汇丰环球研究指，内地煤炭现货价格在上半年快速下跌后已触底，认为燃煤独立发电企业利润率扩张故事已基本结束，预计华能国电(00902.HK) 和华电国际(01071.HK) 在第二季业绩公布期间继续面临获利了结压力；市场对电价前景疲软的担忧将持续至年底。该行下调对两股投资评级至“持有”，目标价分别为5.1元及5元。
该行更看好润电(00836.HK) 及龙源(00916.HK) 。润电为该行首选独立发电企业，目标价由22元上调至23.2元，看好其项目营运专业知识、地理覆盖及在火电和可再生能源领域地位，原因包括明年市场电价下行风险可能较小，以及新电价政策下可再生能源回报前景更佳。该行料龙源第二季业绩平淡，但其估值不高，对其更多输电线路投运和加速补贴结算政策的潜在好处持乐观态度。该行把龙源目标价由8.7元上调至9元。
汇丰环球研究对内地电企最新投资评级及目标价：
券商│投资评级│目标价
润电(00836.HK) │买入│22元->23.2元
华能国电(00902.HK) │买入->持有│5.2元->5.1元
华电国际(01071.HK) │买入->持有│5元
中国电力(02380.HK) │买入│3.5元->3.6元
龙源(00916.HK) │买入│8.7元->9元
中广核电力(01816.HK) │持有│2.9元->3元
(fc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-10 16:25。)
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