2020年1-4月份，电力行业呈现平稳运行态势，主要运行指标还处于下降的区间，但随着国民经济运行继续恢复改善，呈现积极变化。其中，电力、热力生产和供应业固定资产投资降幅收窄，且电源投资增速继续回升。全国电源新增发电装机容量仍不及上年同期，全国发电设备容量保持低速增长，全社会发电量增速同比降幅有所收窄。全社会用电量仍处于负增长区间，降幅也继续收窄，且4月当月用电量增速由负转正。此外，电力、热力生产和供应业营业收入及利润总额同比仍明显下滑。

Air emission regulations and legislations, globally, have lasting effects on various markets of the world. The markets that predominantly use fossil fuels were the worst affected with these regulations, and these markets have started to adopt alternative fuel sources that show lesser environment impact. In such a context (with LNG being a relatively cleaner fuel), the market studied was valued USD 250.47 million in 2018, and it is projected to reach USD 760.31 million by 2024, at a CAGR of 15.91% over 2019-2024 (henceforth referred as ‘the forecast period’). The market studied has evolved over the past decade, driven by the growth in the global LNG usage, clean energy demand, and its ability to reduce greenhouse gases emissions. The order and delivery of LNG-powered vessels are growing and the reduced natural gas prices in 2014 have marked the beginning of expanding opportunities for such vessels. A gradual shift to LNG for propulsion is more advantageous, as compared to the traditional methods of fuelling ships with heavy fuel oil, marine gas oil, marine diesel oil, and others. LNG-based propulsion reduces carbon footprint significantly and increases the ship’s operational efficiency.

The electricity generation, transmission, distribution, and consumption processes, within the vast industrial landscape, are undergoing dramatic changes. The electricity markets, par ticularly concerning the transmission and distribution network, have undergone restructuring, paving way to more advanced transmission technologies in the developing countries. High-voltage direct current (HVDC) technology is one of the catalysts that is driving transformation in the electricity market. HVDC transmission technology is a crucial technology, holding a potential to disrupt the power transmission landscape of the world. This technology is at the forefront of the emerging "smart grid" revolution, and it has emerged as an economically viable solution for bulk and long-distance power transmission. Various countries are adopting HVDC over HVAC, due to its cutting-edge features, such as long-distance transmission, asynchronous transmission, ease in controlling the active power link, the possibility of bulk power transmission, and low loss (typically 30-50% less transmission loss than comparable alternating current overhead lines) in transmission of power.

Wind turbines are beginning to be used for electrical generation, having previously been used for various other applications, such as sailing, agriculture, grinding, and others. From an emerging power source, 20 years ago, wind turbine technology has been transformed into a commercial electricity- generating technology in more than 80 countries. While the world has been harvesting energy from wind for several decades, the growing environmental concerns in last few years have driven the deployment of renewables, globally. The usage of wind power has reached a point where it has become a noticeable contributor to the world’s energy mix. The exponential growth in the wind energy market is supported by depleting fossil fuel reserves, declining cost of wind power generation, growing sensitivity toward environmental issues, and support from various governments around the world, through financial incentives.

Zeolites were first discovered in the 18th century as a natural mineral which has an exceptional adsorption property. Zeolites are crystalline solids structures made of aluminosilicates with variable Si/Al ratio, that form a framework with cavities and channels inside, where cations, water, and small molecules could get adsorbed or desorbed. Synthetic zeolite could be produced from natural minerals, such as natural zeolite, silica, and alumina. Due to their large pore volume, zeolite molecular sieves have an impeccable adsorption capacity and catalysis properties. Since the birth of synthetic zeolite, the application of synthetic zeolite has been greatly expanding. Zeolites molecular sieves are currently used in a wide range of industries, such as oil and gas, petrochemicals, wastewater treatmen t, environmental, automotive, pharmaceuti cal, a griculture, and aquaculture for the application of catalysis, separation processes, adsorption of Sulphur and nitrogen, prevent air pollution, etc. Zeolite catalyst consumption is dominated by the Fluid Catalytic Cracker (FCC) and desulphurization application in refineries, which accounts for more than 70% in value.

我们认为用电需求、基建加码共振，我们预计电网投资预计将在2020 年触底反弹；在此基础上，“新基建”概念定位精准，电网投资有望持续加码电网信息化与特高压工程两大发展主线，建议关注行业龙头的投资机遇。

我们推荐华能国际：火电龙头，承诺分红比例不低于70%，预计公司2020-2022 的归母净利润分别59.4、69.0、71.8 亿元，同比增长252%、16%、4%，2021 年PB 恢复至板块历史均值为1.5 倍，目标价为7.62 元；华电国际：预计公司2020-2022 年归母净利润46.7、52.6、48.4 亿元，同比增长37.1%、12.6%、-7.9%，公司2021 年PB 估值较龙头华能国际略低为1.2 倍，给予目标价5.96 元；长源电力：湖北火电上市公司，受益浩吉铁路，公司拟购买湖北电力100%股权，预计公司2020-2022 年实现归母净利润5.4 亿元、7.7 亿元、7.9 亿元，同比增长-5.5%、42.5%、2.6%，预计公司2021 年PB 恢复至板块历史均值为1.5 倍，给予目标价6.05 元

我国大型水电站自2000 年后密集投产，三峡首批机组于2003 年投产，漫 湾首批机组于2007 年投产，按水轮机平均12-18 年折旧年限推算，我国 大型水电站机电设备折旧将逐渐到期，存量机组折旧或将开启下行通道。 我们对全国龙头水电雅砻江水电（国投电力持股52%、川投能源持股 48%）、华能水电的固定资产进行拆解，结合各公司披露的不同类别固定资 产折旧年份，测算得华能水电、雅砻江水电存量机组折旧将逐步到期，关 注折旧下降带来的盈利空间。

5 月电动车产量7.52 万辆，同环比-32%/+3%，环比平稳微增，基本符合预期：根据合格证数据，2020 年5 月新能源车产量7.52 万辆，同比降32%，降幅缩窄，环比增3%，市场温和回暖。乘用车产量6.82 万辆，同比减少30%，环比增加4%，其中纯电乘用车产量提升至5 万辆，同比减少39%，环比增加8%。

2020 年4 月单月全社会用电增速同比正增长0.7%，带动1-4 月累计增速回升至-4.7%。根据中电联数据， 2020 年4 月单月全国全社会用电量为5572 亿千瓦时，同比增长0.7%，4 月全国用电增速成功转正反映了全国范围内复产复工有序推进。1-4 月全国累计用电量2.13 万亿千瓦时，同比降低4.7%，降幅较一季度的-6.5%收窄1.8 个百分点。