Combined heat and power, also known as cogeneration, is an efficient process that generates electricity and captures and utilizes the waste heat produced simultaneously. It involves using a single fuel source, such as natural gas or biomass, to generate electricity through a generator or turbine. The waste heat generated during this process is recovered and utilized for heating, cooling, or other thermal energy applications. Combined heat and power systems offer higher energy efficiency, typically exceeding 80%, compared to separate production of electricity and heat. They provide cost savings, reduce fuel consumption, and contribute to environmental sustainability by maximizing the use of energy resources. Combined heat and power find applications in various sectors, including industrial, commercial, and residential settings.

Coal gasification is a thermochemical process in which coal is subject to heat and pressure in a gasifier to break it down into its chemical constituents. The resulting product, known as syngas, primarily comprises carbon monoxide and hydrogen and, occasionally, other gaseous compounds. Syngas can be used for electricity generation, as a fuel in energy-efficient fuel cell technology, and even as a chemical building block in industrial applications. Moreover, hydrogen can be extracted for use as fuel in a hydrogen economy. Also, syngas can be used to produce transportation fuels that can be a substitute for gasoline in vehicles.

Ultrapure water is the water treated to obtain the highest purity levels for use in critical cleaning and process feed applications. Ultrapure water is primarily used in the semiconductor industry, power plants, and the healthcare sector. It is obtained by combining several filtering techniques, including reverse osmosis, ultrafiltration, and ion exchange. The processes for obtaining ultrapure water are monitored by stringent specifications and standards formulated by regulatory bodies.

Shale gas is a type of natural gas that is trapped within shale rock formations deep beneath the Earth's surface. It is a fossil fuel, like conventional natural gas, primarily composed of methane with small amounts of other hydrocarbons and trace impurities.

Rugged handheld devices are portable electronic devices that can withstand difficult climatic and environmental conditions. Rugged handheld devices are water- and dust-resistant and have shockproof features. These devices have a battery life of more than ten hours.

净零排放目标下，清洁能源投资增加，风电、光伏发电占比呈现上升趋势。电网是能源转型的重要载体，终端高电气化率+发电侧高比例新能源接入不断对电网造成冲击和挑战。从全球角度来看，22 年电力装机容量投资相较于 17 年大幅增长近 40%，已超过 7500 亿美元。相比之下，电网基础设施投资保持相对稳定，每年稳定在 3000 亿美元左右。我们预计在能源转型趋势的推动下，全球电网投资有望匹配上升，以满足日益增长的新能源需求。

动力&储能电池：内需+出口助力需求抬升，供给端产能利用率低位运行。动力电池需求：2023 年全球/中国新能源汽车全年销量有望分别超过 1443/930 万辆，同比增长 32.1%/35.1%；2024 年全球/国内新能源汽车销量有望超过 1791.9/1160 万辆，同比增长 24.2%/24.7%；受中高端电动车加速放量和国家购置税政策紧缩影响，2024 年纯电/插混乘用车单车带电量同比+4.2/+3.8kWh，纯电三元/纯电铁锂/插混三元/插混铁锂单车带电量分别增至 75.5/52.7/36.9/24.2kWh；2023 年国内动力电池装机有望超 385.5GWh，铁锂占比接近七成；动力电池出口持续高增，2023 年出口量超 120GWh，预计 2024 年出口量超 181GWh，同比增长 50%左右；国内电车持续高景气叠加动电出口持续高增，预计 2024 年国内动力电池出货量超过 825GWh。

港股电力及公用事业股跑赢大盘。上周香港恒生指数跌-3.00%，恒生综指跌-2.81%， 恒生中国企业指数跌-2.80%，中信港股通指数跌-1.99%。中信港股通电力设备及新 能源指数跌-8.24%，中信港股通电力及公用事业指数升 1.70%，电力及公用事业指数 跑赢大盘。中信港股通电力设备及新能源指数、中信港股通电力及公用事业指数上周 表现在中信港股通各行业指数中分别排第二十九位及第三位，港股电力及公用事业股跑赢大盘。从 PE(TTM)对比情况来看，中信港股通电力设备及新能源指数、中信港股通电力及公用事业指数估值靠近中游偏下，可排第二十三位及第十六位。