动力&储能电池：内需+出口助力需求抬升，供给端产能利用率低位运行。动力电池需求：2023 年全球/中国新能源汽车全年销量有望分别超过 1443/930 万辆，同比增长 32.1%/35.1%；2024 年全球/国内新能源汽车销量有望超过 1791.9/1160 万辆，同比增长 24.2%/24.7%；受中高端电动车加速放量和国家购置税政策紧缩影响，2024 年纯电/插混乘用车单车带电量同比+4.2/+3.8kWh，纯电三元/纯电铁锂/插混三元/插混铁锂单车带电量分别增至 75.5/52.7/36.9/24.2kWh；2023 年国内动力电池装机有望超 385.5GWh，铁锂占比接近七成；动力电池出口持续高增，2023 年出口量超 120GWh，预计 2024 年出口量超 181GWh，同比增长 50%左右；国内电车持续高景气叠加动电出口持续高增，预计 2024 年国内动力电池出货量超过 825GWh。

港股电力及公用事业股跑赢大盘。上周香港恒生指数跌-3.00%，恒生综指跌-2.81%， 恒生中国企业指数跌-2.80%，中信港股通指数跌-1.99%。中信港股通电力设备及新 能源指数跌-8.24%，中信港股通电力及公用事业指数升 1.70%，电力及公用事业指数 跑赢大盘。中信港股通电力设备及新能源指数、中信港股通电力及公用事业指数上周 表现在中信港股通各行业指数中分别排第二十九位及第三位，港股电力及公用事业股跑赢大盘。从 PE(TTM)对比情况来看，中信港股通电力设备及新能源指数、中信港股通电力及公用事业指数估值靠近中游偏下，可排第二十三位及第十六位。

A heating and cooling system known as an air source heat pump pulls heat from the outside air and transfers it inside a building for space heating or cooling. It functions as an energy-efficient substitute for conventional heating, ventilation, and air conditioning (HVAC) systems by compressing refrigerant gas to absorb and release heat. Owing to their adaptability and suitability for use in commercial, industrial, and residential settings, air source heat pumps help save energy and have a smaller negative environmental impact.

A powersport battery is a kind of specific category high-performance battery that is used for certain powersport applications such as motorcycles, all-terrain vehicles, and scooters, among others. These batteries are built strong for long-lasting use and typically require little to no maintenance, depending on the specific battery type.

The global potentiostat market covers electronic instruments that are used for controlling the voltage difference between working and reference electrodes contained in electrochemical cells. These instruments are used for performing electrochemical experiments. The potentiostat injects current into the cell using an auxiliary or counter electrode, which helps in controlling the difference in voltage.

NGLs are a group of hydrocarbons that are typically found in natural gas streams but exist in a liquid state at atmospheric pressure and temperature. They are often produced in conjunction with natural gas and crude oil.

站在投资的角度，决定股票价格的无非是估值和盈利两个因素，相对于估值的频繁波动，盈利则更加确定一些；目前市场上主要证券公司研究机构对于行业业绩的预测有两种研究方法，一部分机构倾向于主观判断，一部分机构则采用自下而上的研究方法；两类方法存在一定的缺陷，例如，盈利预测存在主观性，盈利预测的时间跨度较大，预测并不能跟随宏观经济、政策的变动及时做出调整，导致行业拐点的把握不够及时准确。

2023 年 1-11 月储能板块累计下跌 30.6%，跑输大盘（沪深 300 指数 下跌约 10%），后续盈利确定性较强的海外大储和工商储为核心投资主线。年初以来，储能板块持续下行，市场担忧国内大储后续盈利能力；美国储能需求受并网延期影响，后续需求存在一定不确定性，以及海外户储库存较高，企业出货短期承压。展望 2024 年，我们认为重点把握两条主线：1）盈利确定性：电芯价格低价企稳趋势下，核心关注盈利确定性高的海外大储和工商储赛道；2）业绩改善：关注海外户储库存去化时点，叠加 23H2 户储板块公司基数相对较低，24H2 户储公司业绩端或具备弹性。