车企与电池厂商深度合作成新趋势：近日，宁德时代与本田围绕新能源汽车动力电池签署全方位战略合作协议，加强推广电动车普及和加速战略合作伙伴关系，在合作中，本田拟认购宁德时代1%的非公开发行股份，以战略投资股份认购的方式保障双方的深度合作，在此前，大众和戴姆勒为首的全球领先车企，也纷纷通过参股方式分别与电池厂商国轩高科和孚能科技形成深度合作，目前车企通过参股方式与电池厂商深度合作已成新趋势。

此前受疫情影响，光伏产业链价格持续下降，各环节一线厂商微利、二三线小厂普遍处于亏现金流的状态。随着2020 年竞价项目的落地，预计产业链需求和价格将开始回暖，各环节龙头有望持续收益。维持行业推荐评级。

6 月 17 日，财政部发布 2020 年中央财政预算，其中，2020 年可再生能源电价附加收入预算数为 883.52 亿元，比 2019 年执行数增加 15.41 亿元，增长 1.8%。主要根据社会用电量预计增长情况测算。

The deployment of energy storage system is anticipated to augment in the coming years, on account of changes associated with the power sector. The increasing development of renewable power infrastructure, coupled with the surging need for ancillary services in the power sector, is a big boost for the energy storage market. For the effective usage of renewable energy and grid resiliency, energy storage plays a crucial role. Energy storage technology aids grid operators, globally, in managing the variable energy generation from renewables, like solar and wind energy. However, the development of advanced energy storage systems has been highly limited in select regions with highly developed economies. The reason behind this is primarily the high initial cost and requirement of technical expertise. Despite the decrease in energy storage system (ESS) cost, ESS remains expensive, and the upfront investment required is difficult to overcome without government support. The energy storage market is led by pumped hydro storage, which has the majority share across the world, as it is the only matured energy storage technology. Globally, the development of distributed energy resources is growing rapidly to meet the local power demand and enable grid resiliency. The energy storage plants provide an alternative as a source of electricity in a distributed energy system. As the energy storage plants are located close to consumption centers in a distributed power system, the power transmission is minimum. Moreover, if energy storage is suitably deployed, it is expected to ensure the grid operators a flexible and fast responding resource to effectively manage variability in generation and demand.

The worldwide demand for water, due to the growing population, increasing urbanization, and the need to address the cost implications from maintaining aging infrastructure are among the major driving factors for growth in the smart water management market. Similarly, with proliferation of IoT, smart cities across various regions are also expected to promote the growth of the market studied. Technological advancements pertaining to smart meters and their integration with communication solutions (SCADA, GIS, etc.) have transformed water management, to address the challenges faced by water utilities, residents, and industries, in terms of erroneous billing and water management. Owing to the global demand, the need to address the operational issues of the water management becomes crucial. Consequently, the adoption of smart water management technologies is expected to gain traction. The smart water management ecosystem consists of sensors, smart meters, communication infrastructure, and supporting software to enable two-way communication, thus, allowing users to gather actionable information and take informed decisions, pertaining to optimized water distribution and usage.

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.

In the current era of smart grid, massive amounts of data are being generated. Data analytics solutions, (the process of analyzing data, primarily to identify significant, useful, and interesting trends and patterns) are expected to enable the utility to transform the vast volume of information generated into profitable business insights. As energy plays a prominent role in the socio-economic development of any country, the South Asian countries, like Sri Lanka and India, are encouraging the deployment of solar panel grids to produce electricity for own consumption and business purposes. Globally, the electric power systems have been witnessing changes. These electric power systems depend on centralized fossil-fuel plants to generate electricity and extensive grids to deliver it to different end-users. The demand for cost-effective power supplies for consumers in the utility sector led the market for smart grid analytics, globally. In an ever-growing power environment, a vast amount of data is generated by smart meters, sensors, automated dispensing systems, etc. Utility owners or suppliers utilize this huge amount of data to track demand and consumption, prevent power cuts, and reduce downtime. From the smart meters installed, the organizations can collect thousands of data points and elements per month, along with various types of measurements. This technological shift was primarily enabled by the improvements in communications and metering technology, mostly suppor ted by plummeting costs for storage and processing power.

2020 年7 月，建议三条主线布局公用事业：1）火电板块估值低、受益煤价下行，关注：华能国际、华电国际；2）水电板块股息率高、配置价值突出，关注：长江电力、湖北能源；3）环保板块，关注水治理政策执行力度超预期标的：碧水源、国祯环保；及受益垃圾分类的环保装备企业：盈峰环境。公用事业维持“同步大市”评级。

1-5 月，全社会用电量27197 亿千瓦时，同比下降2.85%，降幅逐渐收窄。5 月用电量增速继4 月由负转正（+0.7%）后显著回升至4.6%，此前1-3月用电量同比分别下降5.9%、10.1%、4.2%。