2020 年5 月，广东、云南、江苏等地月度市场化成交电量大多环比回升，成交电价涨跌互现。其中广东5 月集中竞价成交电量环比3 月回升13%，但仍同比下降78%；5月价差同比扩大4.7 元/MWh，环比4 月价差扩大1.5 元/MWh。江苏5 月集中竞价电量同比大幅提升87%，环比4 月大幅提升96%；价差同比扩大40 元/MWh，相比2 月扩大27元/MWh。云南5 月省内市场电量同比提升5%，环比提升9%；市场电价同比提升16.4元/MWh，环比4 月下滑2.8 元/MWh。

电力行业作为基础能源产业，在国民经济中占有极其重要的地位。近年来，随着我国经济进入高质量发展阶段，电力行业正处于从高速增长到平稳发展的调整转变时期，高效、清洁、安全、经济的高质量现代电力体系正在加速构建。与此同时，我国电力行业技术水平不断提高，以重大项目工程应用为依托，以拥有自主知识产权的大型发电成套装备、特高压输变电装备、智能电网用成套装备等为代表的多项电力装备技术，达到国际领先水平。

天气对于4 月用电需求变化的影响并不明显，电量变化基本反映了社会生产和居民生活情况。除三产外，一产、二产、居民用电增速均已回正；与3 月相比，用电恢复增长的地区由5 个大幅提升至18 个，湖北也不再是当月全国用电降幅最大的地区。核电利用小时持续回升，凸显其超越其他电源类型的稳定特性，推荐享受控股股东全产业链优势的中国核电，建议关注国内装机规模最大的中广核电力（H）/中国广核（A）。

2019 年初至今，上证综指上涨15.9%，电力及公用事业指数上涨2.9%，涨幅大幅低于上证综指。2020 年初至今，上证综指下跌3.3%，电力及公用事业指数下跌5.1%。单看电力行业，最近5 年来营业收入持续增长，由2016 年的7000亿元持续增长到2019 年的1.2 万亿元，净利润在2017 年触底，2019 年恢复到900 亿元左右。

（1）我们推荐高分红火电龙头华能国际、低估值高增长的华电国际、有资产注入的湖北火电标的长源电力。（2）《关于新时代推进西部大开发形成新格局的指导意见》中明确，在西部培育清洁能源基地，促进消纳与外送，推进增量配电改革。我们推荐参股雅砻江水电叠加股息率提升的川投能源，建议关注雅砻江水电开发主体国投电力和积极开展增量配售电业务的三峡水利。

受疫情影响，煤价下行幅度加快，我们认为煤价下跌对火电企业业绩的正向影响将超过发电量减少的负面影响，火电企业具备较高的业绩弹性，建议关注全国性火电龙头华能国际（600011.SH）、华电国际（600027.SH）；区域性火电优质标的长源电力（000966.SZ）、皖能电力（000543.SZ）等。尽管来水偏枯影响短期水电发电量，但从全年角度看，发电量有望逐渐得到改善，且优质水电股息率较高，防御属性强，在降息周期中配置价值高，持续推荐长江电力（600900.SH）。

Stage lighting is an illuminated stagecraft and requires many components. It is used in concerts, plays, operas, dance performances, theatre, and other performance art shows using a synchronized system of various lighting equipment to create a dazzling lighting display. The process involves manipulating the light intensity, color, distribution, direction and motion. These qualities are in nature manageable controllable and are also known as stage lighting variables, since they can be used in different combinations to alter the result.

A solar tracker is a device meant to turn the photovoltaic modules toward the sun. This is attributed to maximize the irradiation received by the photovoltaic array. In global solar tracker installation market report, the period studied is 2018–2026. The report includes the study of the solar tracker installation market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth. The revenue of the companies operating in the market is track down to obtain the total market value. Moreover, the report analyzes the current market trends of solar tracker in different geographies and suggests the future growth opportunities by analyzing government regulations & policies; thereby, further increasing the consumer acceptance of solar tracker.

In 2018, buildings accounted for 40% of the energy consumption in the European Union (EU). The European Union has a target of reducing gas emissions by 80%, by 2050. It is estimated that in order to reach this target, the emissions from the building energy consumption needs to be reduced by 90%. In 2010, the European Union introduced the Energy Performance of Buildings Directive (EPBD). The EPBD was revised in 2018. Some of the major directives of the EPBD, which are expected to drive the building-integrated PV market, and in turn, the solar power window market are as follows: All the EU members will have to establish stronger long-term building renovation strategies aimed at making the new buildings more energy-efficient and green to decarbonize the building stocks by 2050. The strategies should also have the indicative milestone for 2030, 2040, and 2050, measurable indicators for progress, and solid financial components. These directives are expected to force the member nations to introduce not only regulations for new buildings but also the special subsidies for the BIPV components such as solar power windows.

Power electronics is an engineering study of converting electrical power from one form to another. The world- wide average rate of 12 billion kilowatts every hour of every day of every year, more than 80% of the power generated is being reprocessed or recycled through some form of power electronic systems. A lot of energy is wasted during this power conversion process due to low power conversion efficiency. It is therefore very important to improve the efficiency of these power conversion systems. With the extensive use of efficient and cost-effective power electronics technology across the globe, the energy consumption is expected to reduce up to 35% during the forecast period. The scope of the report discusses the potential opportunities for the market players to enter the global power electronics for electric vehicle market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.