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.

2019 年军工板块收入和净利润均实现约两位数增长。2020Q1 两指标 均出现较大幅度下滑，主要原因是受新冠疫情影响，但全年看，军工板 块一季度的收入占全年收入的比重约为 18%左右，军品的交付及收入确认 主要集中在下半年进行，所以从收入角度看疫情对行业整体冲击有限。