FCV 9 月装机量为 35.79MW，1-9 月累计 396.22MW。2023 年 9 月，燃料电池系统装机量 35.79MW，同比下滑 33%，其中商用车装机量为 33.6 MW，本月装机多为重型货车和轻型货车。全年 FCV 预计呈现高增趋势，政策细则落地叠加产业链成熟度提高下，行业放量确定性强，预计 2023 年 FCV 将持续看向翻倍。

Arm的商业模式具体包括以下几种，其中据公司财报数据显示：版税使用费占Arm总收入的63%，表明大多数客户通过 TLA条款获得Arm产品的许可。

我们认为，受益于上游原材料价格高位回落，下游需求逐步回暖， 智能控制器行业有望迎来困境反转，并将长期受益于节能化、智能化 的发展趋势，建议关注：盈利能力突出，成长性有望突破的【振邦智 能】；以及产品有望实现量价齐升的戴维斯双击的全球智能控制器龙 头【拓邦股份】。

2023 年8 月，在暑期出行旅游及节假日等消费带动下，社会消费品 零售总额同比增长4.6%，达到37933 亿元，增速较上月明显提升。 其中，家电及音像器材类零售额672 亿元，同比下降2.9%，占总社 消比值微降0.2pct。

产业链价格筑底，电站IRR 上行，新增装机预期上调。上半年硅料放 量带动产业链价格快速下行，根据Infolink 最新报价，集中式项目182/210mm 单玻PERC 组件的均价1.22 元/W；基于假设条件，我们测算地面单站的项 目IRR 和资本金IRR 分别为10.8%和25.6%；若考虑储能，项目IRR 和资本 金IRR 分别为10.3%和23.7%。在当前较高的收益率水平下，CPIA 上调全 年装机预期， 预计2023 年全球新增装机305-350GW ， 我国新增装机 120-140GW，行业景气度向好。

The pool equipment industry has undergone a rapid transformation concerning technological enhancement, customized automatic pool cleaners, a more favorable and preferred option for cleaning the debris and dirt from the pool, are now being used in the pool cleaning segment. The surge in the infrastructure and the development of residential and commercial swimming pools is a boon to an automatic pool cleaner market that advances cleaning technology and will enforce innovation.

Garage door operators of all segments have an established market across countries, driven by the demand for new units. This is due to new build fenestration or replacement of old units with innovative and high thermal efficiency products. Garage doors have always been a standard component in residential and nonresidential buildings, including commercial and industrial buildings, and they have a long-established market. Most standard doors comprise glass panes mounted on wooden or metal frames. The potential focus is currently hardwood, metal, and fiberglass for external garage doors.

The air purifier market is one of the growing markets in the electronic appliances industry. The use of air purifiers is growing across countries, particularly those facing high concentrations of pollution. The increase in industrial activities, urbanization, traffic pollution, and emissions from factories and household activities are the major drivers of the market. Major regions with growing demand include APAC, Europe, and North America. Some of the advantages of air purifiers include

锂电行业估值处历史底部，储能接续动力驱动基本面向好。从估值看，截至2023年9月1日，锂电池(申万)指数PE(TTM)为19.19倍，位于过去3年5.88%分位点，我们预计板块走势已充分反应市场悲观预期。从基本面看，动力电池领域出货量增速放缓，根据中国汽车动力电池产业创新联盟和同花顺数据，2022年我国动力电池出货量为465.5GWh，同比+150%;2023H1出货量为256.5GWh，同比+18%。根据EVTank，2023H1全球储能锂电池出货量为110.2GWh，同比+73.4%，其中，中国储能锂电池出货量为101.4GWh，占比92%，储能需求未来有望接续动力市场驱动产业链基本面长期向好。

就2023 年8 月经济数据而言（附图），内需尚待进一步恢复，但政策一触即 发（估值提振+中期业绩提升）；海外进入低基数区间，表观增速或亮眼，汇 率锦上添花。我们建议关注地产链+外销链有α 属性的龙头。