2022 年1 月24 日-2022 年2 月23 日，沪深300 下跌3.27%，机械板块下跌1.60%，跑赢大盘1.67 个百分点，在申万所有一级行业中位于第23 位，19 个子行业10 跌9 涨，其中表现较好的子行业分别为磨具磨料、农用机械、印刷包装机械，分别上涨10.49%、4.89%、4.84%。截至2022 年2 月23 日，行业TTM 市盈率为24 倍（整体法，剔除负值），相对于沪深300 的估值溢价率为96%。

全球储能市场展望，2020 年全球用电量约26.8 万亿度电，平均每天用电量734 亿度电。假设全球每天有20%用电量需要配套储能，则储能规模达1.5 万GWh。并且随着全球用电量上升，储能的市场空间会进一步打开。通过对全球各个细分领域的储能市场规模测算，我们预计2021～2025 年，全球储能市场规模复合增长率有望达到50%。

The digital grid is aimed at automating, improving efficiency, and increasing the availability of the electric grid, ranging from transmission and distribution (T&D) systems to smart meters. For the scope of the report, Frost & Sullivan has included grid line sensors deployed along the T&D network, smart meters (AMI), and the associated communication devices.

Agriculture plays a major role in the overall economy of many countries, especially in the Asia-Pacific region, such as India, Australia, and China. Due to the high scope of revenue generation through agriculture, the sector is always supported by governing bodies in these countries. Also, agriculture equipment manufacturers collaborate with regulatory bodies to offer agricultural equipment to small, medium, and large-scale growers. Since the 2000s, the world has seen an increased demand for food because of the gradual increase in the global population, which is expected to reach 9.72 billion by 2050. To cater to the growing population, agricultural productivity and efficiency must be increased. This issue can be resolved by using the latest farm equipment in the field. Not all farmers have the ability to invest in farm equipment due to the high price of equipment. Thus, farm equipment manufacturers have started offering farm equipment to growers on a rental basis which enables small and medium-scale growers to use the required equipment in their field and thereby increase their production.

展望2022 年，政策助力稳增长，投资增速有望加快。2021 年我国实际GDP 增速为8.1%，2020-2021 年平均增速为5.1%，从世界范围来看增长具备明显优势，但从趋势来看逐季转弱。2022 年，消费在疫情反复下疲软，出口基数较高或难维持较高增速，为实现经济增长5.5%-6%的预期，稳增长的落脚点在稳投资。2021 年固定资产投资增速为4.9%，低于GDP 增速，主要由制造业投资拉动。从趋势上来看，全年投资增速均呈现逐渐放缓的趋势。

2021年全球新增海上风电装机容量约19.5GW。其中，中国大陆新增16.9GW，占比87%。我国海上风电累计并网装机容量已跃居世界第一。2035 年全球海上风电装机容量有望超过400GW。

锂电池能量密度不足的主要瓶颈在于正极比容量（相对负极）偏低、对锂电压偏低。当前广泛应用的正极材料根据晶体结构不同，包括了层状材料、尖晶石和橄榄石三大体系。隶属橄榄石结构的磷酸铁锂具备更高的本征安全性和成本优势，但是和三元相比对锂电压偏低、理论容量较小、本征电导不足。

The global heat exchanger market has reached maturity, with APAC accounting for most of the market's growth. Most emerging markets, where growth is high, are populated by significant market participants. Energy conservation, ease of maintenance, corrosion reduction, and improved heat transference are essential end-user requirements.

Increasing developments, such as advanced SCADA and communication technologies, are driving the substation market. The communication channel is an integral part of the substation automation as all the IEDs and monitoring devices that are located at the substation and on the field generate data that has to be passed on to the utility data center, which is remotely located. However, the lack of interoperability and global standards are restricting industry growth. Manufacturers in the industry are increasingly focusing on building common standards to eliminate the issue.

国内新能源汽车产销量及渗透率：根据中国汽车工业协会数据，2021年12月新能源汽车销量为49.8万辆，同比增长 113.9%。其中纯电动汽车产销分别完成41.6万辆，同比增长120.5%；插电式混合动力汽车销量为8.2万辆，同比增长 120.5%。新能源汽车渗透率19.1%，其中，新能源乘用车国内零售渗透率为22.6％。 2021年全年，国内新能源汽车销量为352.1万辆，同比增长157.5%，其中，纯电动汽车销量为273.4万辆，同比增长 173.5%；插电式混合动力汽车销量为60万辆，同比增长143.2%。新能源汽车渗透率13.4%，同比提升8pct，新能源乘用 车国内零售渗透率为14.8%，同比提升8pct。