2020 年7 月，建议三条主线布局电力板块：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）风力和光伏板块市场回暖、政策保障，关注金风科技、福能股份、林洋能源。整体维持“同步大市”评级。

受新冠肺炎疫情影响，今年春节后复工复产进度明显滞后，用电需求疲软，但随着复工复产推进我国用电需求快速恢复，叠加水电出力偏弱影响，火电电量和出力表现亦呈现出环比改善趋势，5 月份火力发电量同比增长9.0%，增速较上月提升7.8个百分点；5 月份火电利用小时首次实现年内正增长，单月同比增加21 小时。

The proliferation of handheld devices has led to developments in the field of the gas detector, which has considerably widened the scope of application across multiple end-user segments. The government regulations across the world are increasingly becoming stringent in both emission control as well as labor safety, which is driving the demand for gas detectors. Industrial production process not only involves the use of various gases but also shares a considerable share of the overall environmental emissions. The government regulates leakage of such gases, and this is where the demand for gas detectors is increasing. For instance, the EU incorporated Directive 2010/75/EU an instrumental regulation in controlling pollutant emissions into the atmosphere by industrial installations. The governments across the world and political bodies are increasingly setting targets to reduce the emission of greenhouse gases. For example, the EU has set itself a goal of net-zero greenhouse gas emissions by 2050. Also, countries, such as China, the United States, India, and Russia, are increasingly adopting stringent regulations to tackle emission rates. Moreover, the government regulations for workplace and labor safety are increasingly becoming stringent, and adherence to such rules is vital in business continuity for organizations. According to the International Labor Organization (ILO) estimates that 4% of the gross world product is expended on worker accidents, and the percentage increases even further if we take into account the work-related health problems.

下半年需求或超预期， 国内外有望迎来共振发展。 1） 国内： 5月底电网公示全年光伏新增并网消纳容量约48.5GW， 大大增强竞价、 平价项目的申报信心。 目前为止， 2020年光伏平价项目申报总规模37.3GW， 同比+152.5%； 2020年纳入补贴竞价项目26.0GW， 同比增长14%。 随着下半年国内新增竞价项目逐渐开始启动， 装机规模得到支撑。 2） 海外： 1-5月组件出口累计26.2GW， 同比-0.2%， 表明海外需求在疫情影响下依然保持旺盛；后续疫情压制因素缓解+电站收益率提升， 将打开需求空间， 四季度将是行业旺季。

Oil and gas remains as one of the most highly valued commodities in the energy sector. In recent years, there has been an increased focus on improving efficiency, and reducing downtime has been a priority for the oil and gas companies as their profits slashed since 2014, due to fluctuating oil prices. However, as concerns over the environmental impact of energy production and consumption persist, oil and gas companies are actively seeking innovative approaches to achieve their business goals, while reducing environmental impact. Additionally, the price of oil reduced by 40%, since hitting four-year highs of above USD 76 a barrel in October 2018, in the United States, nur turing concerns for oil and gas firms. Hence, companies in the oil and gas sector are experimenting with contemporary technologies to increase their efficiency and revenue. By leveraging AI in oil and gas operations, corporations can design algorithms to guide drills on land mass and ocean floor. AI is also been used to increase the safety of gas stations for preventive maintenance. But there have been growing incidences of fires at the gas stations. For instance, a gas station in Arkansas had an accidental fire. Such events can prove to be deadly and destroy gas stations and the area surrounding it. However, intelligent cameras based on AI can access the risk area and lessen the extent of potential damage.

电池技术遇到瓶颈与手机功耗不断提升之间的矛盾。手机电池技术经 过近 50 年的发展，从早期的镍铬电池、镍氢电池直至现在的锂电池， 电池容量不断提升，电池体积不断缩减，如今锂电池技术已经进入瓶 颈期。与之产生矛盾的是手机性能提升带来功耗的大幅提升，手机从 原来的一周一充逐渐变成现在的一天多充，主要原因是手机屏幕、 CPU、通讯等方面耗电量的增长。

5G 手机渗透率持续提升，可穿戴设备延续高增长：2020 年第一季度，全 球智能手机出货量 2.758 亿台，同比下降 11.7%，二季度由于受到新冠疫 情影响，预计仍将继续下滑。目前来看，国内由于疫情控制较好，智能手 机市场率先复苏，5G 渗透率持续提高，1-5 月国内 5G 手机出货量达 4608.5 万部，占同期国内智能手机出货量比例高达 38.0%。在可穿戴设备方面， 2020Q1 全球可穿戴设备出货量达到 7260 万部，同比增长 29.7%，其中 Q1 全球智能手表出货量 1690 万部，同比下降 7.1%，TWS 耳机出货量高 达 4380 万台，同比增长 86%，TWS 耳机延续高增长，其中苹果份额高达 41.5%，排名第一。进入下半年，预计 5G 手机渗透率将持续提升，可穿 戴设备将延续高增长，有望带动行业需求复苏。

子板块轮动上涨 国内市场行业走势强劲：2020 年 6 月国内 A 股市场的申万电 子行业一级指数上涨 19.2%，位列第 2 位，由于苹果全年终端出货量预期回调 以及中芯国际上市科创等带动的消费电子和半导体板块轮动上涨，国内电子行业 整体表现领先大市。海外市场方面，香港、美国和台湾科技板块均上涨。

苹果在 2020 年 WWDC 宣布未来苹果电脑将使用基于 ARM 架构的自研 A 系列芯片， 结合 ARM 架构低功耗的优势，通过给芯片规划性能分配，可以更好的满足苹果公司对 高性能+低功耗的追求。统一 iPhone、iPad 和 Mac 处理器架构，意味着 iOS 与 iPadOS 系统的 APP 可以在 macOS 系统实现兼容，扩展 macOS 系统的软件生态。影响用户体 验的除了终端的硬件性能外，最为重要的是系统与软件的升级。包括 Mac、iPhone、 iPad、Watch 和 TV 在内的苹果公司所有产品皆为自主开发的软件系统，这也是苹果软 件层面生态闭环的重要保障。

我国是全球最主要的 LED 生产基地，高工 LED 研究所（GGII）数据显示， 2012-2018 年我国 LED 产值从 2059 亿元增长至 5,985 亿元，年复合增速高 达 16.47%。受全球经济不景气、中美贸易摩擦、房地产调控政策等影响， LED 应用需求尤其是照明业务不及预期，行业进入筑底阶段。我们观察到， LED 行业正逐步走向寡头集中、规模精益生产、技术迭代加速的新阶段。