补贴退坡环境下，市场对锂电设备行业的疑虑：在政策支持与财政补贴下，我国新能源汽车销量由2011 年的8159 辆增加到2017 年的77.7 万辆，六年的CAGR 高达114%。动力电池作为新能源汽车的核心部件，出货量由2012 年的1.2GWh 增加到2017 年的44.5GWh，锂电供应商和锂电设备商纷纷受益。站在当前的时间点，市场对于锂电设备行业的持续性发展有以下几点疑虑：(1)补贴退坡后新能源汽车的行业景气度是否能得到延续？(2)补贴退坡与锂电池价格下降的压力向锂电设备商环节传导，是否会影响锂电设备商的利润及现金流？(3)锂电行业产能过剩，设备商的成长持续性从何而来？

Viscoelastic foam was invented by NASA in 1966 and is commonly known as memory foam. This type of foam is made of petroleum-based polyurethane and other chemicals and is now being used in mattresses, pillows, and other bedding products. Memory foam mattresses relieve pressure points and reduce back pain and soreness. They are effective in preventing certain sleep disorders such as sleep apnea, insomnia, narcolepsy, and restless leg syndrome.

Products that are manufactured with natural human or synthetic hair and used to cover baldness or the existing hair on the head are called wigs or extensions. The hair wigs also are used as partial head coverings to cover areas with less or no hair as well as for beautification purposes. Wigs are designed to be worn over the head using full or frontal lace and filaments. The hair extensions are strands of hair that are added to the existing hair or worn on the scalp to increase the length or volume of hair.

据国家统计局，18年3月限额以上企业服装鞋帽零售额同增14.80%、增速较去年同期提升8.40PCT，回暖幅度加大。我们认为当前终端消费持续回暖、叠加行业多年调整持续复苏，我们对行业表现保持乐观，短期预计18Q1数据在春节较晚和冷冬利好下较靓丽。建议关注：1）高端女装、中高端家纺等业绩预计继续优秀，大众服装龙头17Q4现拐点、18年零售继续转好，长期强者恒强，包括太平鸟、罗莱生活、水星家纺、安正时尚、海澜之家、歌力思等标的；2）高景气新模式的高成长标的，如跨境通等；3）纺织制造低估值龙头，关注棉价等机会，后期出口走势尚待观察。

The global artificial grass turf market has been registering positive growth over the last few years and is shaping up to become one of the top competitive markets at a global level. With the rise in globalization, ample growth opportunities are being created in the market.

Individuals who are engaged in outdoor recreational activities like camping, hiking, and trekking are the major consumers of outdoor backpacks. Different types of outdoor backpacks are available in the market to cater to the varying demands of consumers. The design of outdoor backpacks varies in terms of the following: capacity, insulation, raw material, and temperature rating. Consumers choose outdoor backpacks based on the duration of their trips and types of activities. While purchasing outdoor backpacks, consumers give importance to the key technical parameters like bag frame structure, ventilation, pack access, removable top lid, padding, attachment points, rain cover, shoulder harness, hip belts, pockets, hydration packs, and straps. Outdoor backpacks are more expensive than casual bags as they are designed and manufactured using sturdy and durable raw materials to withstand the extreme weather conditions. A rise in participation in outdoor activities influences the demand for outdoor backpacks.

上周上证综指、深证成指、沪深 300 分别涨 0.27%、跌 0.73%和跌 0.38%。纺织服装板块跌 1.11%，其中纺织板块跌 0.46%、服装板块跌 1.48%。 

Sanding pads are coated abrasives that are used for various commercial and industrial

sanding purposes. They are attached to devices called sanders, which use sandpaper

as an abrasive. Sanding pads are used to smoothen and polish surfaces.