The rise in the aging wind farms and regulations supporting wind decommissioning services are likely to boost the global wind turbine decommissioning services market during the forecast period. During the course of the wind project, the wind turbine components may be retrofitted with upgraded ones to extend the lifetime of the project. However, when the wind turbines reach the end of their useful lives, the components and the wind farm need to be decommissioned. Wind turbine decommissioning consists of a series of steps to close a wind power plant facility at the end of its lifetime. The major processes involved in wind turbine decommissioning include dismantling, waste transportation, and site treatment and reuse.

The production of semiconductor wafers uses wafer-level manufacturing equipment, which includes steps and processes such as etching, lithography, stripping, inspection, and packaging. The global wafer-level manufacturing equipment market is driven by an increase in the number of applications for semiconductor ICs in various end-user industries.

The production of semiconductor wafers uses wafer-level manufacturing equipment, which includes steps and processes such as etching, lithography, stripping, inspection, and packaging. The global wafer-level manufacturing equipment market is driven by an increase in the number of applications for semiconductor ICs in various end-user industries.

A wristwatch is a timekeeping device that is worn on the wrist. It consists of a case housing a movement or mechanism that accurately tracks the passage of time. Wristwatches come in different styles, from analog watches with hands to digital watches with displays. They often have additional features like date displays, chronographs, alarms, and fitness-tracking capabilities.

Electrodeless gas discharge lamps, such as plasma lamps, are powered by radio frequency energy. Radiofrequency (RF) power is used to excite plasma inside a sealed, transparent burner or bulb to produce light in the form of plasma lamps. Plasma lamps use noble gases and additional materials such as metal halides, sodium, mercury, or sulfur to produce light in several colors.

Pianos are musical instruments that have strings, which produce sounds when struck by the felt-covered hammers on their keyboards. They are purchased by retail stores, such as small businesses, showrooms, exclusive brand stores, and multi-brand stores, for reselling as well as by individual users for personal and professional use.

The cable testers are the essential tool that are used in the field of information technology and telecommunications to verify the integrity and connectivity of network cables. These testers are mainly used to test the accuracy of the signals and the frequency emitted by electronic devices, including servers and computers. The cable testers help the network technicians and the IT professionals in identifying and diagnosing issues in cabling systems and ensuring that data can flow reliably through the network.

中国家电产业链的规模化、成本、技术创新等是中国制造业的底色，且走在市场化前沿，以竞争促发展。我们认为家电出海有望拥抱海外补库需求改善，短期内出口拉动力较强，市场情绪修复、外资回流，家电作为外资重点关注领域，家电出海估值修复与规模提升均值得关注。中长期周期来看，家电产业不断打造全球化品牌，率先成为中国制造的一张“名片”，本轮周期中家电出口已回升，重新进入景气周期，海外耐用品库存触底，或继续对出口增长形成支撑，而中国企业在成本管控、技术沉淀、产业链能力外溢上的突出优势或让中国家电在本轮周期中走的更远，关注海尔、海信系、新宝等企业。

存储产品价格持续上涨，有望打开量价齐升局面。伴随海外大厂持续降 低稼动率、去库存，存储板块自 23Q3 触底反弹进入涨价上行通道。DRAM、NAND 颗粒价格均自 23Q4 起涨，Wafer 涨价趋势明显。随着海外大厂积极减产提价叠加 AI 催化，下游拉货意愿强烈，存储市场供 不应求行情显著。随着需求的进一步回暖，涨价有望持续，量价齐升。此外，HBM、DDR5 等高附加值产品渗透率逐步提升，有望拉动存储价格进一步上涨。

生产超排产计划，低基数下出货呈现高增。根据产业在线数据，2024 年 1 月家用空调生产 1741 万台，同比+64%（1 月排产 1686 万台）；内销 732 万台，同比+63%（23M1 -24%）；出口 899 万台，同比+51%（23M1 -23%）。考虑到 2 月春节放假影响，海外订单多提前发货，同时受红海局势影响导致的海运价格上涨和运力紧张也让许多海外订单提前锁定，建议结合 1+2 月数据观察。