煤价企稳回升，叠加容量电价上涨，26 年整体电价降幅预计可控；区域来水分化，短期内建议关注水电装机增长带来的弹性；136 号文陆续落地，预计新能源短期电价和消纳承压。燃气板块，多个LNG 气田陆续投产，全球LNG 供给将趋于宽松，价格中枢有望下移，从而提振需求。2025 年以来，环保及公用事业板块均有上涨。截止12 月13 日，公用事业板块累计涨幅3.61%，在31 个申万一级行业中排名第24；...
Source Link煤价企稳回升，叠加容量电价上涨，26 年整体电价降幅预计可控；区域来水分化，短期内建议关注水电装机增长带来的弹性；136 号文陆续落地，预计新能源短期电价和消纳承压。燃气板块，多个LNG 气田陆续投产，全球LNG 供给将趋于宽松，价格中枢有望下移，从而提振需求。2025 年以来，环保及公用事业板块均有上涨。截止12 月13 日，公用事业板块累计涨幅3.61%，在31 个申万一级行业中排名第24；...
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