1～11 月，发电方面，全国基建新增装机容量同比减少，火电和太阳能发电新增装机减少较多；全国发电量小幅增长，核电、风电发电量保持较快增长。

中长期来看，用电量增长有望维持中低增速，为国内能源结构调整提供了较好的时间窗口，清洁能源替代传统能源才是行业大势。

风险提示：1）电力需求不及预期风险。2）火电公司存在煤价大幅上涨风险。3）水电公司存在水电来水不佳风险。4）其他风险：①电价下滑风险，②利率风险。（详见正文）

2018 年1～11 月，核电行业投资完成额378 亿元，较上年同比增长12.3%，继续保持回暖态势；核电新增装机量同比增长174.25%，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。

We have made an upward revision to our 2018 price forecast for Singapore SLInG. We now forecast an annual average of USD9.5/ mnBTU, compared to our previous forecast of USD9.10mnBTU. The LNG market behaved counter-seasonally over Q2/Q3, rallying in April and sustaining its gains for much of the period. The market should be seasonally strong in Q4, supported by winter demand in the northern hemisphere.

We have estimated the global fuel cell market by segmenting it on the basis of product, application and region. On the basis of product, the market is segmented into PEMFC, PAFC, SOFC, and MCFC. By application the market is segmented into stationary, transportation, portable fuel cells. On the basis of application, the market has been segmented into roof, walls, and floor. By enduse, the market has been segmented into residential and non-residential. On the basis of region, the market has been segmented into the U.S., Canada, and Mexico. Asia Pacific Fuel Cell market includes Japan, China, and India. European market includes Western European countries and Eastern European countries including CIS countries.

Fluctuations in the oil & gas industry owing to uncertainty in the demand & supply scenario is a major restraint for the market growth. This has been further elevated with rising environmental concerns due to stringent government regulations and standardization in most of the countries, particularly in the U.S. and European Union. Rising applications of renewable energy sources on a large scale are also projected to alter the downhole tools demand over the forecast period. Downhole tools market has been segmented on the basis of type, application, and region. Based on type, the market has been bifurcated as drilling tools, flow & pressure tools, control tools, handling tools and other. Downhole tools applications are in activities such as well completion, logging, well intervention, fracturing, and well measurements.