Equipment Type: Other knife switches, 1000 volts or less Industry: Electrical equipment manufacturing

Equipment Type: Heavy duty knife switches, 1000 volts or less Industry: Electrical equipment manufacturing

Equipment Type: General purpose relays, over 100 MV and sealed Industry: Electrical equipment manufacturing

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Controls for A.C. packaged drives Industry: Electrical equipment manufacturing

Equipment Type: Brushes/contacts (automotive, fractional h.p., & ind. brushes) Industry: All other electrical equipment and component manufacturing

This report covers the global forecast for banded or strip terminals and splicers, machine-installed produced in the current-carrying wiring devices, electric harnesses and assemblies, excl engine harnesses industry

组件出口数据：9 月中国组件出口量环比提升近15%，受组件价格下 跌影响，出口金额环比增速较低。其中主要拉动组件出口需求的地区 为亚太和中东市场，印度、南非以及沙特等国家在政府政策支持等因 素的驱动下成为拉动需求的主要国家。欧洲地区受到高库存影响，从 中国进口组件量环比降低。我们认为欧洲地区依然需要时间消化库 存，组件进口需求短期内或将持稳；亚太、中东和非洲地区仍然有较 高的组件需求，或将维持较高的组件进口增速。

中特估体系下，“一带一路”催化行情，有望带来超额收益。2023作 为我国“一带一路”战略十周年，叠加东盟峰会、金砖国家领导人峰会、 高峰论坛等高规格会议背景下，我们见证了倡议提出至今出现的第四轮明 显行情，区间内一带一路指数较上证指数的最大超额收益可达154.42%。战 略发力的历史性窗口期已至，我们应重点关注以下三大新阶段增长机遇：1） 货物贸易层面，“一带一路”沿线国家已成为我国进出口的重要主力，2022 年占比达到33%，可有效稳固我国出口形势、应对下行压力。2）对外直接 投资，主要投资国家包括印度尼西亚、马来西亚、泰国等。3）工程建设领 域，2022年我国对外承包新签合同金额同比下滑3.3%，未来随着海外运输、 交流的畅通，工程建设领域有望回暖。目前，“一带一路”作为最具全球 竞争力的中特估体系，基本面筑底阶段有望成为配置机会，建议重点关注 机械、基建等相关行业。

截至1107，23年绿氢项目电解槽订单量（招中公示口径）已达到902.55MW，超22年全年722MW（含非绿氢的传统工业领域出货）出货，叠加23年传统应用（氯碱等工业领域）可实现全年订单预期1.5-2GW ，全年订单预期实现的能见度高。出海及电源技术路线迭代下上游环节边际变化明显。推荐关注电解槽、电气设备、燃料电池环节。