Directed energy weapons (DEWs) is largely defined as those weapons which produce high power beam of concentrated energy in the form of electromagnetic, atomic, and sub-atomic particles, which is used to damage or destroy objects or eliminate human adversaries. Directed energy weapon systems are primarily classified into three technologies: high-power laser, high-power microwave and neutral particle beam. High power laser technology contributed 88.68% of market share in 2019, but the growth of high-power microwave technology is expected to be high due to the inexpensive development and operation cost as compared to high power lasers. Moreover, neutral particle beam technology is currently in the theoretical stage and adequate research is needed for further development of the prototype.

The batteries which use graphene as electrode material are called graphene batteries. Graphene as electrode material can be used in various type of conventional batteries such as lithium batteries, lead batteries, lithium sulfur and material for supercapacitors. The segments analyzed in the report are by battery type: Lithium ion (Li-ion) batteries, Lithium Sulfur (Li-S) batteries, Supercapacitors, and Lead acid batteries. Graphene batteries are used in various industries such as automotive, electronics, aerospace and defense, energy & storage, industrial robotics, and healthcare. Applications further include various sub segments such as:

公司以“薇诺娜”品牌为核心，专注于应用纯天然的植物活性成分提供温和、专业的皮肤护理产品。公司以“打造中国皮肤健康生态”为使命，深入洞察消费者需求，以皮肤学理论为基础，结合生物学、植物学等多学科技术，持续进行产品研发和技术创新，不断向消费者提供符合不同皮肤特性需求的专业型化妆品，目前公司已成为全国领先的化妆品生产企业之一。

1-6 月我国原油加工量同比增长0.67%，下游需求缓慢复苏。整体来看，1-6 月我国加工原油3.19 亿吨，同比增长0.67%；原油产量9715 万吨，同比增长1.84%；原油进口2.69 亿吨，同比增长9.87%；原油表观消费量3.66 亿吨，同比增长7.77%；对外依存度73.5%，创历史新高。

顶装焦整体性能要优于捣固焦。顶装炼焦与捣固炼焦相比，对入炉煤水分、粒度要求不严格，在装煤操作、焦炉机械、装煤环保、炉体寿命等方面优势比较明显，唯一劣势就是成本较高。而且顶装焦的机械性能和热态性能要优于捣固焦，比较适合大型高炉。

Needle coke industry is a primary raw material that finds its significant application in the production of steel, aluminum, stainless steel, silicon metals, and some other ferrous as well as non-ferrous metals. Needle coke also finds its key applications in the manufacturing of lithium-ion batteries that are in high demand in the automotive industry. Petroleum needle coke is mainly preferred by steel and battery manufacturers. This is because the battery and steel manufacturers working on the EAF technique only work on high-quality needle coke, ultra-high purity (UHP) for the production of lithium-ion battery anodes, and graphite electrodes. The growth of the needle coke market can be attributed to a steady surge in demand for lithium-ion battery anodes to be used in lithium-ion batteries coupled with high demand for graphite electrodes across the steel industry. The steel industry witnessed a growth rate of approximately 4% in 2018 in terms of production as compared to the previous year. Along with this, the share of electric arc furnace (EAF) route of steel production is increasing as compared to that of BOF, and this is further expected to provide impetus to the demand for graphite electrodes, thus influencing the growth of global needle coke market. The needle coke market is a very concentrated market consisting of approximately ten giant players. GrafTech International Ltd. and Phillips 66 Company are the leading manufacturers active in the needle coke market.

煤价上涨后维持高位，年初以来均价虽然整体弱于去年，但当前港口煤价已高于去年同期，处于边际改善过程中，业绩预期存在向上修正空间。尽管板块短期跑输指数，但优质公司估值提升逻辑并未破坏，继续看好龙头公司反弹动力。

全球疫情对原油需求的边际影响快速减弱，炼厂开工率普遍回升，石油产品库存创历史新高，但增速减缓；原油库存量低于市场预期。预计三季度油价提前回升到50 美元附近。

The first flight, which used blended biofuel, began in 2008 and as of March 2019, more than 150,000 flights have used biofuels. Only five airports have regular biofuel distribution till March 2019 (Bergen, Brisbane, Los Angeles, Oslo, and Stockholm), with others offering occasional supply. To cut CO2 emissions by half, by 2050, relative to 2005 levels, and achieve the goal of carbon-neutral growth, the global airline industry, International Civil Aviation Organization (ICAO) have announced to initiate the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), from 2021. Renewable aviation fuel (RAF) produces up to 85% less CO2 over its lifecycle and has the potential to reduce the dependence on traditional aviation fuel. CORSIA is estimated to mitigate around 2.5 billion metric ton of CO2, between 2021 and 2035. Renewable aviation fuel is expected to play a significant role in achieving the industr y’s long-term emissions reduction goal. The market is driven by the strict emission regulations laid on aircraft emissions, by the International Civil Aviation Organization (ICAO). As of 2018, around 150,000 commercial flights have successfully flown on biofuels blends, and several major airlines have committed to the long-term RAF purchase agreement. Further, the International Air Transport Association (IATA) has set a goal of reaching 1 billion passengers on flights, fueled by sustainable aviation biofuels, by 2025. The major factor restraining the market includes the high cost of production of renewable aviation fuel. Fuel cost account for a significant share of the total operating expenses of an airline company (30%). Hence, high fuel costs increase the operating cost for an airline company, by a considerable amount.

2020 年以来，国际油价在产油国联盟的恶性竞争及疫情影响下大幅暴跌。截止06 月29 日，布伦特原油期货结算价41.71 美元/桶，较年初下降24.54 美元/桶（-37.04%）；WTI 原油期货结算价为每桶39.70 美元/桶，较年初下降21.48 美元/桶（-35.11%）。展望后市，我们判断国际油价在需求回暖、协议减产等背景下供需边际改善有望持续，预计布伦特中枢在45 美元/桶。