大行评级|美银:对煤炭行业持中性看法 上调中国神华、兖矿能源目标价

金融界
Aug 19, 2025
美银证券发表研报指,本年至今中国动力煤及焦煤价格分别为每吨680元和1280元,较2022年累降约50%。该行对煤炭行业持中性看法,并预期由于供应增长放缓及煤炭进口减少,同时煤炭需求强劲,且动力煤价格在内地反内卷风气下得到支撑,因此相信价格将在今年下半年至明年趋于稳定,将其今明两年的合同价格预测上调至每吨670元。 该行上调中国神华2025至27年盈测7%至29%,目标价由32港元上调至38港元,维持“中性”评级;将兖矿能源2026及27年盈测上调20%至21%,目标价由8港元上调至9港元,重申“跑输大市”评级;重申予中煤能源“中性”评级,目标价由8.5港元上调至11港元。

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