电力行业作为基础能源产业，在国民经济中占有极其重要的地位。近年来，随着我国经济进入高质量发展阶段，电力行业正处于从高速增长到平稳发展的调整转变时期，高效、清洁、安全、经济的高质量现代电力体系正在加速构建。与此同时，我国电力行业技术水平不断提高，以重大项目工程应用为依托，以拥有自主知识产权的大型发电成套装备、特高压输变电装备、智能电网用成套装备等为代表的多项电力装备技术，达到国际领先水平。

新能源是能源供应体系的重要组成部分，是能源转型发展的重要力量，积极消纳清洁能源是贯彻能源生产和消费革命战略，建设清洁低碳、安全高效的现代能源体系的有力抓手，也是加快生态文明建设，实现美丽中国的关键环节。近年来，我国新能源产业持续快速发展，产业规模不断扩大，技术装备国产化水平持续提升，为缓解能源资源约束和生态环境压力作出突出贡献。

A solar tracker is a device meant to turn the photovoltaic modules toward the sun. This is attributed to maximize the irradiation received by the photovoltaic array. In global solar tracker installation market report, the period studied is 2018–2026. The report includes the study of the solar tracker installation market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth. The revenue of the companies operating in the market is track down to obtain the total market value. Moreover, the report analyzes the current market trends of solar tracker in different geographies and suggests the future growth opportunities by analyzing government regulations & policies; thereby, further increasing the consumer acceptance of solar tracker.

Stage lighting is an illuminated stagecraft and requires many components. It is used in concerts, plays, operas, dance performances, theatre, and other performance art shows using a synchronized system of various lighting equipment to create a dazzling lighting display. The process involves manipulating the light intensity, color, distribution, direction and motion. These qualities are in nature manageable controllable and are also known as stage lighting variables, since they can be used in different combinations to alter the result.

Power electronics is an engineering study of converting electrical power from one form to another. The world- wide average rate of 12 billion kilowatts every hour of every day of every year, more than 80% of the power generated is being reprocessed or recycled through some form of power electronic systems. A lot of energy is wasted during this power conversion process due to low power conversion efficiency. It is therefore very important to improve the efficiency of these power conversion systems. With the extensive use of efficient and cost-effective power electronics technology across the globe, the energy consumption is expected to reduce up to 35% during the forecast period. The scope of the report discusses the potential opportunities for the market players to enter the global power electronics for electric vehicle market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.

In 2018, buildings accounted for 40% of the energy consumption in the European Union (EU). The European Union has a target of reducing gas emissions by 80%, by 2050. It is estimated that in order to reach this target, the emissions from the building energy consumption needs to be reduced by 90%. In 2010, the European Union introduced the Energy Performance of Buildings Directive (EPBD). The EPBD was revised in 2018. Some of the major directives of the EPBD, which are expected to drive the building-integrated PV market, and in turn, the solar power window market are as follows: All the EU members will have to establish stronger long-term building renovation strategies aimed at making the new buildings more energy-efficient and green to decarbonize the building stocks by 2050. The strategies should also have the indicative milestone for 2030, 2040, and 2050, measurable indicators for progress, and solid financial components. These directives are expected to force the member nations to introduce not only regulations for new buildings but also the special subsidies for the BIPV components such as solar power windows.

2019 年初至今，上证综指上涨15.9%，电力及公用事业指数上涨2.9%，涨幅大幅低于上证综指。2020 年初至今，上证综指下跌3.3%，电力及公用事业指数下跌5.1%。单看电力行业，最近5 年来营业收入持续增长，由2016 年的7000亿元持续增长到2019 年的1.2 万亿元，净利润在2017 年触底，2019 年恢复到900 亿元左右。

4 月用电增速转正，用电需求提升&水电出力继续下降提高火电出力。国家统计局披露，4 月份用电量同比增速转正，同比增长0.7%，比三月份同比增速（-4.20%）环比上升4.9 个百分点；发电量同比增速由负转正，同比增长0.3%，增速较3 月（-4.6%）上升4.9 个百分点。4月用电量方面，第二产业增速1.3%，由负转正，是用电量同比增速转正的主要原因，第三产业同比下降7.8%，同比增速降幅环比收窄12个百分点。发电量方面，火电发电量增速转正，同比增长1.2%，水电发电量同比下降9.2%，同比降幅环比上升3.3 个百分点。

受疫情影响，煤价下行幅度加快，我们认为煤价下跌对火电企业业绩的正向影响将超过发电量减少的负面影响，火电企业具备较高的业绩弹性，建议关注全国性火电龙头华能国际（600011.SH）、华电国际（600027.SH）；区域性火电优质标的长源电力（000966.SZ）、皖能电力（000543.SZ）等。尽管来水偏枯影响短期水电发电量，但从全年角度看，发电量有望逐渐得到改善，且优质水电股息率较高，防御属性强，在降息周期中配置价值高，持续推荐长江电力（600900.SH）。

消纳空间有望超预期，国内光伏装机有望超 45GW：据调研了解，能源局正组织电 网企业测算论证并将于近日发布，2020 年新增的新能源消纳空间大概率为光伏 45GW、风电 35GW，这是首次将风电、光伏单列，意义重大，超出市场预期。

19 年龙头业绩稳健，20 年一季度受疫情影响下滑。2019 年国内动力电池实现装机62.2GWh，同比增长9%；受疫情影响，20 年一季度装机量5.7GWh，同比下降54%。从营收角度看，国轩高科的营收增速与行业基本相当，2019 年实现电池组销量近5GWh，同比增长近20%；宁德时代则表现出远超行业的增速，2019 年实现动力电池销量40.25 GWh，同比增长90.04%。2019 年，我们测算动力电池价格降幅仍近20%，主要由于补贴退坡下的车企降本压力叠加上游原材料的价格回落。从盈利能力看，2019 年宁德时代动力电池业务的毛利率下滑近5.65 个pct 至28.5%，与公司产能扩大带来的折旧摊销增多有关；国轩高科动力锂电池业务毛利率上升4.57 个pct 至33.37%，上游磷酸铁锂等材料降价贡献较多。从现金流情况看，头部企业的经营性现金流情况持续领先，反映出资源集中度和产业话语权的富集。2020年一季度受疫情影响，业开工延迟、国内新能源汽车需求不振导致业业绩承压，企业营收利润多呈现不同程度下滑。其中宁德时代营收下滑幅度在10%以内，净利降幅不到30%，体现出较强的韧性。海外企业2019 年和1Q20 在营收端都实现了较快的增长。三星SDI 2019 年大型电池增长超过15%，1Q20 增长超30%；LG 化学2019 年锂电池业务增长28.5%，1Q20 增长37%。

天气对于4 月用电需求变化的影响并不明显，电量变化基本反映了社会生产和居民生活情况。除三产外，一产、二产、居民用电增速均已回正；与3 月相比，用电恢复增长的地区由5 个大幅提升至18 个，湖北也不再是当月全国用电降幅最大的地区。核电利用小时持续回升，凸显其超越其他电源类型的稳定特性，推荐享受控股股东全产业链优势的中国核电，建议关注国内装机规模最大的中广核电力（H）/中国广核（A）。

零部件的繁荣。我们对风电行业24 家主要的上市公司2019 年业绩进行了梳理，主要的零部件企业均取得了较快的业绩增速，而整机和运营商业绩表现相对平淡。对于零部件环节，行业终端需求景气向上导致零部件供需格局的改善，2019 年叶片、铸件等环节均一定程度供需偏紧，推动盈利水平的提升；而对于整机，前期低价订单的交付叠加相对高价的零部件采购导致毛利率明显下滑，从而并没有享受到行业需求向上所带来的红利。运营商2019 年业绩表现平稳，但补贴拖欠以及应收账款规模持续较快增长的问题并未缓解。

海外疫情高峰已过，逐步复工复产，终端销量将逐步恢复；国内政策落地，Q2 末有望迎来销量拐点，21 年全球电动车将恢复高增长，中国供应链崛起，进入海外供应链的龙头订单尤其好。强烈推荐海外占比高的中游龙头（宁德时代、璞泰来、科达利、恩捷股份、新宙邦，关注比亚迪、天赐材料、当升科技、星源材质、杉杉股份、天奈科技等）；核心零部件（宏发股份、汇川技术、三花智控）；强烈推荐优质上游资源（华友钴业、关注赣锋锂业）。

Livent 是 FMC 单独拆分上市的专注于锂化合物的独立公司，近期发布 2020Q1 报告，我们对其经营情况进行跟踪点评，以此跟踪行业发展动态。 2020Q1 Livent 实现 0.69 亿美元收入，同比下滑 30%，环比下滑 12%， 调整后的 EBITDA 净利润 900 万元，同比下滑 66%，环比下降 44%。

2020 年前4 月，全社会用电量21,269 亿kWh，同比下滑4.7%，降幅较前3 月收窄1.8 个百分点；4 月单月用电量5,572 亿kWh，同比增长0.7%，较3 月用电增速提升4.9个百分点。月度环比来看，4 月单月用电量环比3 月增长1.4%，增幅较2005~2018 年-2.1%的环比波动中值扩大3.5 个百分点。

（1）我们推荐高分红火电龙头华能国际、低估值高增长的华电国际、有资产注入的湖北火电标的长源电力。（2）《关于新时代推进西部大开发形成新格局的指导意见》中明确，在西部培育清洁能源基地，促进消纳与外送，推进增量配电改革。我们推荐参股雅砻江水电叠加股息率提升的川投能源，建议关注雅砻江水电开发主体国投电力和积极开展增量配售电业务的三峡水利。

2020 年5 月，广东、云南、江苏等地月度市场化成交电量大多环比回升，成交电价涨跌互现。其中广东5 月集中竞价成交电量环比3 月回升13%，但仍同比下降78%；5月价差同比扩大4.7 元/MWh，环比4 月价差扩大1.5 元/MWh。江苏5 月集中竞价电量同比大幅提升87%，环比4 月大幅提升96%；价差同比扩大40 元/MWh，相比2 月扩大27元/MWh。云南5 月省内市场电量同比提升5%，环比提升9%；市场电价同比提升16.4元/MWh，环比4 月下滑2.8 元/MWh。