智通财经APP获悉，电力股集体走低，截至发稿，大唐发电(00991)跌6.16%，报1.98港元；华电国际(01071)跌5.12%，报4.08港元；华能国际(00902)跌4.19%，报5.03港元；华润电力(00836)跌2.38%，报18.88港元。
国泰君安期货发布研报称，下半年电价利空因素依然较多。从供给侧看，若按近五年各类机组的平均利用小时测算，全年总发电量预计将达11.6万亿千瓦时，同比增速11.2%。从需求侧看，全年用电量预计为10.4万亿千瓦时，同比增速回落至5.9%。由此推算，全年发用比仅为89.6%，不仅低于历史平均水平，亦与常规线损率区间不匹配，发电设备整体利用率或低于往年均值，电力市场供需趋于宽松。
招商证券指出，今年以来煤炭价格呈现出明显的下行趋势。25年北方地区电价降幅较低，在煤价大幅下行时，北方区域电厂盈利能力改善明显。而机组主要分布在广东、浙江、江苏等省份的公司量价压力相对较大。此外，由于当前现货煤价与长协价倒挂，煤炭长协比例相对较低的企业，业绩改善弹性大，预计全年火电公司盈利依然呈现分化状态。下半年进入26年中长期电价签约阶段，预计广东广西等地区电价降幅相对可控，其他地区预计降幅空间较大。
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