正文报告导读：2025年1-4月全社会用电量增幅较弱导致火电需求下降4.1%，我们认为这可能是中期对于煤炭需求端压力最大的时刻，煤炭的需求底部已现。投资建议：○从全社会用电量的结构变化看用电核心产业变迁，经济对于电力的影响在快速削弱。过去二十年来，二产用电（主要是制造业）是拉动电力需求增长的核心，由于制造业与经济的强相关性，也造成了市场对于经济与电力需求强相关的固有概念。但我们观察到电力消费...
Source Link正文报告导读：2025年1-4月全社会用电量增幅较弱导致火电需求下降4.1%，我们认为这可能是中期对于煤炭需求端压力最大的时刻，煤炭的需求底部已现。投资建议：○从全社会用电量的结构变化看用电核心产业变迁，经济对于电力的影响在快速削弱。过去二十年来，二产用电（主要是制造业）是拉动电力需求增长的核心，由于制造业与经济的强相关性，也造成了市场对于经济与电力需求强相关的固有概念。但我们观察到电力消费...
Source LinkDisclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.