（1）坚定看好环卫行业，推荐迎来经营拐点，业绩超预期的龙马环卫，预计2020-2021 年公司实现归母净利润3.6、4.6 亿元，对应估值21、16 倍；推荐受益行业催化，业绩高增持续的玉禾田，预计2020-2021 年归母净利润至5.0、6.5 亿元，对应估值37、28 倍；同时建议关注环卫领域优质头部企业北控城市资源、侨银环保。（2）看好垃圾焚烧领域的优质企业：瀚蓝环境，受疫情影响有限，长期现流金稳健保障发展，预计2020-2021 年归母净利润达到10.5、12.4 亿元，对应估值15、13 倍；同时建议关注上海环境、伟明环保及港股龙头中国光大国际。（3）建议关注水处理领域：建议关注PPP领域公司博世科、国祯环保，受益宽松政策，后续发展向好。

申万公用事业指数 申万公用事业指数 申万公用事业指数 2019 全年相对大盘表现不佳； 2020 年前四个月，受疫情 影响，指数走势低迷，但子板块中的环保及水务迎来估值修复逆势向上。

基于重点电厂日耗煤、长江流量以及其他电源高频数据的分析，我们预计2020年4 月全国发电量同比+1.9%至5,542 亿度，增速由负转正（3 月：同比-4.6%）

NYMEX 拟允许部分天然气主力期货及期权价格为负值，供需失衡&储存条件苛刻&气价仍在下跌通道等，共促本次规则调整。目前储气负荷率仍有提升空间，且负油价事件后燃气各参与方对新制度的应对料将更加充分，故海外燃气主力短期料将持续低迷但出现负价概率较低。国内城燃公司受益当前环境，看好燃气龙头公司。

The roles of independent fighting groups are continuously evolving in the modern battlefields. Data from recent combat operations reflect the high frequency of engagements with hostile weapon emplacements in various man-made and natural shelters that cannot be dominated solely using small arms or inferior firepower. The global armed forces are expected to face unprecedented threats on battlefields, where rapidly emerging technologies have substantially altered the balance of power.  The medium caliber ammunition market is expected to grow primarily due to the procurement and upgrade activities undertaken by armed forces to counter the emerging threats. Several contracts for military aircraft, helicopters, infantry fighting vehicles (IFVs) and armored personnel carriers (APCs) mounted with medium caliber turret guns are currently underway and many new contracts are anticipated to be dispersed during the forecast period, creating a parallel demand for medium caliber ammunition.