In terms of volume, the global cladding market was 5,450.0 million sq. meters in 2016, which is expected to increase to 8,224.2 million sq. meters by 2025, at a CAGR of 4.8% over the forecast period. In terms of revenue, the industry is expected to grow from USD 70.58 billion in 2016 to USD 111.19 billion by 2025, growing at a 5.3% CAGR over the forecast period. Increasing consumer awareness regarding the aesthetic appeal and durable benefits of such products leading to increase in demand. Wide availability of raw materials such as steel, aluminum, ceramic and others leading to increase in production levels. Expanding residential & non-residential construction activities to support burgeoning population is expected to remain a key driving factor for cladding materials.

我们认为1）项目储备弹性、2）融资空间、3）项目预期盈利能力，这三大要素是驱动固废行业股价上涨的核心驱动力。当前固废龙头公司储备项目产能充足，是已投运产能的0.63-1.9 倍，考虑其盈利能力稳定、具备充足杠杆空间推动项目落地，成长确定性高。我们预计固废龙头公司业绩增速有望维持25%以上，当前平均估值水平对应2019 年17 倍P/E 左右，性价比突出。推荐高能环境、光大国际、瀚蓝环境，建议关注旺能环境、伟明环保。

2018 年 9 月 13 日，阿里健康与 Allergan(艾尔建)签署战略合作协议，引发市场猜想是否将合作塑造医美的类天猫平台。我们认为阿里志不在此的原因为 1.消费者无法跳过医美机构的最后一里，2.效果的核心并非产品而是医生，3.消费者最终将跳过平台前往机构消费，4.消费者的价格敏感度逐渐降低。

Commercial scrubbers and sweepers are one of the fastest growing floor cleaning equipment in the world. These professional equipment provide highly efficient cleaning across all sectors of industries. With the increasing adoption of automation, consumers are using technology in many daily chores, including cleaning. The automatic floor cleaning machines provide an easier method of cleaning as compared to traditional manual methods. The use of equipment such as commercial sweepers and scrubbers can greatly reduce the time and manual labor required for cleaning. In industries, these machines provide a more ergonomic method of cleaning, thereby ensuring the safety of workers. Commercial sweepers and scrubbers thus precisely make the job of cleaning easier, faster, and safer for workers.