确定性回报要求提升，ROE 综合考虑增速和分红。1）当下投资者对投资收益的确定性要求提升，分析个股 2023 年归母利润和分红率，对比市值和十年期国债利率作为投资的依据。家电行业具有高股息、分红稳定的特点，白电龙头美的、海尔、格力、海信股息率均高于十年期国债到期收益率。2）通过 ROE 的视角看，ROE 综合考虑分红和利润增速的综合投资回报率。如果市场预期对 g 不明朗，那么增加分红率会提升市场对 g 的容忍度，是维持 ROE 的方式。换言之，在利润增速放缓的情况下，提升分红、减少净资产有助于维持 ROE。

估值已至阶段性底部，上游材料迎来发展机遇 24 年初锂电板块估值已跌至近十年底部，板块已经历成长赛道期、洗牌期，正处于出清末期。23 年碳酸锂价格下跌 82%，碳酸锂价格的企稳，锂电材料有望迎来补库周期。目前行业去库已基本完成，随着新能源车销量及储能装机延续高增态势，我们预计 24H1 锂电材料价格将迎来企稳反弹。

冰箱作为成熟行业，量价通常难有波澜。刚需品销量通常稳健，每年产品升级带来的微弱均价提升也已经兑现在龙头公司的业绩预期中。但今年来看：①弱环境下有销量确定性的品类已经难得；②冰箱行业兑现出了超越往年的均价升级水平。价格的驱动来自行业正进入新的产品周期：嵌入式产品的兴起，带来了高端产品的新一波加速渗透。2023 年，嵌入式产品的销额渗透率从年初的 9%提升至年末的 34%，“来势汹汹”的新变化在成熟行业里相当难得。我们预计，这一产品变化在 2024 年仍将贡献出可观的均价提升。

Generators are devices that are mostly used as a source of power backup in the event of power outages. The two most predominantly used fuels in generators are diesel and natural gas. Natural gas generators are gaining popularity and adoption currently due to their benefits over their diesel counterparts.

Industrial machinery remanufacturing is an industrial process by which a previously sold, worn, or non-functional product can be rebuilt and recovered. Through the disassembly, cleaning, repair, and replacement of worn-out and obsolete components, the piece can be returned to a like-new or better-than-new condition and will be just as reliable as the original product. Remanufacturing means returning a used product to at least its original state with a warranty that is equivalent to or better than that of a newly manufactured product. Performance after remanufacturing is expected to be at least to the original performance specifications.

HRV is a ventilation system that continuously replaces stale indoor air with fresh outdoor air, improving the cleanliness, and comfort of a building. HRV employs an air-to-air heat exchanger that recovers normal wasted heat while also delivering clean, freshly filtered air to improve the interior environment.

A heat and energy recovery ventilation system is an energy-efficient and specialized heating, ventilation, and air conditioning (HVAC) alternative that enhances indoor air quality. It pre-conditions new entering air by recovering heat or energy from stale exiting air and transferring it to it. This procedure guarantees a steady supply of fresh air while assisting in the reduction of heating and cooling expenses. To preserve comfort and reduce energy usage, these systems are frequently utilized in commercial, industrial, and residential buildings.

Grinding machines are tools or machinery that are used during industrial processes like material removal or metal cutting. They are designed for precision machining to shape, grind, or finish a workpiece. Grinding machines use abrasive wheels as cutting tools to perform various types of grinding, including surface grinding, cylindrical grinding, centerless grinding, and tool and cutter grinding.

A delta robot has multiple kinematic chains that interconnect the base with the end-effector. From the base of the delta robot, three middle-jointed arms extend and connect to the actuators and motors. The input from the motors and actuators facilitates the movement of the arms in the X, Y, and Z axes. Delta robots are high-speed, high-precision robots that are used in a wide range of industries, such as food processing, pharmaceuticals, electronics, and others. By type, the delta robots are segmented into 3-axis, 4-axis, and 6-axis.

Precision air conditioners are capable of operating continuously while offering precise control over the temperature and humidity conditions of a data center environment. These units are specifically designed to cool the IT equipment in data centers. Precision air conditioners comprise an indoor and outdoor unit. They are used to supply cold air through the cold air inlet of data center racks and exhaust hot air from the air outlet. The hot air is treated to an optimal temperature and humidity and then supplied as cold air. These units use microcontroller-based advanced algorithms to control the temperature and humidity accurately. They offer additional features such as high cubic feet per minute (CFM) and sensible heat ratio. Precision air conditioners can also communicate with the building management system (BMS). Many data centers currently use these air conditioners to overcome the challenges of high heat loads.