Photolithography, also known as optical lithography, is a process used to create specific patterns on semiconductor wafers using a photosensitive material and an ultraviolet light exposure system by transferring pattern from masks to wafers. This process can fetch a pattern into an integrated circuit using a beam of ultraviolet light without any requirement of additional materials. Photolithography controls the exact size and shape of the substrate to be patterned, making the process highly efficient and cost-effective. It has been a dominant method for patterning nanoscale features, especially in microelectronics industries.

2021 年1 月24 日-2021 年2 月23 日，沪深300 上涨0.18%，机械板块下跌0.29%，跑输大盘0.46 个百分点，在申万所有一级行业中位于第17 位，18 个子行业10 跌8 涨，其中表现最好的5 个子行业分别为工程机械、内燃机、印刷包装机械、纺织服装设备、冶金矿采化工设备，分别上涨10.80%、4.23%、4.21%、2.19%和2.11%。截至2021 年2 月23 日，行业TTM 市盈率为33 倍，相对于沪深300 的估值溢价率为97%，位于自2016 年以来行业估值的50.00%分位点。

环卫新能源十年五十倍优质赛道，政策驱动&新能源环卫优势体现，环卫新能源市场放量，渗透率持续提升，建议关注：盈峰环境：龙头出击新能源再度领跑，龙头地位复制环服订单市场第一；ST 宏盛：制造+服务优势铸就环卫电动化蓝海中的宇通；龙马环卫：新能源市占率持续提升，服务占比超装备毛利率现拐点。

中央全面深化改革委员会第十八次会议在京召开。会议强调，要围绕推动全面绿色转型深化改革，深入推进生态文明体制改革，健全自然资源资产产权制度和法律法规，完善资源价格形成机制，建立健全绿色低碳循环发展的经济体系，统筹制定2030 年前碳排放达峰行动方案，使发展建立在高效利用资源、严格保护生态环境、有效控制温室气体排放的基础上，推动我国绿色发展迈上新台阶。

燃油装备价格样本数据来看，盈峰环境、龙马环卫及宇通重工环卫装备产品价格相近，互有高低。除去样本规模影响因素外，盈峰环境整体产品相比龙马产品价格高出8%（价格高出幅度的算数平均值），但价格差在2020 年缩小至1.6%。宇通重工样本数据较少，实际比较起来价格不输对手。其中2019 年25 吨车厢可卸式垃圾车平均价格59.5 万元/辆，盈峰和龙马均价分别为57.8 万元/辆和50.3 万元/辆，18 吨洗扫车均价为70.3 万元/辆，盈峰和龙马均价分别为71.8 万元/辆和66.7 万元/辆。而湖北程力同品类相关产品则显著低于对手30%~50%。

国务院2 月22 日晚间发布《关于加快建立健全绿色低碳循环发展经济体系的指导意见》，要求率先重点突破清洁能源等方向，强调技术创新、模式创新、管理创新，加快构建市场导向的绿色技术创新体系，推行新型商业模式。重申到2025年，碳排放强度明显降低，到2035 年，碳排放达峰后稳中有降。

上周（02.16-02.19）外围流动性压力带来光伏抱团行情有所松动（沪深300-0.5%/HSCEI +2.5%）：除林洋能源公告实控人解除留置收涨14.1%外，其余收跌13.1%（阿特斯）~收涨1.1%（信义光能）。继中美欧三大能源消费体可再生能源发展目标提升，日韩相继宣布目标2050 年实现碳中和，我们认为未来10 年全球光伏新增装机有望加速，看好光伏产业链全面受益。

Fire sprinkler system includes set of components of a fire suppression system that discharges water after predetermined temperature exceeds and fire is detected. Fire sprinkler system restricts spread of fire by extinguishing it in its early stages. The basic components of fire sprinkler systems include alarm valve, stop valve, fire sprinkler head, alarm test valve, and motorized alarm bell. Fire sprinkler system are employed in various sectors such as energy & power, oil & gas, manufacturing, transportation, and mining. For the purpose of analysis, the market is segmented into type, component, technology, application, and region. Depending on type, the market is segmented into products and services. The products segment is further classified into wet sprinkler system, dry sprinkler system, pre action sprinkler system, and deluge sprinkler system. The services segment is bifurcated into engineering services, installation & design, maintenance services, and inspection & managed services. By component, the market is bifurcated into stop valve, alarm valve, fire sprinkler head, alarm test valve, and motorized alarm bell. By technology, it is bifurcated into active fire protection and passive fire protection. By application, it is divided into residential, commercial, and industrial.

投资建议：行业仍处起步阶段，渗透率+价值量双重提升以及国产替代是行业未来的发展趋势。具备较强核心零部件生产能力以及整体方案开发能力，并能够深度绑定优质客户的品牌有望充分受益行业增长。建议关注机器视觉全领域龙头企业：奥普特（688686.SH）。