短期来看，稳增长是新能源汽车目前的主要任务，在疫情影响下，2020 年经济压力较大，新能源汽车作为国家长期重点扶植发展的战略性产业之一，国补的延续坚定了产业发展信心；中长期来看，产业发展重心从追求续航里程增加能量密度转向鼓励换电提升消费体验，不断激发新能源汽车的消费属性，刺激电动车内生发展，不受30 万元限价影响的换电车企以及电池企业将由此受益。另外，能量密度不再是产业重点追求的关键，虽然高端车型依然以高镍电池为主导，但低续航乘用车中磷酸铁锂的渗透率提升将带来边际改善，持续推荐各环节龙头企业宁德时代、亿纬锂能、欣旺达、科达利、恩捷股份、璞泰来、新宙邦以及磷酸铁锂回暖受益标的德方纳米和湘潭电化。

海外疫情持续，光伏需求受影响。近日国内疫情基本受控，海外疫情未见明显的向下拐点，欧洲、美国成为疫情重灾区。受疫情影响，物流、货物通关、人员流动等效率变差，导致部分已签订单延期和新签订单减少。由于光伏需求大部分来自海外，海外疫情的蔓延或致海外全年光伏新增装机量下滑。尽管国内光伏行业与海外需求密切相关，但由于海外各国需求不集中，而各国疫情严重程度不同，相当于需求下降的风险也有所分散。我们预计2020年海外光伏新增装机量或在70GW-80GW之间。

2020 年1-3 月全国电力工业生产简况：3 月份，全社会用电量5493 亿千瓦时，同比下降4.2%，比上年同期回落11.7 个百分点、比2 月提高5.9 个百分点；全国规上电厂发电量5525 亿千瓦时，同比下降4.6%，比上年同期回落10.0 个百分点。1-3 月份，全社会用电量15698 亿千瓦时，同比下降6.5%，比上年同期回落12.0 个百分点；全国规上电厂发电量15822 亿千瓦时，同比下降6.8%，比上年同期回落11.0 个百分点；全国发电设备累计平均利用小时为815 小时，比上年同期减少104小时。截至3 月底，全国规上电厂装机容量191630 万千瓦，同比增长5.6%，比上年同期回落0.3 个百分点；1-3 月份，全国发电新增装机容量1356 万千瓦，比上年同期少投产433 万千瓦。

Globally, water usage has been increasing by about 1%, per year, since the 1980s, driven by a combination of population growth, socio-economic development, and changing consumption patterns. The global water demand is expected to continue increasing at a parallel rate until 2050, accounting for an increase of 20%- 30% above the current level of water use, mainly due to the rising demand in the industrial and domestic sectors. Over 2 billion people live in countries experiencing high water stress, and about 4 billion people experience severe water scarcity during at least one month of the year. Stress levels may continue to increase, as the demand for water grows and the effects of climate change intensify. According to the United Nations, at least one billion people around the world lack access to safe drinking water and 2.6 billion do not have adequate sanitation. Global warming and population growth may intensify these scarcities in the years to come, unless water conservation and management practices around the world advance.

As an emerging technology smart gas solutions provide enhanced solutions and services to energy & utility suppliers and other users such as, commercial and residential. Moreover, increasing need to reduce wastage and conserve the natural gas is anticipated to provide growth opportunities for the smart gas market. Furthermore, increasing penetration of smartphones, Internet of things (IoT), and device type of big data are also providing market growth opportunities. In addition, growing government initiatives for the development of smart grid and related technologies are paving the way for smart gas technology penetration. This report features information on smart gas solutions and services offered by key vendors. Furthermore, it highlights the strategies adopted by key market players to improve the market share and sustain the competition.