投资策略：公用事业：1、新型电力系统中，必将大力推进电力现货市场交 易，促进辅助服务发展，“新能源+辅助服务”将成为其中重要交易模式， 推动储能，特别是抽水蓄能发展；2、政策推动煤炭和新能源优化组合，煤 价限制政策有望落地，火电盈利拐点出现。推荐有较大抽水蓄能和新能源规 划，估值处于底部的湖北能源；有抽水蓄能、化学储能资产注入预期，未来 辅助服务龙头文山电力；推荐“核电与新能源”双轮驱动中国核电；推荐积 极转型新能源，现金流充沛火电龙头华能国际、华润电力、中国电力等；有 资金成本、资源优势的新能源运营龙头三峡能源、龙源电力；分布式光伏运 营商芯能科技。

板块大幅波动，水务板块表现最佳。年初以来，板块整体波动较大，走 势与沪深 300 基本一致，细分板块仅水务板块表现较好。下半年我们重 点关注水务稳增长、垃圾焚烧、危废资源化以及 REITs 等投资机会。同 时，由于经济受疫情等因素冲击，地方政府支付能力受一定影响，后续 需持续关注企业经营情况。 

投资建议：关注聚焦产业链一体化发展的头部企业 卓越新能：国内生物柴油行业领导者，同时具备技术、产能的双重优势； 山高环能：餐厨废物资源化龙头，加码布局生物柴油赛道，实现产业链纵 向延伸；嘉奥环保：国内环保增塑剂领军企业，“环保增塑剂+生物柴油” 并驾齐驱，实现协同发展；海新能科：积极推动业务转型，烃基生物柴油 有望成为未来发展重心。

Desalination is a procedure that helps in separating dissolved salts and other minerals from seawater, brackish water, and groundwater & surface water. It is deemed as an alternative sustainable supply of freshwater with the requisite quality and quantity. The key advantage of desalination is that it can provide high-quality drinking water for consumption in areas of water scarcity. Desalination addresses diminishing freshwater supplies as the countries are looking for solutions to deal with water scarcity caused by climate change, industrial development, pollution, and population growth. Innovations in technology have improved energy efficiency, where larger economies of scale have also aided in reducing costs, thereby assisting in the growth of the overall water desalination market.