欧洲能源危机叠加中国“双碳”战略加速空气能热泵渗透率提升  海外催化：俄乌战争导致欧洲能源危机催化下，欧洲进一步追求能源独立，可再生能源制热替换进程有望加速； 国内催化：“双碳”战略下持续推动电气化进程。支持热泵技术推广利用，扩大电气化设备使用比例，推动“以电代煤”、“以电代油 ”等电能替代进程； 市场空间测算：据我们测算，预计至2025 年中国空气源热泵市场规模将达到351.2 亿元人民币，对应2021-2025 年CAGR 为14.6%； 欧 洲热泵市场规模将达到174.7 亿美元，对应2021-2025 年CAGR 为27.9%。

各环节技术壁垒高海外龙头垄断，产业链加速国产替代。SiC 衬底占产业 链主要价值量，具有极高制造难度，得益于国内政策大力扶持，衬底领域 出现良好国产替代契机。SiC 外延设备仍呈现四大龙头垄断格局，国内厂 商紧追国际前沿加速切入外延晶片生产领域，已具备较高生产水平并逐渐 接近海外领先水平。新一代半导体材料促使全新的封装工艺产生，有望带 来价值量的提升。SiC 功率器件时代来临，国内企业紧握超车机会，SiC 器 件和Si 器件价差不断缩小，国产替代进程有望进一步提速。

电子：半导体硅片迎来国产替代良机。半导体硅片供需的结构性错配叠加长协订单占比的提升，硅片供给仍然偏 紧，为国产硅片提供战略机遇期，硅片国产替代有望加速。可积极关注早有技术积累、已实现产品量产或客户认证 进度较快的企业，特别是技术壁垒较高的12英寸大硅片的突破放量。推荐外延技术领先，12英寸重掺外延片突破 放量的立昂微、建议关注国内12英寸大硅片龙头沪硅产业、大直径硅材料技术积累深厚的神工股份。

Irrigation, usually known as watering, is the agricultural practice of employing controlled measures of water to the land to aid in the growth of crops, plants, turf, and others, as well as to produce landscaping plants and lawns. Rain-fed agriculture is the agriculture that does not utilize irrigation and instead relies solely on direct rainfall. Water, whether from rainfed sources or piped irrigation, is a critical component in agriculture globally. With almost 700 billion cubic meters (m3) of agricultural water consumed per year in 2010, India was the world's greatest agricultural water consumer. India's agricultural water usage has increased rapidly, nearly tripling between 1975 and 2010, as the country's population and total food demand increased. China is the world's second-largest user, with 385 billion m3 usage in 2015, even though its agricultural freshwater demand has recently plateaued. These two countries are thus followed by the U.S., Brazil, and France.

Pico 已经在销售渠道、硬件实力和内容生态上形成领先优势。（1）在销售端：线上线下齐发力，不断进军以欧美为代表的海外市场。国内市场类似定位的产品中，Pico 的Neo3 定价最低，销量最高；内容与渠道方面有字节的资源加持。同时通过赞助节目、达人合作、直播带货等多种方式带动销量增长。根据VR 陀螺数据，Pico22 年上半年销量为37 万台，期待下半年Pico 销量表现。

钙钛矿是一种薄膜电池技术路线，低成本、高效率等优势突出，有望成为下一代光伏技术路线。钙钛矿生产涉及PVD、涂布、激光、封装等设备，以及TCO 玻璃、电极等材料，产业化瓶颈在于解决结晶工艺和批量供应的工程问题。我们认为，通过优化配方工艺和封装技术解决稳定性难题后，钙钛矿是下一个光伏产业α，有望出现类似于颗粒硅和磷酸铁锂对替代路线的超越。

Endoscopy: According to the National Institutes of Health (NIH), U.S., endoscopy is defined as ‘a procedure that uses an endoscope to examine the inside of the body. An endoscope is a thin, tube-like instrument with a light and a lens for viewing. It may also have a tool to remove tissue to be checked under a microscope for signs of disease’. Endoscopic Imaging System: According to BIS Research, an endoscopic imaging system is defined as a combination of multiple devices that are used together for performing diagnostic or therapeutic endoscopic procedures. An endoscopic imaging system usually comprises a monitor, camera, light source, and an endoscope or camera head that is inserted in the body cavity.

With electrification being the way forward, OEMs will need to invest in dedicated platforms or start exploring options such as licensing to address the increasing and evolving needs of consumers. Autonomous driving requires a high level of electrical redundancy and drive-by-wire integration, which is possible through ECMs. ECMs offer OEMs the flexibility to make efficient use of available space and focus their efforts on designing the top hats, cutting down the lead time for new models.

激光雷达是高级自动驾驶的核心传感器，其系统由激光光源、接收探测器、扫描系统、信号主控板等部分组成。随着汽车智能化加速，L3+自动驾驶快速导入，激光雷达整机及其上游产业链将迎来百亿美元市场。

半导体设备：据财联社信息，拜登将正式签署《芯片与科学法案》。法案明确说明“禁止接受CHIPS 法案资助的公司在中国和其他特别关切国家扩建某些关键芯片制造”，该法案将倒逼国内半导体产业链上游的设备、材料、零部件、EDA 国产化加速。