线下销额受疫情影响严重承压。根据奥维云网，5 月当月销售额12.9 亿 元，同比-26%；本年累计66 亿元，同比-23%。5 月当月空调线下均价4136 元，同比+10%；本年年初至今均价4027 元，同比+12%。

【机械行业】2021年及2022Q1合计实现收入21013亿和4583亿，同比增长22%和-2%。2021/2022Q1行业合计实现归母净利 润1426和319亿元，同比增长18%及-20%。（最近申万机械分类+团队重点覆盖标的，剔除部分异常样本，合计517家公司） 2021年净利润增速排名前五的子行业为：培育钻石（增长95%）、半导体设备（增长82%）、激光设备（增长67%）、光伏设备 （增长66%）、基础件（增长56%）。2022Q1净利润增速排名前五的子行业为：培育钻石（增长131%）、机床工具（增长 82%）、锂电设备（增长70%）、制冷空调设备（增长69%）、风电设备（增长56%）；其余：光伏设备（增长50%）、半导体 设备（增长42%）、工业气体（增长21%）。

下游晶圆厂产能利用率饱满，指引资本开支再上台阶。当前终端需求 仍然强劲，晶圆代工厂产能利用率饱满，行业仍处于涨价通道中，预 计全年结构性缺货状态依旧严峻。去年以来晶圆代工行业的涨价已逐 步体现在盈利中，从历史看，产能利用饱满、涨价事件，通常指引着 资本开支再上台阶。根据IC insights，预计22 年全球半导体行业资本 开支增长24%；多家公司资本开支增长40%以上、部分超过100%。

电力体制改革反映电力发展周期内在需求。现阶段电力发展的内在需求是在新能 源占比不断提高情景下，还原电力的商品属性，实现市场化定价，提高系统运行 效率。电力市场建设提速，2022 年1 月，《关于加快建设全国统一电力市场体 系的指导意见》印发，明确到2025 年，全国统一电力市场体系初步建成，电力 中长期、现货、辅助服务市场一体化设计、联合运营；到2030 年，全国统一电 力市场体系基本建成，电力资源在全国范围内得到进一步优化配置。

Establishments described in this report are primarily participating in the transmission sales market.

Establishments described in this report are primarily participating in the supercapacitor market. A supercapacitor (SC), also called an ultracapacitor, is a high-capacity capacitor with a capacitance value much higher than other capacitors, but with lower voltage limits, that bridges the gap between electrolytic capacitors and rechargeable batteries.

Establishments described in this report are primarily participating in the sputter coater market. Sputter coating in scanning electron microscopy is a sputter deposition process to cover a specimen with a thin layer of conducting material, typically a metal, such as a gold/palladium (Au/Pd) alloy.

2022年以来，稳增长成为重要命题，电网投资项目有望加码。构建以新能源为主体的新型电力系统对电网提出更高的要求，根据两网行动方案，特高压和配电网智能化成为建设重点。“十四五”期间，国网和南网的计划投资近3万亿元，年均5800亿元，再创新高。2022年疫情扰动导致投资进度延后，叠加经济压力增大和稳增长政策落地，后续规划项目有望快速落地。

Establishments described in this report are primarily participating in the ultraviolet analyzer market. Ultraviolet (UV) Analyzer is a radiant energy (optical) analyzer that uses ultraviolet region of the electromagnetic radiation spectrum. This region consists of wavelengths from 100 to 400 microns.

Establishments described in this report are primarily participating in the synchronous condenser market. In electrical engineering, a synchronous condenser is a DC-excited synchronous motor, whose shaft is not connected to anything but spins freely. Its purpose is not to convert electric power to mechanical power or vice versa, but to adjust conditions on the electric power transmission grid.