2018年1-11月，我国发电设备平均利用小时同比增长103小时，其中火电同比增长175小时，各电源利用小时均有不同程度的增长。火电作为各电源种类中消纳排序最靠后的电源，火电利用小时的大幅提升反映出我国电力供需关系的显著改善。

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）

新能源汽车补贴政策发生较大变化； 新能源发电补贴政策发生较大变化； 特高压审批及建设进度不达预期；实体经济出现超下滑；积极财政策等逆周期调节政策不达预期；海上风电新增装机不达预期等。

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.

Profession AV solutions or Pro AV equipment are systems that are involved in the transmission of multiple high-quality live audio and video signals among other transmissions, uncompressed in nature, to multiple devices. The pro AV systems are broadly used in live events, broadcast facilities, commercial installations, and recording, and post-production. Pro AV cables form the backbone of any pro AV systems, installed or portable. These cables play a significant role in transferring signals from one device to another and define the quality of the input as well as the output.

风电环保政策和海上风电技术影响行业发展；风机招标价格下行影响风电设备商毛利率；国内光伏政策不及预期，全球装机需求受宏观经济影响不及预期；核电开工受阻；新能源车地补大规模退出，补贴降幅超预期；高镍动力电池产业化进展低于预期；预测存在误差。

全球科技创新2019年代际切换，半导体先抑后扬，库存扰动有望上半年结束，先抑后扬，年中有望反转。全球议价权转向半导体企业、第三次半导体产业迁移、中国半导体占全球比重持续提升、产业迎来十年投资大机会。

近1 周企业IPO 情况总览：近1 周企业IPO 情况总览： 1 月3 日，博通集成、亚世光电2 家企业首发上会，均顺利过会。近1 周通过率为100%。

看好行业各子行业板块技术块技术领先龙头企业，推荐天顺风能 、通威股份、国电南瑞、许继电气、隆基股份 、宏发股份 、麦格米特、 宁德时代 。

核心军品在一季报“淡季强势”、中报业绩超预期靓丽表现的基础上，又临三、四季度军品交付旺季，有望实现全年业绩增速再超预期。展望2019年，在建国70周年“逢十周年”纪念经验下大阅兵或是当年的重头戏，军工板块有望迎来反复事件催化，本篇报告试图从策略角度自上而下探析2019年核心军品或将明确受益的投资机会。