我国电源结构以火力发电为主，其中燃煤发电在火力发电中占据主导地位。目前全国规模以上电厂火电发电量在总发电量中的占比仍超过70%；燃煤发电量在火电发电量中的占比超过90%，燃气发电、燃油发电量占比小。本报告火电研究以煤电为主。

前日，总书记在巴黎气候峰会上宣布，到2030 年，中国单位GDP 二氧化碳排放将比2005 年下降65%以上，非化石能源占一次能源消费比重将达到25%，这意味着，2025 年非化占比从原定的18%提升到20%将成为大概率事件。预计2020-2025 年光伏和风电年均新增装机量在85-113GW 和15-31GW 的范围内，2025-2030 年光伏和风电年均新增装机量在62-217GW 和30-59GW 的范围内；欧洲方面，9 月17 日欧盟发布将2030 年可再生能源占比目标从32%以上提升至38%-40%；由于目前减排目标或提升至60%，在此基础上，预计可再生能源发电占比将持续提升至约42%-44%的水平；从欧洲来看，根据预计发电量增量，在现有的风电和光伏装机的基础上，若在减排目标55%的基础上，预计2020-2030 年光伏和风电合计年均新增装机量在103-114GW 的范围内，若在减排目标60%的基础上，预计合计年均新增装机量 117-130GW 的范围内；以光伏、风电为代表的能源发展路线再次被夯实；

需求端，特斯拉、国内造车新势力、海外传统车企共同发力，产品力有望加速提升，我们预计2021年全球新能源汽车销量有望达到431 万辆，同比增长40.4%。展望2025 年，我们预计全球新能源汽车销量有望达到1330 万辆，对应动力电池系统产值有望超过6000 亿元。供给端，国内优质龙头凭借更好的融资渠道、更深厚的技术储备、更积极的扩产计划、更丰富的客户基础，发展势头会更突出，全球竞争力将持续增强，市占率将进一步提升，核心产业链价值更大。

Waste-to-energy is the process of energy generation by the primary treatment of municipal solid waste. This process produces electricity or heat directly by combustion. In addition, it produces combustible fuel commodities such as methanol, methane, synthetic fuels, or ethanol. This report highlights the factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and roles of different key players that shape the market growth. Moreover, it focuses on the overall demand for waste-to-energy across various countries and different applications, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices and considering the region-wise differentiated prices.

长期来看，晶科仍将继续受益于一体化产能扩张带来的利润改善和优异的全球市场布局带来的订单的确定性。我们预计公司2020-2022 年的收入分别为351.3，394.8 和483.7 亿元，Non-GAAP 归母净利润分别为12.8，13.7 和16.7 亿元。我们维持公司的“审慎增持”评级，给予目标价70.8 美元，对应2020 年16.7x PE。

Data centers are the largest consumers of electricity in the world. A data center can consume power ranging from 100 kW to over 100 MW. The incoming power to the facility from the utility feed is 2−33 kV, which is reduced to 480 V using on-site transformers. The power from the transformer is fed into the switchgear or automatic transfer switches (ATS), which is connected in parallel to the generator to supply backup power during outages. The switchgear is connected to the UPS systems in the data center, which, in turn, is connected to floor power distribution units (PDUs). The power from the floor PDUs is then transferred to the rack PDUs in data centers, which powers the IT infrastructures inside the rack. The below is among the commonly used power distribution in data centers from utility feeds to rack cabinets.

国内积极减排，碳中和目标进一步明确中长期规划。2020年9月第75届联合国大会上，习近平总书记表示，将力争在2030年前实现碳达峰，2060年前实现碳中和。截至2019年底，中国碳强度较2005年降低约48.1%，非化石能源占一次能源消费比重达15.3%，提前完成2020年减排目标。