10月进入三季报披露期。我们看好经营逐步向好、业绩改善趋势中的小家电及估值底部提供足够安全垫的白电龙头。重点推荐：（1）景气度回升，经营向好的扫地机器人龙头【石头科技】；小家电重点公司【新宝股份】【小熊电器】；（2）估值底部，业绩表现稳健的白电龙头【海尔智家】【美的集团】【格力电器】；（3）政策加持，地产后周期稳健经营、估值有望修复的厨电龙头【老 板电器】。

10 月中信机械板块下跌6.96%，跑输沪深300 指数2.88 个百分 点，在30 个中信一级行业中排名第24 名：截止到10 月20 日收 盘，10 月中信机械板块下跌6.96%，跑输沪深300 指数2.88 个 百分点，在30 个中信一级行业中排名第24 名。10 月中信机械三 级子行业没有一个取得正收益，其中3C设备、金属制品、油气设备表现居前，分别下跌2.23%、3.15%、3.29%。

全行业来看，中大排量二轮摩托车销量保持平稳：1-9月，150＜排量≤250cc累计销售101.6万辆，yoy+1%；排量＞ 250cc累计销售40.7万辆，yoy-2%。  9月单月，150＜排量≤250cc销售11.3万辆，yoy+2%；排量＞250cc销售5.0万辆，yoy-24%。

光伏行业周期性较为明显，当前处于新一轮布局时期。我们回顾了2000年初至今的光伏发展历程以及龙头企业兴衰史， 光伏行业的周期性较为明显，历次行业周期底部都有“组件价格战”、 “产能过剩”、“海外贸易政策不明朗”、“行 业融资收紧”等标签，而更为巧合的是，无论是2011年、2018年还是2023年的行业底部，均出现技术变革。我们认为目 前行业处于底部区域，能够穿越周期的龙头企业将迎来新的一轮成长。我们认为在板块估值被极度压缩的情况下，过度关注高频数据不利于对投资的思考，更为关注的应该是企业的价值，以及哪些企业可以穿越本轮周期，迎来新的机遇。

The global PV inverter market is projected to reach significant revenue growth during the forecast period. Rapid growth in solar power plants worldwide will support the market growth. The exhibit below shows the newly installed global solar PV capacity.

The high-performance door is the faster version of standard doors with high-quality design and features to ensure the longevity of the door, efficient operation, and control of the production flow. These doors come in metal (particularly aluminum and steel), fabric, and rubber. Some of the high-performance doors are integrated with IoT features, such as remote control for easy access and easy handling of doors.

Over the years, technological advances have contributed to the development of several tools and machines across several industries. Power tools are outpacing traditional hand tools in the professional and residential segments due to high requirements for precision, safety, and efficiency. For example, the global construction industry experiences high pressure to adopt innovative tools that reduce human efforts. The surge in infrastructure development and construction projects has accelerated the demand for power tools and equipment and is expected to drive innovations in the future. The rise in manual labor costs, home improvement activities, and the high preference for DIY projects have accelerated the demand for user-friendly power tools.

Mechanical and electromechanical locks are well-matured worldwide, and their demand spikes with the adoption of new doors in all buildings. Locks and access control systems have always been standard components in non-residential and residential buildings, including commercial and industrial ones. Locks now have a long-established market. Most standard doors comprise glass panes mounted in wooden or metal frames. The focus is wood, plastic, and glass for internal doors and hardwood, metal, and fiberglass for external and exit doors. Residential buildings have at least one door and more than one window in every room. However, commercial buildings have many doors that enhance the demand for new locks with more new door orders globally.

The global industrial motor market is expected to grow significantly during the forecast period. Regions, such as APAC and Europe, are expected to dominate the demand in the market, followed by North America. However, the Middle East & Africa and Latin America are anticipated to create opportunities with upcoming industrial developments in HVAC applications, F&B, oil & gas, and other industries. China, Middle Eastern countries, and the US provide the most competitive industrial initiatives.

Power tools have been a convenient resource in aiding workers across various industries. The use of power tools can eliminate the need for strenuous manual labor. The rise in the adoption of power tools in the construction and automotive sectors has ensured tremendous opportunities for innovation in the power tools market. The different types of power tools available in the market include drilling, fastening, demolition, sawing and cutting, and material removal tools.