2025 年钒电池拉动的市场规模约30-64 亿元。质子交换膜的作用是允许氢离子通过的同时阻止正负极电解液不同价态的钒离子的混合，需要具备很高的化学稳定性及离子选择性，目前使用的主要是全氟磺酸树脂膜。质子交换膜国内仅有东岳集团、苏州科润等具备量产能力。我们预计2025 年钒电池对质子交换膜的需求分别为152 万（悲观）和320 万平方米（乐观），假设2025年质子交换膜单价降至2000 元/m2，对应市场规模分别为30 亿元和64 亿元。

我国信创事业稳步推进。我们在此前策略报告（《行业信创有望成为 2023 年计算机最大的投资主线》）中提出，行业信创当前处于外部催化与信创公司自身质变接连而至的发展环境中。跟踪9 月以来的信创行业相关动态，我们认为我国信创事业正在稳步推进，国家鼓励信创发展的有利外部环境以及信创自身产品从“可用”到“好用”的转变正在逐步体现。

VR/AR 产品迭代加速，行业步入持续高增长通道。 2021 年以来Meta Quest2 以其充分的硬件基础、坚实内容生态以及亲民的价格在C端消费市场爆火，推动全球VR出货量迈入千万量级。在Meta、Sony 等头部品牌带领下，由产品加速迭代、硬件技术升级驱动VR/AR 终端产品销量增长，整体出货量已迈入千万量级。根据IDC，全球VR/AR 头显出货量2021 年达到了1120 万台以上，且有望于24 年接近3000万台，CAGR 预计达到38%，行业景气无虞，同时苹果MR 预计明年发布，创新性产品蓄势待发，有望引发行业新一轮革新。在接下来的一年中，主要品牌新机迭代带动行业景气度提升，为行业新一轮的出货量增长、用户拓展、生态破圈打下坚实的基础。

当前新能源车的渗透已经从政策驱动转向需求驱动，处于新兴产业S 型曲线的渗透率快速提升期，同时2022 年上半年海外户储和中美两国大储相继放量，支撑了锂电池行业2022H1 延续高增长态势。下半年将进入新能源车销售旺季，新能源车销量环比提升将带动电池需求提升，同时2022Q2 电池原材料压力向下游传导顺利，电池环节有望迎来量价齐升，盈利能力或将明显改善。因此首先建议关注量价双升的电池环节，建议关注宁德时代、亿纬锂能、国轩高科、派能科技，基于供给格局视角，建议关注恩捷股份、星源材质。基于长期市场空间视角，建议关注长远锂科、当升科技。

今年以来电子板块波涛汹涌，产业链面临深度变革，传统龙头在周期的压力下蛰伏起来，积蓄新赛道的力量。与之相对的，是智能车风光储的崛起、设备材料零部件的强势出击、特种半导体的“亮剑”，全新的力量引领电子产业穿越周期。

我们对58家光伏行业A股上市公司进行分析。根据中报数据，光伏行业整体景气度较高，收入及利润端实现加速增长，但各环节内部盈利有所分化。

过去几年美国历届政府对中国高科技产品实施贸易禁运以及出台《芯片法案》限制海外高科技企业在中国进行投资，欧美发达经济体对中国高科技领域尤其半导体行业的限制范围越来越广，力度也越来越大。为了本土市场供应链安全，中国科技领域自主可控将越来强化，相应行业重点科技公司也获得良好的成长机遇。

This class includes: Manufacture of capacitors, electronic Manufacture of resistors, electronic Manufacture of microprocessors Manufacture of bare printed circuit boards Manufacture of electron tubes Manufacture of electronic connectors Manufacture of integrated circuits (analog, digital or hybrid) Manufacture of diodes, transistors and related discrete devices Manufacture of inductors (e.g. chokes, coils, transformers), electronic component type Manufacture of electronic crystals and crystal assemblies Manufacture of solenoids, switches and transducers for electronic applications Manufacture of dice or wafers, semiconductor, finished or semi-finished Manufacture of interface cards (e.g. sound, video, controllers, network, modems) Manufacture of display components (plasma, polymer, LCD) Manufacture of light emitting diodes (LED) Loading of components onto printed circuit boards Manufacture of printer cables, monitor cables, USB cables, connectors etc.

This class includes: Manufacture of video cassette recorders and duplicating equipment Manufacture of televisions Manufacture of television monitors and displays Manufacture of audio recording and duplicating systems Manufacture of stereo equipment Manufacture of radio receivers Manufacture of speaker systems Manufacture of household-type video cameras Manufacture of jukeboxes Manufacture of amplifiers for musical instruments and public address systems Manufacture of microphones Manufacture of CD and DVD players Manufacture of karaoke machines Manufacture of headphones (e.g. radio, stereo, computer) Manufacture of video game consoles

This data equals output data for the following ISIC Rev. 4 code: 2620 Manufacture of Computers and Peripheral Equipment This class includes: Manufacture of desktop computers Manufacture of laptop computers Manufacture of main frame computers Manufacture of hand-held computers (e.g. PDA) Manufacture of magnetic disk drives, flash drives and other storage devices Manufacture of optical (e.g. CD-RW, CD-ROM, DVD-ROM, DVD-RW) disk drives Manufacture of printers Manufacture of monitors Manufacture of keyboards Manufacture of all types of mice, joysticks, and trackball accessories Manufacture of dedicated computer terminals Manufacture of computer servers Manufacture of scanners, including bar code scanners Manufacture of smart card readers Manufacture of virtual reality helmets Manufacture of computer projectors (video beamers) Manufacture of computer terminals, like automatic teller machines (ATM's), point-of-sale (POS) terminals, not mechanically operated Manufacture of multi-function office equipment, such as fax-scanner-copier combinations