Folding bikes are a form of bicycles, which can be folded in a way that they occupy less space and at the same time are lighter in weight so that they can be carried easily from one place to another. When folded, the bikes can be more easily carried into buildings, on public transportation and more easily stored in compact living quarters or aboard a car, boat, or plane. Depending on the design of the bikes, the folding structure varies from model to model, which helps in folding the bikes so that it occupies less space. The folding bikes market has witnessed significant growth over the years, owing to increasing trend of advanced vehicles which occupy less space; thus, leading to the growth of the global market.

Robo-advisor is a financial advisor who provides portfolio management and financial planning services online, without little or no human intervention. These services are offered by a wide variety of financial institutions. Robo advisors offer digital financial advice based on mathematical rules or algorithms, which are executed by software. Robo advisors exhibit various benefits over traditional investment management services which include low fees, re-evaluation, and simpler strategic approach for assets allocation. In addition to this, rising cost of financial planners across the globe have increase the adoption of robo-advisor among various end users. It provides convenience to investors for investing in different asset classes conveniently through mobile phones or web applications. Furthermore, it provides full access to portfolio management tools, which offer more flexibility and security to users.

A stylus is a pen-shaped electronic instrument with a round design that moves smoothly across different touchscreen devices. This instrument is used to navigate on a tablet, phone, or interactive white boards. It is widely used for variety of work such as write in apps for taking notes, drawing, swipe for navigating, touch & hold to copy and paste, and tap on touchpad or screen keyboards to select button choices. Stylus pen allows quick & easy data storage in digital form in touchscreen-based electronic gadgets, owing to the fact that information or data written in analog form automatically gets changed into digital form, which makes it fit for wider usage across different industry verticals.

拜登政府供给需求两端发力推动美国电动汽车市场发展。拜登新政下美国电动汽车市场或将迎来发展的黄金时期。美国电动汽车市场崛起利好国内锂电设备厂商。初创企业通过和政府合作在美 国本土建厂，国内锂电设备企业或将充分受益于美国本土动力电池厂商的崛起。

机床刀具供不应求迎来涨价潮，建议关注正在加速放量的国产刀具龙头。短期来看，供需缺口较大，各大品牌纷纷涨价。①需求端：制造业复苏势头强劲+行业低库存+刀具更换频率以小时计算，需求确定性较强。②供给端：疫情影响海外产能，供给紧张。长期来看，刀具增长延续性较强。我国机床数控化率持续提升、刀具市场消费升级，我们预测国内刀具行业5 年内市场规模有望超600 亿元。疫情催化，国产刀具企业有望迎来业绩兑现期。近年来国产品牌性价比逐渐赶超日本厂商+疫情制约海外产
能，刀具国产渗透将进一步加速。华锐精密、欧科亿等品牌已在部分领域接近欧美、日韩刀具的性能，IPO 融资扩产也将进入扩张周期，建议关注业绩有望加速放量的细分领域刀具龙头【华锐精密】【欧科亿】【恒锋工具】。

我们预计，2021 年HJT 将迈入GW 级扩张阶段，迎来做熟工艺与规模扩张降本的正向循环，全行业HJT 扩产规模有望达到10~15GW。成本方面，随着硅片薄片化、降银耗技术的发展、产业链配套逐步完善，我们预计HJT 有望在1~2 年内实现电池端成本与PERC 打平。考虑到HJT 双面率高、弱光性能好、光照稳定性高、温度系数低、无PID 现象等优势，届时HJT 技术的性价比将十分明显，料将开启低成本、大规模量产时代。看好经过验证的HJT 设备产品在未来HJT 放量过程中占据优势地位。推荐迈为股份、捷佳伟创、帝尔激光。

中金机械组合过去5 个交易日（2021/03/30-2021/04/06）上涨0.87%，同期沪深300 指数上涨1.85%。本周组合为A 股三一重工、恒立液压、华测检测、美亚光电、捷佳伟创、巨星科技、中联重科、拓斯达、捷昌驱动、应流股份；H 股中联重科、海天国际。本期组合维持不变。