中国银河证券:火电盈利有提升空间,新能源预期逐渐明朗

第一财经
Jun 24, 2025

中国银河证券发布公用事业板块中期策略称,2025年下半年投资机会可围绕煤价下降带来火电成本改善、低利率环境下水电股息率吸引力增强、核电长期高成长性、新能源收益预期明确等展开。在火电方面,虽然受到电量、电价下滑的不利因素影响,但受益于煤价大幅下降,盈利仍有提升空间。建议关注市场煤敞口大,且布局25年年度长协电价下调幅度较小区域的企业。新能源方面,在节能降碳政策,以及新老划断刺激下,25年新能源装机...

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