【广发证券公用事业行业2025年中期策略:火电短期看绩优煤价、中期看市值管理、长期看调节价值】 广发证券发布公用事业行业2025年中期策略研报表示,火电短期看绩优煤价、中期看市值管理、长期看调节价值。短期来看,当前的火电与3月时似曾相识,都是通过业绩发布来验证煤价下行带来的盈利超预期改善。中期来看,火电公司的市值管理是关键驱动。长期来看,强调火电的电量电价与煤价将有机联动,容量电价和现货市场挖掘的调节收入将成为火电的主要且稳定利润构成,更多关注市场化带来的单位装机盈利稳定性提升,驱动公用事业化。

金融界
30 Jun
广发证券发布公用事业行业2025年中期策略研报表示,火电短期看绩优煤价、中期看市值管理、长期看调节价值。短期来看,当前的火电与3月时似曾相识,都是通过业绩发布来验证煤价下行带来的盈利超预期改善。中期来看,火电公司的市值管理是关键驱动。长期来看,强调火电的电量电价与煤价将有机联动,容量电价和现货市场挖掘的调节收入将成为火电的主要且稳定利润构成,更多关注市场化带来的单位装机盈利稳定性提升,驱动公用事业化。

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