公用事业行业2025年度中期投资策略:歧路无喧 电启新程

长江证券股份有...
Jul 01

火电:交接估值与盈利,把握叙事及节奏2014 年以来,火电板块实际上并没有展现过系统性的估值中枢上移,市场对于火电板块盈利的稳定与久期并没有形成一致共识。复盘“十四五”以来的火电行情演绎,2023-2024 年呈现明显的“前高后低”特征,究其根本市场长期对于火电的盈利性稳定性甚至合理性存在质疑,下半年开始火电行情的“锚”进入“薛定谔状态”。展望2025 年下半年,电价的博弈或即将展开,但我们想要...

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