Content protection is a process designed to impose copy protection restrictions in storage media. It helps to authorize the commercial and entertainment content and protects it across various digital interfaces such as the Internet and media devices. As a part of antipiracy, content protection systems are designed to provide value-added services to content owners who distribute their services to customers. Therefore, in the digital world, content protection is mainly about confidentiality and legal concerns of the content. As online piracy accounts for the loss of billions of dollars, antipiracy and protecting copyright material is a major concern. Media and publishers are increasingly protecting their content from being stolen or illegally produced. Content protection is enhanced through various solutions to offer multi-device use while protecting the linear and on-demand content. Content providers and distributors use security implementations on connected devices to protect the streaming of high-value content, such as 1080p, 4K, and ultra-high definition (UHD) using software and hardware technologies that are cost-effective. The types of content protection can be broadly fragmented into conditional access system (CAS), digital rights management (DRM), and watermarking.

上周板块跌幅明显，公用事业与环保板块下跌1.85%。上个交易周，沪深300 上涨1.43%,上证综指上涨1.72%,创业板指下跌3.22%。申万公用事业与环保板块下跌1.85%，涨幅前三名的是新能源发电(申万)（0.66%）、燃气Ⅲ(申万)（-0.24%）、水务Ⅲ(申万)（-0.38%）涨幅后三名的是燃机发电(申万) （ -4.99%）、环保工程及服务Ⅲ (申万)（ -4.48% ）、热电( 申万) （ -4.25%）。

上周电力、燃气、水务、环保工程板块申万二级指数涨跌幅分别为-0.70%、-0.24%、-0.38%、-4.48%；上证综指和创业板指数涨跌幅分别为1.72%、-3.22%。

火电效率边际改善，关注改革与重组。中电联数据显示，2017 年全社会用电量63077 亿千瓦时，同比增长6.6%，发电量64179 亿千瓦时，同比增长6.5%。其中火电发电量同比增长5.2%，利用小时4209小时，同比增长23 小时，发电效率得到一定程度改善，未来若煤价企稳措施见效，则火电企业盈利改善有望逐渐显现，现阶段我们建议继续关注央企改革及重组带来的主题性投资机会。