and energy industries, acquired Maxwell Technologies Inc., a leading battery technology company for approximately USD 218 million. Following this acquisition, the company aimed to capitalize on lucrative opportunities for electric vehicles, and it planned to add expertise in the field of supercapacitors that could speed up car charging capabilities.

Soft magnetic material are those materials that are easily magnetized and demagnetized and are known for having intrinsic coercivity less than 1000 Am. Soft magnetic material is known for enhance and channel the flux produced by electric current. Material considered under includes nickel, cobalt, iron, electric steel, soft ferrite, and their alloys. These material are used in both AC and DC applications. In DC applications, the material is magnetized to perform an operation and then demagnetized at the end of the operation. While, in AC applications, material is continuously cycled and being magnetized in one direction to other throughout the period of application. This is one of the major advantages that the soft magnetic material has over hard magnetic material.

11 月份国内PMI 为50.2，重回荣枯线以上，工控企业单月订单普遍转正。在目前制造业企业利润短期出现回升，中美贸易争端缓和带来情绪面修复的环境下，市场对2020 年工控市场的走势莫衷一是。本文我们跳出国内企业的视角，从海外工控巨头西门子和施耐德财报中对国内工业自动化和低压电器市场的展望，来探究2020 年工控市场环境的可能变化。

展望2020 年，泛在电力物联网建设将进入“三年攻坚突破年”，电力信息通信各环节特别是全产业链企业将充分受益；工业制造业下游有望弱复苏，地产竣工确定性提速，工业控制、低压电器均处于向上提速阶段；在国家财政、产业政策均大力支持新能源车发展的大背景下，充电桩不足一定程度成为掣肘行业发展的关键因素之一，新能源车地方补贴从“补车”到“补电”，将使得充电运营企业充电量和车桩新增量延续2019 年的良好表现。

我国在践行“四个革命、一个合作”的重大能源战略的进程中，能源供给和能源消费要在2050 年实现两个重要的“50%”里程碑。“2050 年我国能源清洁化率（非化石能源占一次能源的比重）达到50%和终端电气化率（电能占终端能源消费的比重）达到50%”。电网企业在这一转型进程中必须对自身定位和收益机制进行根本性变革，泛在电力物联网是变革的两大支点之一。

国内年末翘尾增长有限，产业链中下游排产分化，紧握龙头供应体系。11 月锂电装机与新能源车产量同比均较大幅度低于去年同期，年末抢装幅度较为有限。中游11 月产量环比下降但锂电环节产量环比增长，产业链未装机累计库存已达25.5GWh。我们认为龙头库存有限同时排产下降带动中游排产回落，二三线企业年末受专用车及A00/A0 级乘用车需求回升增产提升锂电环节库存。留意供应体系风险，紧握产销高质量的龙头企业供应体系。