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

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

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

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

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

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    

根据ASML、Nikon、Canon 公司公告，2022 年全球光刻机总出货台数585 台，总市场规模约177 亿美元。细分来看，I-line、KrF、ArF dry、ArFi、EUV 光刻机市场规模分别为7.63、25.99、8.49、58.92、75.97 亿美元， 占比分别为4%、15%、5%、33%、43%：1）EUV 光刻机、中高端DUV 光刻机从价值量的角度来说占据市场核心位置；2）近年来，EUV 市场规模 快速增长，目前已占整体市场四成以上份额；3）摩尔定律持续向前，我们 认为High-NA EUV 将是2nm 及以下制程工艺的必需设备，其价值量相 较现有EUV 的提升将继续驱动光刻机市场增长。凭借双工件台、浸液系统 的率先推出，ASML 在中高端DUV 市场占据绝大多数份额，通过整合上下 游产业链资源ASML 成为目前全球唯一一家能够量产EUV 光刻机的厂商。

所有工业价值链都始于原材料。本法案重点关注对欧盟经济 至关重要的非能源、非农业原材料，目前，这些原材料供应面临 着极大风险。可再生能源、数字产业、航空航天、国防军工、卫 生等战略部门发展都离不开上述原材料。与此同时，关键原材料 的冶炼和加工都可能对环境和社会产生负面影响，具体情况取决 于其采取的加工方式和工艺。

隔膜产销保持旺盛，25 年全球需求预计可达377 亿平。2023 年上半年，在锂电产 业链去库减量的背景之下，隔膜受壁垒制约，在中游材料各环节中过剩与库存压力 相对较小，月度产量同环比均维持了较高增速，盈利水平受挫程度也相对较轻。 2025 年全球锂电池出货量预计达到2388GWh，对应377 亿平隔膜需求。海外隔膜 企业扩产较慢，新增产能相对有限，国内隔膜企业凭借规模、成本和技术优势，已 经成为全球锂电池隔膜的核心供应力量，未来在海外市场份额有望不断提升，受益 于全球需求增长。

以2014 年930 新政为本轮周期全面放松的起点，在长达一年半的时间内共计出台四次大的宽 松性政策，期间还有多条放松政策出台，地产宽松周期总时长超两年。 从短期家电股价表现来看，家电整体及各后周期子版块均取得超额收益，市场信心在逐轮政 策支持下持续增强。 从估值表现看，政策出台对家电估值影响路径较为清晰，家电估值拐点明显领先于地产销售 增速拐点，本质是影响投资者预期，地产数据更多起到印证及跟踪作用，为家电估值的持续变 化提供动能。具体而言，无论从估值修复速度还是力度来看，家电板块估值与地产政策的相关 度排序为：厨电＞白电＞家电。首次全面宽松政策（930 新政）发布后估值上涨的持续时间较 长（7-8 个月），当然后续相关政策也对估值在一段时间内有提振作用（2-3 个月）。