火电:盈利估值交接,把握叙事节奏历史来看,火电业绩呈现一定的“逆周期性”,但行情的演绎并不是跟基本面的变化完全同向,如“十三五”中后期虽然火电业绩延续改善态势,但由于降价与减值导致市场质疑火电盈利能力的实际兑现,火电估值持续下杀。聚焦近两年来看,2023 年和2024 年火电行情呈现“前高后低”特征,根源在于现行政策框架限制了火电盈利预期的久期。展望未来,我们认为随着容量电价的提升,国资委对...
Source Link火电:盈利估值交接,把握叙事节奏历史来看,火电业绩呈现一定的“逆周期性”,但行情的演绎并不是跟基本面的变化完全同向,如“十三五”中后期虽然火电业绩延续改善态势,但由于降价与减值导致市场质疑火电盈利能力的实际兑现,火电估值持续下杀。聚焦近两年来看,2023 年和2024 年火电行情呈现“前高后低”特征,根源在于现行政策框架限制了火电盈利预期的久期。展望未来,我们认为随着容量电价的提升,国资委对...
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