Equipment Type: Incandescent hand portable flashlights and flashlight lanterns Industry: Lighting fixture manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Power switching equipment, indoor and outdoor, excluding structures Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Equipment Type: Power circuit breakers, all voltages Industry: Electrical equipment manufacturing The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

回顾 1H23，火电盈利修复贯穿行情主线。在能源保供和产业链安全大背景下，主要成本煤价和硅料价格实现超预期下行，推动火电扭亏、风光回报趋势向好。核电兑现量价稳健，打造电力“中特估”。展望下半年，我们认为：高温和经济温和复苏刺激需求，支撑电力量价表现，转型扎实推进，静待绿电打开成长空间。我们推荐排序：新能源>火电>水电>核电。

港股电力设备及新能源股跑输大盘。上周香港恒生指数涨 5.71%，恒生综指涨5.27%，恒生中国企业指数涨 5.81%，中信港股通指数涨 4.47%。中信港股通电力设备及新能源指数涨 2.81%，中信港股通电力及公用事业指数涨 3.18%，电力设备及新能源指数跑输大盘。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十八位及第十六位，在行业分类中基本表现最差。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，可排第十八位及第十四位。

储能行业刚需凸显，正值黄金发展时期。全球“双碳”目标确定，新能源快速发展，而新能源的波动性、不稳定性也随着新能源发电占比提升不断放大，储能是解决此问题的重要方式，因此具有刚性需求。全球来看，2022 年累计装机 45.75GW（YOY+80%）；中国来看，2022 年累计装机 13.08GW（YOY+128%）。由此可见，储能行业目前保持高速增长态势，正值黄金发展时期。

6月国内产销环比提升，欧洲八国渗透率同比提升6 月国内产销同环比均实现提升，渗透率维持 30%以上；欧洲八国、美国销量同比增长。根据中汽协数据，2023 年 6 月，国内新能源汽车实现产量 78.4 万辆，同环比分别上升 32.8%、10.0%；实现销量 80.6 万辆，同环比分别上升 35.2%、12.4%；渗透率达30.7%，同环比分别提升 6.9pct、0.6pct。根据 SMMT、CCFA 等官网数据，2023 年 6 月，欧洲八国合计实现新能源汽车销量 22.8 万辆，同比增长 31.2%，渗透率达 23.4%，同比提升 1.98pct。根据Marklines 数据，2023 年 6 月，美国新能源乘用车销量为 9.6 万辆，同比增长 19.0%，当月渗透率为 7.0%，同比提升 0.1pct。