公用事业2025年中期投资策略报告:火电盈利区域分化加剧 136号文加速新能源市场化

中信建投证券
14 Jun

核心观点2025 年以来,电力及公用事业行业市场表现整体较为平稳。截止到2025 年6 月4 日,Wind 电力板块今年以来下降0.36%,累计跑赢大盘1.33 个百分点。分行业来看,火电、水电板块分别上涨0.89%和1.87%,燃气板块下降5.52%。环保行业方面,截至6 月4 日,环保指数今年以来上涨7.52%,累计跑赢大盘9.20 个百分点。今年以来我国动力煤仍然保持供需双弱格局,国内外动力...

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