预测1H25 城燃企业业绩核心经营业绩基本平稳1H25 燃气公司毛差仍在持续修复,但受制于气量增长放缓及接驳持续承压,我们预计1H25 已覆盖城市燃气企业盈利维持平稳。关注要点展望2H25,低P/B燃气公司有望相对跑赢。1H25 中国燃气/港华智慧能源/北京控股等低P/B公司股价跑赢同业,展望2H25,在市场风险偏好上行及下游需求弱复苏的背景下,我们认为这类公司拥有了更多优化资产配置,改善自身资产...
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