本期投资提示：火电：Q3 煤价同比下跌，环比有所提升，夏季高温背景下发电景气度提升。成本端，3Q25 秦皇岛5500 大卡动力煤现货均价为672 元/吨，同比3Q24 下降176 元/吨，环比2Q25 提升41 元/吨。成本端改善幅度虽较上个季度有所收窄，但度电盈利能力预计同比保持正增长。1-8 月，全国火电设备平均利用小时数为2783 小时（-144h YoY），主要受新能源装机高增发电量...
Source Link本期投资提示：火电：Q3 煤价同比下跌，环比有所提升，夏季高温背景下发电景气度提升。成本端，3Q25 秦皇岛5500 大卡动力煤现货均价为672 元/吨，同比3Q24 下降176 元/吨，环比2Q25 提升41 元/吨。成本端改善幅度虽较上个季度有所收窄，但度电盈利能力预计同比保持正增长。1-8 月，全国火电设备平均利用小时数为2783 小时（-144h YoY），主要受新能源装机高增发电量...
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.