The global industrial motor market is expected to grow significantly during the forecast period. Regions, such as APAC and Europe, are expected to dominate the demand in the market, followed by North America. However, the Middle East & Africa and Latin America are anticipated to create opportunities with upcoming industrial developments in HVAC applications, F&B, oil & gas, and other industries. China, Middle Eastern countries, and the US provide the most competitive industrial initiatives.

Industrial gases are gaseous materials produced from the cryogenic filtration of air through air separation units. These gases are used as raw or intermediate materials in various industrial applications such as manufacturing, processing, and analysis. These gases are used in a comprehensive range of industries, namely oil & gas, petrochemicals, chemicals, power, mining, steelmaking, metals, pharmaceuticals, biotechnology, food, water, fertilizers, nuclear power, electronics, and aerospace. These gases are used to manufacture metal products, electronics, glasses, rubbers, automobiles, and chemicals.

The global EV battery recycling market was valued at $8.20 billion in 2022. It is expected to reach $20.07 billion by 2028, growing at a CAGR of 16.08%. The growth of this market is primarily driven by stringent government regulatory frameworks, strengthening demand for EVs, and increasing concerns over the depletion of materials. In addition, surging government incentives for battery technology and growing innovations in battery recycling technologies are expected to boost market growth opportunities. The EV battery recycling market is externally shaped based on the process and technology available in the market.

新能源汽车销量走势逐渐向传统汽车行业靠拢，呈现出季节性周期波动，“金九银十”效应初步显现。9月供给端推出极具性价比的车型，供给更加丰富；需求端在国庆假期出行需求与Q3最后一个月冲刺销量的共同驱动下，我们预计2023年9月新能源汽车销量走势良好，将再创新高。

2002-2014 年工业高耗能主导用电增长的阶段，中国通过厂网分开、主辅分离等一系列改革手段，成功解决“硬缺电”的问题。印度/越南/印尼三国具备承接产业链转移的意愿和潜力，但电力（核心生产要素之一）仍相对落后，煤电为发电主力，风光资源丰富且利用率低，低碳环保背景下都有提升新能 源占比、向新型电力系统转型的需求。三国在转型的过程中受到不同的制约，印度电网设施落后，越南电价过低、特高压建设不足，印尼则受群岛地形拖累。我们认为积极建设电网基础设施，通过补贴等政策鼓励可再生能源开发，谋求跨国合作等举措将有望为三国电力系统转型问题带来新的解法。

漂浮式风电未来可期。从资源情况来看，深远海风能资源潜力最大，风电走向深远海有其必然性。全球近80%的海上风力资源潜力分布在60米以上的海域。根据1995-2016年中国陆地、近海100m处年平均风 速的空间分布，海上风速高于陆地，东南地区能达到10m/s，海上风电开发潜力巨大。据国家发展改革委能源研究所发布的《中国风电发展路线图2050》报告，我国近海水深5-50m范围内，风能资源技术开发量 为5亿千瓦，深远海风能资源可开发量是近海的3-4倍。

近期国内海上风电项目推进呈现加速趋势，且产品结构有望逐步升级。根据中国电力招标网，2023 年 10 月 11 日，中交三航局江苏分公司青洲海上风电项 目导管架开启招标。根据招标公告，导管架制造最早完成时间为 2023 年 12 月 15 日，最早到货时间为 2024 年 1 月 15 日。海上风电催化利好不断，板块 反转迹象显著。近日广东 7GW 海风竞配项目发布，前期江苏国能龙源射阳 1GW 海风项目获批，国信大丰项目海域使用申请公示、三峡大丰项目开展施工设计招标，均表明海风限制因素解除，海上风电建设进程持续提速。此外，2023 年辽宁、山东、海南等地批量项目获批准，也将加速国内海上风电项目推进，拉动海上风电产业链需求增长。我们预计海上风电将迎来景气度边际回升，看好行业的反转机会。