展望2021年以及中长期下一个十年来看，轻工大部分子行业已经过了高速增长期，行业进入洗牌期，企业也面临着持续增长的压力。同时，伴随可支配收入持续提升以及个人财富的积累，消费者对轻工产品的消费也由过去片面强调低价耐用向注重产品品质、服务体验、个性化等需求转变。轻工企业为顺应当前需求变化趋势并突破传统业务增长困境，必须加快商业模式变革创新：制造向质造升级，包括全面提升信息化、供应链管理优化以及产业链深度布局，以产品品质为基；制造向品牌转型，从而提高自身竞争力与客户粘性，持续提升份额。

9 月家具零售额同比下滑 0.6%，降幅环比 8 月份收窄 3.6 个百分点， 整体呈现回暖态势，主要系全国建材家居市场迎来“金九银十” 置业装修 传统旺季，建材家居市场活力显著提升。

According to the International Classification of Diseases - 10 (ICD-10), vision function is classified into four broad categories - normal vision, moderate vision impairment, severe vision impairment, and blindness. Visual impairment is a broad term, which involves moderate or severe vision loss or complete blindness. It is a global health concern that has a negative impact on both physical and mental health. Preventive blindness, which was considered among common ailments, will soon emerge as a major challenge to the global healthcare system. Blindness and visual impairment necessitate high costs as they not only constitute great productivity loss but also increase the burden on healthcare spending significantly. According to the International Agency for the Prevention of Blindness (IAPB), about 36 million people were categorized as blind, and about 217 million people were estimated to suffer from moderate to severe visual impairment (MVSI) in 2014. According to the World Health Organization (WHO), uncorrected errors, especially myopia, hyperopia, or astigmatism, constituted 43% of overall visual impairment cases in 2014.

光伏玻璃行业充分享受光伏行业的广阔成长空间，且受益于双玻组件渗透率 持续提升，同时亦具备技术迭代慢、行业格局稳定等有别于光伏主产业链的 特点，龙头标的具有长期投资价值；同时行业短期有望因供需阶段性错配而 迎来涨价，企业盈利显著提升。给予行业“强于大市”评级。

Industrial gloves are protective wear that protect the skin from heat, sharp metals, and harmful environments. They are designed in a way to provide comfort to the wearer and do not obstruct the efficiency and competence of the wearer. It finds application in manufacturing plants, assembling plants, chemical plants, and medical institutions among others where they provide protection from heat, corrosive substances, and sharp objects. The report on industrial gloves focuses on various trends associated with growth factors of the industrial gloves market. Moreover, it provides information on various types of industrial gloves based on their usability such as disposable gloves and reusable gloves and focuses on their market potential globally. In addition, the report includes analysis of end-users that include machinery, oil & gas, metal fabrication, automotive, chemical, construction, plane manufacturing, food processing, office building cleaners, healthcare and others. Furthermore, the report analyzes the various drivers, restraints, and opportunities in the industrial gloves market, which further increases consumer acceptance across various regions. In addition, the volume and revenue of the market is provided in the report in terms of million pair and $million.

Q2机械设备景气度复苏，工业、基建领域回暖明显。2020H1行业营业收入 /归属母公司净利润YOY-0.1%/+5.2%，相比于一季度（-18.2%/-50.9%） 情况有明显好转；整体毛利率和净利率分别为 23.5%/7.6% ， YOY+1.0pct/+1.4pct。从细分行业看，工业机器人、机床设备和工程机械 板块上半年表现较好，营业收入YOY+20.2%/+0.2%/+15.6%，归母净利润 YOY+175.7%/+94.0%/+26.7%。主要原因是疫情过后，工业及基建受到 政策面较强支撑，中游产品需求加速恢复。受新冠肺炎疫情影响，上半年运 输、油气等领域相关设备行业受到较大冲击，油气装备、船舶制造以及铁路 交通设备表现较差，营业收入YOY-8.6%/-3.5%/-10.6%，归母净利润 YOY-24.9%/-104.2%/-83.7%。

Over the years, the influence of missiles in modern warfare strategies have increased, and countries have started emphasizing on preserving missile systems in their armory. Following the theory of deterrence and mutually-assured destruction, countries are procuring and developing more lethal cruise missiles having high speeds and ranges. From a strategic perspective, the possession of such lethal missiles will help the countries in keeping their potential adversaries at bay. Compared to ballistic missiles, cruise missiles are cheaper, more mobile, and more versatile. In addition, their low probability of interception due to their unpredictable flight path and and changeable trajectory, coupled with their capability to stay close to the ground evading a majority of radar systems, are some of the reasons for their increased preference for a variety of missions.

白电行业集中度继续提升，龙头竞争优势加速扩大，增持业绩修复确 定性高的白电板块。首推白电板块，推荐顺序调整为海尔智家 （600690.SH）、美的集团（000333.SZ）、格力电器（000651.SZ）。海 尔管理优化持续推进，高端品牌优势不断扩大，全球协同渐入佳境， 本次私有化海尔电器，将从根本改善公司治理和效率，是我们长期最 看好的白电龙头。厨电板块推荐顺序为老板电器（002508.SZ）、华帝 股份（002035.SZ）、浙江美大（002677.SZ）。另外我们推荐底部反转 的照明龙头欧普照明（603515.SH）。小家电板块继续推荐苏泊尔 （002032.SZ）、新宝股份（002705.SZ）、九阳股份（002242.SZ）。