The lighting industry has seen tremendous progress over the past 200 years. The gas lamp was invented and brought into the US in the 1790s. These lamps became common since coal was also used as a fuel source for cooking in homes. The early 1900s were preceded by light bulbs in the 1830s and the first electronic lamps were installed. The light arc was built in Paris in the 1840s. Theater illumination was developed by guiding an oxyhydrogen flame to a calcium oxide cylinder for early arc lights or street bulbs. Although it is no longer a light source for theaters, the term "in the focus" is still used. Fluorescent lights were invented and available in the early 1860s. Thomas Edison developed the carbon filament incandescent light bulb in 1879, which became the standard for lighting for many decades.

A concrete pump is a machine used to transfer liquid concrete by means of pumping. The pump operates by one piston drawing liquid concrete into a cylinder from a hopper, while the other simultaneously pushes its concrete out into the discharge pipes. Concrete pump is important in revolutionizing the construction of highrise buildings and structures. The report on the global concrete pumps market presents a detailed analysis of the trends, future estimations, and thorough study of the market depending on type, industrial vertical, and region.

Dry type transformer consists of magnetic core transformers in which the magnetic core, primary & secondary windings are embodied using insulating materials such epoxy or polyester that are non-inflammable and can be defined as self-extinguishing. The global dry type transformer market analyzes different types and configurations of dry type transformers used in industrial, commercial, and other end uses. The market is segmented on the basis of type, technology, phase, voltage, and end use. Based on region, the global dry type transformer market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

作为储能技术的具体体现之一，动力电池对能量密度、功率密度的需求较高，同时也要兼顾安全性、寿命与成本。铅酸电池系统能量密度低（约30Wh/kg），远低于锂离子电池（约150Wh/kg），对应车型的工况续航也有巨大差距。铅酸电池车面对燃油车型全无竞争力，而锂电车型逐步具备了竞争力。

锂电隔膜行业赛道属性优质，且仍会进一步强化，高估值反映了对行业稳定、优良竞争格局可持续的高确定性溢价。因为隔膜产品成本结构特殊，且头部企业快速进行成本迭代，隔膜行业形成了当前的寡头格局。而下游新能源汽车在2019 年全球渗透率不超过5%，未来成长空间巨大，我们认为，隔膜行业市场份额将进一步集中，竞争格局持续优化，头部企业分享行业增长红利的确定性较高，当前行业估值水平反映了对这种确定性的溢价。

近年来塔式起重机的销量和整体需求保持高景气度，整机和租赁 行业龙头持续受益行业增长，企业自身竞争力也在不断提升。我 们在深度报告《塔机行业报告：下游需求稳定，疫情后景气有望 抬升-四个指数观察塔式起重机景气度》中，通过高频、公开数 据构建了 4 个行业指数，以预判和观察行业的景气度变化。受益 于下游需求回暖，10 月行业景气度略有回升。

2018 年4月，资管新规，间接促使实体企业去杠杆。2018 年4月开始 ，中美贸易摩擦加剧 ，企业出口压力加大 。2019 年5月15 日，美国商务部宣布 ，把华为及 70 家 关联企业列入实体清单 ，加大对中国高科技类企业的限制 。

Data centers are the largest consumers of electricity in the world. A data center can consume power ranging from 100 kW to over 100 MW. The incoming power to the facility from the utility feed is 2−33 kV, which is reduced to 480 V using on-site transformers. The power from the transformer is fed into the switchgear or automatic transfer switches (ATS), which is connected in parallel to the generator to supply backup power during outages. The switchgear is connected to the UPS systems in the data center, which, in turn, is connected to floor power distribution units (PDUs). The power from the floor PDUs is then transferred to the rack PDUs in data centers, which powers the IT infrastructures inside the rack. The below is among the commonly used power distribution in data centers from utility feeds to rack cabinets.

我们全面剖析了电解环节的竞争壁垒，并复盘了LiPF6 2015-2017 年与本轮的涨价周期。我们认为，LiPF6 目前的供需偏紧加速具备纵向一体化能力的电解液龙头的份额成长，短期利润加速释放，中长期份额提升可期且稳固，格局清晰。

我国新能源汽车动力蓄电池回收利用政策发展始于2012年，之后相关部委陆续出台多项相关政策，主要分为三个阶段。我国汽车动力蓄电池回收利用主要管理部门为国家发展改革委环资司、工业和信息化部节能司，此外生态环境部、科技部等相关部门也会在相应环节进行管理。主要原则：生产者（动力电池与汽车生产企业）责任延伸，生产者承担回收的主体责任