能源是工业的基础，化石能源塑造了各国的能源和工业体系，而在碳中和目标下，各国需要大幅度改变能源结构实现净零排放，本质上是对能源的一次革命。而目前电力、非电能源的绿色技术的绿色溢价测算，以目前的技术水平碳中和转型难度过大，成本过高。因此降本是未来能源技术发展的主旋律。

Commercial refrigeration is the process of eliminating excess heat from a source or a material to maintain the temperature lower than its surrounding. Commercial refrigeration equipment are used for preserving food such as vegetables, fruits, meat, and other similar products by maintaining a specific temperature to increase the shelf life of a product. For the purpose of analysis, the report segments the global commercial refrigeration market based on product, end user, and region. It provides information about various commercial refrigeration products such as deep freezers, bottle coolers, storage water coolers, commercial kitchen refrigerator, medical refrigerator, chest refrigeration, beer dispenser, and others. In addition, the study outlines the details about end users such as full service restaurant & hotels, food processing industry, hospitals, retail pharmacies, supermarket/hypermarket, convenience stores, quick service restaurants, and others.. Furthermore, it summarizes the data about the revenue generated by commercial refrigerators across North America, Europe, Asia-Pacific, and LAMEA.

碳中和碳达峰背景下新能源运营商成长性无虞（30 年风光电量CAGR10%），然而平价上网并不等于平价利用，当前机制设计中消纳成本还难以有效传导，新项目盈利能力面临较大挑战。我们建议市场关注成本下行和电价交易的剪刀差，拥有负荷预测/交易策略/区域层面议价能力优势的新能源或多元化运营商可以统筹发电权享有alpha。当前风光运营商估值相对成长时期的火电和稳定期水电依然有较大折价，推荐华润电力、福能股份、华能国际。

建议关注：瀚蓝环境，盈峰环境，ST 宏盛，高能环境，南大环境，龙马环卫，中再资环，北控城市资源，玉禾田，洪城水业，维尔利，深圳燃气，海螺创业，上海环境。

我们跟踪的154 只环保及公用行业股票，本周跑输上证指数0.42 个百分点，年初至今跑赢上证指数9.38 个百分点。本周雪迪龙、新天绿能、重庆燃气分别上涨43.24%、40.16%、38.44%，表现较好；聚光科技、西昌电力、涪陵电力分别下跌15.03%、10.22%、7.58%，表现较差。

截至3 月19 日，环保板块当周上涨2.59%，跑赢沪深300 指数（下跌2.71%）5.29 个百分点，跑赢创业板指数（下跌3.09%）5.68个百分点。2021 年初至今，环保工程及服务板块整体指数表现较好，累计涨幅为8.40%，跑赢沪深300 指数12.32 个百分点。