在宏观经济新常态背景下，面对复杂的国际环境，不稳定、不确定性因素 反复出现，加快形成国内大循环为主体、国内国际双循环相互促进的新发 展格局成为共识。消费作为宏观经济的三驾马车之一，更是国内大循环的 重中之重，促进居民消费、激发消费潜力不但是顶层制度的导向，也是企 业发展的驱动力，从家电、商贸、汽车行业角度来看，各个行业中更能应 对景气波动、把握新常态产业机会的龙头企业或能进一步巩固领先优势， “内循环”经济有望成为业绩支点。

家电公司的中报已公布完成，总体而言，在经过一季度疫情的洗礼后， 各板块逐步复苏，随着需求延后释放，在新消费的时代背景下，家电行 业将有更多的空间和机会。

投资建议：国产中高端数控机床在存量更新、进口替代以及下游行业景气的大背景下，未来几年有望销量上升，看好有竞争力的国产数控机床企业发展，给予数控机床行业“推荐”的投资评级，推荐标的创世纪，机床整机企业建议关注海天精工、国盛智科、日发精机等，数控系统企业建议关注华中数控。

This report includes an in-depth analysis of the present and future trends, impacting factors, and the value & market opportunities of the global market. The global barrier systems market presents a detailed study of the market based on its device type, technology, material type, application, and regional segmentation. The market segmentation on the basis of device type includes fence, bollards, crash barriers gate, drop arms, and others. Crash barrier systems are further sub-segmented into crash cushions, end treatments, sand and water-filled plastic barriers guardrail energy absorbent terminal, and others. These device types have a significant application as safety solutions in places such as roadways, railways, airports, and others (commercial and residential). The barrier systems market is also categorized on the basis of its material type, which includes metal and non-metal wherein, the metal type is sub-segmented into steel, tungsten, and aluminum whereas, non-metal is sub-segmented into plastic, wood, and concrete. Based on technology, this market is classified into rigid, semi-rigid, and flexible. The regional coverage of this market includes North America, Europe, Asia-Pacific (APAC), and LAMEA with an aim to highlight the regional trends. It further provides insights on the drivers, restraints, and growth strategies implemented by key players with an aim to understand the dynamics and potential of the market.

2020 年前8 个月中国有近万家（9335 家）企业转投芯片行业，同比增长1.2 倍。A 股半导体上市公司目前62 家，新转型做半导体的企业数量是存量的150 倍。

根据Omdia 的《 2020 年SiC 和GaN 功率半导体报告》，到2020 年底，全球SiC 和GaN 功率半导体的销售收入预计8.54 亿美元。未来十年的年均两位数增长率，到2029 年将超过50 亿美元。根据Yole 数据，到2024 年SiC 功率半导体市场规模将增长至20 亿美元，其中，汽车市场占SiC 功率半导体市场比重到2024 年预计将达50%。

近年来，伴随着飞控、导航、通信等技术的不断突破，无人机应用和产业发展迎来进一步提速。据悉，当前无人机已经在消费、植保、电力、安防、测绘等众多领域获得应用，并且商用程度愈发成熟。截至2019 年，我国民用无人机产值已经突破百亿，预计2020 年产值有望提升到600 亿元，潜力蓝海和市场十分广阔。

Humidity sensor is an electronic device that detects and measures water vapour. It provides accurate measurement of dew point and absolute humidity by combining relative humidity (RH) and temperature (T) measurements. A humidity sensor measures the content of moisture in the environment and converts its findings into a corresponding electrical signal. Humidity sensors are available in a wide range of sizes and functionality. The scope of the report discusses the potential opportunities for the market players to enter the global humidity sensor market. This report also provides in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. It features the strategies adopted by the key market players to maintain their foothold in the market.

在外部环境“不确定”因素增多的情况下，军工行业由于在进行“补偿式”发展具有增长高确定性，可以给予确定性溢价；不同于2014-2015年的“资产注入”逻辑，当前军工行业面临更为确定的发展机遇，无论是基于基本面还是资金面，军工行业都具备了持续上涨基础。