电子行业：3C补贴叠加Mate70发布，消电有望加速复苏

事件:英伟达在 2024 美国超级计算机大会(SC24)上发布 GB200 NVL4 超级 芯片及 H200 NVL。  GB200 NVL4 超级芯片:英伟达新推出的 GB200 Grace Blackwell NVL4 超级 芯片集成了四个通过 NVLink 连接的 Blackwell GPU，并通过 NVLink-C2C 与两 个 Grace CPU 统一。与上一代产品相比，它为科学计算、训练和推理应用提供 了高达 2 倍的性能。GB200 NVL4 超级芯片将于 2025 年下半年上市。

基于可再生能源所制备的绿色甲醇是理想的替代燃料。甲醇是一种重要的大 宗基础化工产品，全球每年消费量达到 1.26 亿吨，行业产值超过 3000 亿元， 近年来甲醇在替代燃料领域应用也日益增加。传统甲醇以煤炭或者天然气等 化石能源为主要原料，碳排放量较高，尤其是我国甲醇生产以煤制甲醇为主。 随着全球推行远期净零排放政策，甲醇行业面临重大转型。基于可再生能源 制备的绿色甲醇产业开始加速发展。绿色甲醇是指基于可再生能源如生物 质、捕获的二氧化碳和绿氢生产的甲醇，其全生命周期可实现近零排放，环 境效益显著。 绿色甲醇技术路线丰富，降本空间较大。绿色甲醇技术路线包括电制甲醇、 生物质气化制甲醇、生物质耦合绿氢制甲醇等，其中电制甲醇有望成为未来 主流技术路线。电制甲醇路线基于绿氢和捕获的二氧化碳生产甲醇，目前成 本超过 4500 元/吨，该技术路线所需要的绿氢和二氧化碳均可轻易实现大规 模供应，未来有希望下降 40%以上，届时将具备大规模替代当前传统甲醇市 场的可能性。远期假设我国甲醇消费全部甲醇电制供应，对应绿氢需求量 为 2100 万吨左右，相当于目前我国绿氢产量的 41 倍，对应绿电的需求 可能超过 1 万亿千瓦时，相当于 2023 年全国新能源发电量的 68%。

11 月液氧/液氩均价环比略涨，液氮均价环比略跌。根据卓创资讯工业气体官方 微信公众号，截至 11 月 27 日，1)液氧:月均价 404 元/吨，环比涨 5.6%，同 比涨 2.4%;2)液氮:月均价 434/吨，环比跌 0.5%，同比跌 8.1%;3)液氩:月 均价为 698 元/吨，环比涨 6.24%，同比降 42.46%;4)氦气:批量 40L 瓶装高纯 氦气月均价 658.93 元/瓶，环比持平，同比跌 404.79 元/瓶;管束氦气长期协议 客户拿货月均价至 97.38 元/立方米(基准立方米 Sm3 条件下)，环比涨 0.28 元/ 立方米，同比跌 57.62 元/立方米;5)氙气:月均价 2.9 万元/立方米，环比跌 0.07 万元/立方米，同比跌 2.25 万元/立方米;6)氪气:月均价 350 元/立方米， 环比持平，同比跌 223.33 元/立方米;7)氖气:月均价 125 元/立方米，环比持 平，同比跌 71.67 元/立方米。

人形机器人:2025年国际巨头量产、国内龙头入局，进入内外双驱、日新月异的产业扩张期 • 人形机器人产业趋势已成，行业预计从产业形成期过渡到产业扩张期，产业化发展有望显著提速。随着AGI技术持续突破、供应 链格局趋于完善、下游应用需求持续打开，人形机器人行业作为高端制造成长板块的明珠，2025年将迎来板块性投资机会。 • 特斯拉:Optimus已可通过单一神经网络学习多种技能，2025年有望进入有限生产阶段，预计率先应用于特斯拉汽车工厂内。 • 英伟达:成立GEAR(通用智能体研究实验室)并入股Figure AI，从软件平台到硬件本体，全面切入人形机器人赛道。 • 华为:华为(深圳)全球具身智能产业创新中心正式运营，整合华为各部门的具身智能相关能力，共建具身智能大脑、小脑、工具 链等关键根技术，并与16家企业签约合作备忘录。

A wheel loader is a wheeled tractor with a square bucket on the front, rear, or sometimes both ends. The buckets attached are used to scoop up loose material from the ground, which may include dirt, sand, or gravel. Wheel loaders are mostly used to move stored items from one location to another. They are also used to load items into trucks, clear rubble, lay pipes, dig, and do other similar tasks.

Wearables technologies refer to electronic technologies that are embedded in wearables, such as smart bands, smartwatches, smart clothing, and smart rings. Wearable electronic devices are equipped with miniaturized electronic devices such as microchips and sensors, enabling them to perform computing tasks. The electronic devices embedded in wearables collect data and track activities, allowing the wearers to access information in real-time. The scope of the report includes smart bands, smartwatches, smart rings, wireless headphones, smart glasses, smart clothing, and head-mounted displays (HMDs).

Water heaters are crucial in various sectors, including residential construction, hotel construction, tourism, educational institutions, and beyond. Water heaters are a fundamental component in residential construction, providing hot water for showers, cleaning, cooking, and general household tasks. With the continuous growth of urbanization and population expansion, particularly in emerging economies, the demand for residential housing has surged, propelling the demand for water heaters. In addition, the growing trend toward sustainable living has fostered a shift toward energy-efficient and eco-friendly water heating solutions, prompting manufacturers to develop innovative technologies that cater to this demand, such as solar-powered water heaters and heat pump systems. Furthermore, the renovation and remodeling sector contributes significantly to the demand for water heaters as homeowners seek to upgrade their existing systems for improved efficiency and performance.

A trampoline is a device that consists of a strong fabric that is stretched tautly between a steel frame through multiple coiled springs. Jumping or bouncing on a trampoline uses all the muscles in the body without stressing a specific body part. Trampolines are used for recreational as well as competitive purposes.