1～10 月，核电行业运行稳中向好。其中，核电投资较上年同比增长 8.5%，投资进一步回暖；全国核电新增装机量 471、万千瓦，同比增长 116.78%，已有 4 台机组投入商运；核电发电量及平均设备利用小时均同比增加。

1～10 月，发电量小幅增长，可再生能源发电量保持较快增长；全社会用电增速同比提高，三产业和城乡居民用电保持快速增长；全国跨区、跨省送出电量同比增长；电力、热力的生产和供应业利润维持较高增速。

近日，广东省发改委印发《广东省能源发展“十三五”规划》，《规划》提出：积极开发利用可再生能源。

11 月 30 日，从四川能监办获悉，国家发改委、能源局发布《关于清洁能源消纳行动计划（2018-2020 年）的通知》。

11 月27 日，财政部发布关于调整重大技术装备进口税收政策有关目录的通知。根据国内产业发展情况，自2019 年1 月1 日起，取消百万千瓦级核电机组（二代改进型核电机组）等装备的免税政策，生产制造相关装备和产品的企业2019 年度预拨免税进口额度相应取消。

Singapore's Energy Market Authority manages the oil and gas sector and regulates the domestic electricity and natural gas industries. The city-state's sophisticated downstream sector, strategic location, extensive infrastructure and low-risk operating environment allow it to flourish as a regional refining and petrochemicals hub. State-owned Pavilion Energy is responsible for the marketing, distribution and storage of natural gas in Singapore, including small-scale LNG and LNG bunkering.

The heating equipment market was valued at USD 28,850 million in 2015 and is expected to reach USD 48,583.2 million by 2025, growing at a CAGR of 5.4% from 2016 to 2025. Heating equipment such as heat pumps, boilers, furnaces, and unitary heaters are expected to grow at a high CAGR in the Asia Pacific region. Rapid industrialization coupled with growing demand for upgraded equipment is one of the primary factors contributing to the growth of this market. Increasing demand for energy efficient heating solutions in the residential sector is also projected to drive market demand over the coming years.

Under the Energy Administration Act, the state takes a leading role in research and development for the energy sector, which the Ministry of Economic Affairs may set-up a special fund to finance. Funding will come from royalties and taxes collected from the country's oil and gas businesses. Firms operating in Taiwan are to submit operation data to the Ministry. The Energy Administration Act incentivises firms to invest in energy storage facilities; these firms are entitled to a two-year accelerated depreciation of their assets, thereby lowering their taxable profits.

The latest issue of our O&G Capex Outlook Special Report indicates that spending on oil and gas will increase for a second consecutive year in 2019, solidifying the return of upstream development momentum following one of the most aggressive downcycles in recent history. That said, spending caution will prevail as producers increase their focus on fiscal discipline and cost efficiency. From a basket of 113 of the world's largest oil and gas companies, we estimate capex reached USD507bn in 2018. We expect this will rise to nearly USD540bn in 2019, representing a gain of 6.1% y-o-y. While oil prices have experienced notable gains over the past year, this represents a relatively subdued increase in capex. Spending has been reined in as producers expand on efforts to boost profitability and shareholder value.

At the central governmental level, the Indian oil and gas sector is governed by the Ministry of Petroleum and Natural Gas. The ministry has responsibility for all aspects of the sector, including exploration, production, refining, distribution, marketing and trade. Governance at the regional level varies by state. Some states (such as Rajasthan and Gujarat) have established energy directorates; in others, the role is subsumed within the departments of industry and commerce. The main regulatory bodies are the Directorate General of Hydrocarbons and the Petroleum and Natural Gas Regulatory Board, which regulate the upstream and downstream sectors, respectively. Various other government bodies perform functions relevant to the oil and gas sector. These include the Centre for High Technology, the Oil Industry Development Board, the Oil Industry Safety Directorate, the Petroleum Conservation and Research Association and the Petroleum Planning and Analysis Cell.

In October 2018, Albania’s national agency of natural resources (AKBN) invited bids for oil exploration in Block 5 in the southwestern part of the country. The deadline for the submission or the bids was November 7, but the results have not been made public yet. In March 2018, state-owned oil and gas company Albpetrol invited expressions of interest for concession agreements in Gorisht-Kocul, Cakran-Mollaj and Amonica fields. In January 2018, Shell Upstream Albania, a subsidiary of Royal Dutch Shell, started drilling an onshore appraisal well Shpirag-4. The following month, the government of Albania and Royal Dutch Shell reportedly signed an exploration deal, which foresees an investment of EUR42.5mn over the next seven years into Blocks 2, 3 and 4. We hold our muted forecast for oil reserves, which we expect to drop to 131.2mn bbl by 2027, down from an estimated 192.6mn bbl in 2018.

Through state entities such as Bahrain Petroleum and the National Oil & Gas Authority, the government asserts primary control over the oil and gas sector in Bahrain. NOGA regulates the industry and issues regulations, while the state-owned oil and gas company BAPCO has exclusive rights to explore, produce and distribute oil and gas on the government's behalf. There is no key and overarching regulatory framework. However, the government has increasingly tried to increase private sector participation in order to maximise the country's limited natural resources (see Licensing Regime section below). In middle June 2016, King Hamad bin Isa al-Khalifa announced that he was abolishing the kingdom's Energy Ministry and creating two new portfolios from it. Sheikh Mohammed bin Khalifa bin Ahmed al-Khalifa was named Oil Minister and former Energy Minister Abdul Hussain bin Ali Mirza was appointed Electricity and Water Affairs Minister.

我们认为，随着技术进步和成本下降，未来五年内中国太阳能和风能项目在没有补贴的情况下将比燃煤发电更具吸引力。随着能源均化成本(LCOE)下降，我们预计下游资本支出将愈发以成本为导向，并将给具有成本优势的高效生产商带来增长机遇，这与我们欧洲新能源行业同事在报告“More Green, More Lean II”中提及的加速增长相似。我们预计，拥有研发和执行优势的上游龙头企业将通过整合实现市场份额增长，而经营效率出色且资产负债状况良好的下游龙头企业将受益于上游的成本下降。我们的首选买入股票是隆基股份、正泰电器和华能新能源。信义光能是我们唯一一只评级为卖出的股票，因为我们认为该股的估值溢价缺乏支撑。

燃料电池（Fuel Cell）是一种非燃烧过程的电化学能转换装置，将氢气（等燃料）和氧气的化学能连续不断地转换为电能。

发展新能源为我国重要战略发展方向，当前新能源发电、新能源汽车整体渗透率仍有待进一步提高。其中，风电渗透率仅5.39%，光伏渗透率仅2.62%，较欧美发达国家渗透率水平仍有较大差距；新能源汽车销售渗透率仅3.76%，替代传统燃油车市场空间广阔。在国家安全及清洁发展等国家战略强需求下，新能源各子行业平价进程、市场化进程明显提速，能源革命也将逐步开启。

2019年天然气消费增速下行压力大。2019-2020年天然气价格拐点向下。

新能源汽车：全球化、高端化、市场化周期来临，龙头企业将充分享受红利。 1、我们看好行业发展阶段的转变，2019 年将是起步之年：由国内到全球、由低端到高端、由政策驱动到市场驱动。