Chillers provide cooling in residential, industrial, and commercial places. Chillers provides air conditioning in buildings with the use of chilled water. Roof top chillers usually are air cooled whereas basement chillers are water cooled. The rising humidity concerns in both developed and developing countries, and surging demand for air conditioning systems for safety and comfort are boosting developments in the Chiller market across the world. HVAC chillers are widely used across the industries such as pharmaceuticals, electronics & semiconductors, aerospace & defense, food & beverages, cold storage, turbine, and leather. Thus, increased preference for district cooling systems in industries and high-rise buildings is a major factor boosting the Chillers market growth. Moreover, rising adoption of HVAC chillers in commercial spaces and residential sector, growing disposable income and rapid pace of urbanization, and continuous proliferation of tourism industries in different regions contribute to the Chillers market growth. The construction of new hotels and public infrastructure adds to the demand for HVAC chillers.

家电行业因为已度过高速发展期，过去 3 年并未获得市场青睐（尤其是大白电）。2024 年年初以来，家电板块呈现出持续上涨的行情，背后原因既有基本面驱动，也有市场风格变化。那么，此刻家电估值已经到位了吗？未来我们该如何看待家电板块的行情演绎？目光转向海外，可以发现全球成熟消费品公司估值仍然维持高位，我们不禁需要思考:虽已步入成熟阶段，但依靠产品升级和出海仍能维持稳健增长，竞争格局稳定，能够维持高分红水平的家电资产，未来能否得到价值的重估？

Chillers provide cooling in residential, industrial, and commercial places. Chillers provides air conditioning in buildings with the use of chilled water. Roof top chillers usually are air cooled whereas basement chillers are water cooled. The rising humidity concerns in both developed and developing countries, and surging demand for air conditioning systems for safety and comfort are boosting developments in the Chiller market across the world. HVAC chillers are widely used across the industries such as pharmaceuticals, electronics & semiconductors, aerospace & defense, food & beverages, cold storage, turbine, and leather.

2020 年以来美国家电零售库存经历了一轮完整的库存周期，当前或正处于新一轮库存周期的开端。2015-2019 年期间美国家具家电零售商库存绝对值保持稳定，2020 年至今受全球公共卫生事件、地缘政治冲突等多因素影响，美国零售库存经历了完整的一个库存周期，自 23H2 起至今，家电零售同比出现抬头趋势，而库存仍在缓慢消化，正处于“被动去库”阶段。随着海外订单的不断交付入库，美国零售商库存有望起底回升，或正向下一轮“主动补库”阶段过渡，开启新一轮库存周期。

The airborne pods are an external pod structure primarily fabricated to offer enhanced aerial recognition, identification, communication, targeting, data linking, and self-defensive potentials to an aircraft. High-end airborne pods with a wide range of advanced sensors and laser technologies can operate in extreme weather conditions, which is also one of the prime factors boosting the application of airborne pods in advanced fighter jets, aircraft, unmanned aerial vehicles, and helicopters. The changing modern warfare scenario has forced governments of various countries across the globe to allocate substantial funds and financial aid toward respective defense and military forces. The growing defense expenditure budget indicates the government's emphasis and importance on modernizing the defense sector to meet the mounting need for security, which is one of the major market drivers.

2 月，我国新能源汽车销量 47.7 万辆，同比-9.2%。据中汽协数据，2 月全国新能源车产销略有下降，分别完成 46.4 万辆和 47.7 万辆，分别同比-16%和-9.2%，市占率达到 30.1%。分动力来源来看，插电式混合动力汽车 2 月产销同比大幅增长。根据中汽协数据，2 月纯电动汽车产量为 28 万辆，同比-28%，销量 29.4 万辆，同比-21.8%。2 月插电式混动汽车产量为 18.3 万辆，同比+12.5%，销量为 18.3 万辆，同比+22.4%。2 月燃料电池汽车产量 0.03 万量，同比+187%，销量 0.02 万辆，同比+370%。

锂：4月下旬车展或将提振新能源需求，支撑锂价。4月上旬江西地区环保影响逐渐消退，部分厂商陆续拿到环保审批，计划于近期复工复产，下游对云母需求有小幅增长，推动拿货高价运行。3月碳酸锂产量同比增长31.8%至4.28万吨，得益于锂盐企业检修后的生产恢复和利润空间修复。我们预计伴随着4月下旬车展将进一步提振新能源需求，支撑锂价。钴：需求不振，钴价下跌。4月上旬四氧化三钴厂家以交付前期订单为主，新增订单较少，需求不振下现货价格承压下跌。

NVIDIA 侧重给各行业提供开发平台和工具，自上而下入主机器人设计 。NVIDIA 作为以芯片设计为主要业务的平台型公司，在机器人领域主要提供主控芯片、开发平台和工具，可帮助开发人员构建、部署和管理机器人。开发者可根据其 Jetson、 DRIVE、Isaac、Metropolis 等开发平台特性在各领域进行自由选择。OpenAI 在机器人控制技术方面拥有领先的技术优势，其开发的 Dactyl 手指可以像人类手指一样灵活操作物体。特斯拉在自动驾驶技术和机器人制造技术方面拥有领先的技术优势。

人形机器人：机器人全球生态初具规模，产业化再度加速。3 月 19 日 GTC2024 大会，英伟达推出人形机器人通用基础模型 Project GR00T，以通用基础模型为全行业赋能为全行业赋能，该平台能帮助机器人更好理解自然语言并通过观察人类行为来模仿动作，有望加速机器人产业化 落地，看好后续快速扩容及机器人硬件段需求提升。推荐标的：1）执行器和电机：受益标的三花智控、拓普集团、鸣志电器；2）减速器：受益 标的中大力德、国茂股份；3）丝杠类：推荐恒立液压、五洲新春和长盛轴承，受益标的北特科技、丰立智能、贝斯特和新坐标；4）电机驱动控制芯片：受益标的峰岹科技；5）传感器：推荐东华测试，受益标的柯力传感、奥比中光；6）丝杠设备类：受益标的华辰装备、日发精机、秦川机床、浙海德曼和思进智能。

3 月 13 日国务院印发《推动大规模设备更新和消费品以旧 换新行动方案》，提出“到 2027 年，工业、农业、建筑、交通、教育、文旅、医疗等领域设备投资规模较 2023 年增长 25%以上；重点行业主要用能设备能效基本达到节能水平，环保绩效达到 A 级水平的产能比例大幅提升，规模以上工业企业数字化研发设计工具普及率、关键工序数控化率分别超过 90%、75%”“围绕推进新型工业化，以节能降碳、超低排放、安全生产、数字化转型、智能化升级为重要方向，聚焦钢铁、有色、石化、化工、建材、电力、机械、航空、船舶、轻纺、电子等重点行业，大力推动生产设备、用能设备、发输配电设备等更新和技术改造”。