俄乌冲突中的营战术群总人数约为1200人，据西方媒体猜测，有的营战术群的编制是1个侦察连、2个机步连、3个坦克连、2个榴弹炮连、1个火箭炮连、1个电抗连、2个防空连、1个维修连。这样的一个营战术群，可以说是一个迷你旅。

中航光电于9 月22 日发布公告，公司在前两期股权激励成功实施的基础上，拟实施第三期激励计划，对公司部分董事、高管、核心技术人员及骨干等共计1480 人，授予4,192.6 万股票，约占激励计划公告时公司总股本的2.64%，授予价格为32.37 元/股。作为行业内率先进行三期股权激励的企业，公司市场化管理水平持续提升，国企改革提质增效成果显著。

中航光电于9 月22 日发布公告，公司在前两期股权激励成功实施的基础上，拟实施第三期激励计划，对公司部分董事、高管、核心技术人员及骨干等共计1480 人，授予4,192.6 万股票，约占激励计划公告时公司总股本的2.64%，授予价格为32.37 元/股。作为行业内率先进行三期股权激励的企业，公司市场化管理水平持续提升，国企改革提质增效成果显著。

Manufacture of machine tools for working metals and other materials (wood, bone, stone, hard rubber, hard plastics, cold glass etc.), including those using a laser beam, ultrasonic waves, plasma arc, magnetic pulse etc. Manufacture of machine tools for turning, drilling, milling, shaping, planing, boring, grinding etc. Manufacture of stamping or pressing machine tools Manufacture of punch presses, hydraulic presses, hydraulic brakes, drop hammers, forging machines etc. Manufacture of draw-benches, thread rollers or machines for working wires Manufacture of stationary machines for nailing, stapling, glueing or otherwise assembling wood, cork, bone, hard rubber or plastics etc.

This class includes: Manufacture of hand-operated or power-driven lifting, handling, loading or unloading machinery: Pulley tackle and hoists, winches, capstans and jacks Derricks, cranes, mobile lifting frames, straddle carriers etc. Works trucks, whether or not fitted with lifting or handling equipment, whether or not self-propelled, of the type used in factories (including hand trucks and wheelbarrows) Mechanical manipulators and industrial robots specifically designed for lifting, handling, loading or unloading Manufacture of conveyors, telfers (téléphériques) etc. Manufacture of lifts, escalators and moving walkways Manufacture of parts specialized for lifting and handling equipment

This class includes: Manufacture of twine, cordage, rope and cables of textile fibres or strip or the like, whether or not impregnated, coated, covered or sheathed with rubber or plastics Manufacture of knotted netting of twine, cordage or rope Manufacture of products of rope or netting: fishing nets, ships' fenders, unloading cushions, loading slings, rope or cable fitted with metal rings etc.

行业景气环比回落，扫/洗地机结构占比持续提升。根据奥维云网数据，2022 年8 月清洁电器线上销量同比-21.16%，销额同比-5.08%，8 月行业整体景气度相较于7 月有所回落；从清洁电器内部结构占比来看，2022 年8 月相较于2022 年7 月扫地机/洗地机/吸尘器/除螨仪/拖把/擦窗机在清洁电器线上结构占比环比分别为+3/+2/-1/-1/-2/+0pcts，其中扫地机与洗地机结构占比进一步提升。

制冷剂下游主要包括家用空调、车用空调及冰箱冷柜，近年下游产业稳步发展。其中，作为制冷剂第一大应用领域，近年国内空调产量整体呈增长趋势，从2010年的10887.5万台，增至2021年的21835.7万台，年均复合增速达6.53%。随着国内空调冰箱等从增量市场向存量市场发展，维修领域对制冷剂的需求将持续提升。预计2022-2025年，国内氟制冷剂需求量将分别达42.4、45.0、47.1和50.1万吨，呈稳步增长趋势。

The changing lifestyles of people have boosted the market for ready-to-drink beverages, which is one of the most significant factors driving the growth of the retort machinery market. In addition, the rising beverage consumption in emerging economies is another factor influencing the growth of the market. Busy lifestyles, long working hours, and limited leisure time have increased the population’s reliance on convenience foods. This has led to the need for improved safety, driving the demand for retort equipment.

通过家电行业历史行情复盘，我们认为地产销售改善+成本端压力释放或将驱动家电行业出现拐点；复盘08以来家电行业投资，当年业绩增速高低是标的投资回报的核心来源；引用策略的股债收益率模型，目前家电板块由于高股息、低估值，处在股债收益差的底部位置，估值风险较低，同时对利好响应可能更加敏感。从22年中报看：1）营收方面，受疫情影响Q2国内多地物流、安装环节受影响，导致各子板块营收增速环比走弱，其中厨大电因安装属性较强影响较大，生活电器、其他家电板块逆势实现双位数增长；2）毛销差方面，白电板块由于稳定且较好的竞争格局、企业数字化改革推进成效凸显，毛销差同比+2.2pct，增速环比Q1有所提升；厨大电Q2毛销差同比下行，主要因为安装环节受影响影响销售，叠加Q1核心大宗（钢材、板材）价格仍同比上升；厨小电Q2毛销差加速修复；黑电则在面板价格快速下行带动下，延续Q1毛销差上行态势；3）原材料价格方面，原材料对家电公司的影响在去年三季度达峰后逐步回落，22Q2仍有小幅影响，预计下半年家电企业成本压力将逐步缓解。