今年9 月以来，十四五规划明确可再生能源发展战略地位、欧盟释放温室气体减排目标上提等诸多利好因素落地，料将带动未来全球光伏装机规模大幅提升，光伏产业链确定性成长大周期开启，景气度有望持续提振。在此判断下，本篇报告我们重点分析，如果光伏装机超预期，光伏设备需求将如何演绎。

事件： 2020年 11 月 18日北京市发改委 、北京市财政局、北京市住房和城乡建设委员会联合下发《北京市发展和改革委员会北京市财政局北京市住房和城乡建设委员会关于进一步支持光伏发电系统推广应用的通知》（简称《通知》）以及《关于进一步支持光伏发电系统推广应用的通知》解读（简称《解读》）

中国叉车行业目前市场总规模近400 亿元，受益人工替代、环保升级、电动化升级等因素将保持持续增长，预计2022 年市场规模将突破480 亿元。近年来叉车行业集中度加速提升，安徽合力与杭叉集团作为双寡头，合计市场份额已近55%，未来有望共赢。

PERC/PERC+的量产效率已经突破23%，或可进一步向23.5%靠近，但效率挖潜正逐步接近极限，降本需求料将驱动电池片向高效率技术迭代。HJT 作为平台型技术，提效潜力巨大，有望成为下一代主流技术，而设备则是解决当前HJT“效率提升”和“成本下降”两大产业化难题的核心关键之一。

产业在线数据，2020 年 9 月冰洗出口均有出色表现，且内销需求恢复，带 动总销量小幅增长，其中冰箱总销量 YOY+27.9%（前值+22.0%）、洗衣机 总销量 YOY+7.6%（前值-2.7%）。中国为全球家电主要出口国，冰洗全球 出口份额均较高，目前海外疫情影响再次凸显，海外家电制造产业链面临复 工难挑战，出口订单或继续加速向中国市场集中，9 月冰箱、洗衣机出口分 别同比+57.1%（前值+44.4%）、+15.0%（前值-3.5%），Q4 出口有望继续 保持较好态势。而国内需求恢复常态，冰洗 Q4 内销或维持小幅增长。

Lawn mowers have supported people in their landscaping duties over the last few generations. The lawn mower is a category of garden equipment that includes watermanagement equipment, trimmers & hedges, and hand tools. The global demand for various garden equipment, machinery, products, and tools, including accessories, was estimated at about $270 billion in 2019 and is expected to hit a value of $575 billion by 2026. Created in 1830 by Edwin Budding of England, the lawn mower was patented for the first time in the US in 1868. After World War II, lawn mowers gained prominence as families migrated to the suburbs and found themselves caring for larger yards. Cecil Pond developed the first ride-on lawn mower in 1956, and today, the latest trend is robotic lawn mowers. The lawn mower has developed over the years from a large, hard-to-maneuver tool into a complex family of equipment with various characteristics and different degrees of speed and cutting accuracy. The technology has changed the design of homes, parks, and fields worldwide. Manicured lawns were no longer confined to the aristocrats' estates-with the easy and inexpensive cutting devices; most middle-class homeowners were able to keep safe and desirable lawns to enhance their properties. In the 1870s, lawn mowers had become so easy to use and priced fairly, that they became more popular in American landscapes.