公用事业行业电力环保2025年年报业绩前瞻:火电高增 水电稳健有弹性 风光核承压

华源证券
Jan 23

火电业绩反映煤价弹性,全国性火电与京津冀区域火电增幅或更明显。受益于2025年煤价下降,我们预计全国煤电机组经营情况将迎来普遍改善。我们在年度策略报告中复盘,2025 年火电业绩或仍与点火价差强相关,或受益于2025 年京津冀区域电价下降较少,火电机组改善或最为明显,其中建投能源已经发布业绩预告,预计2025 年全年归母净利润同比增长253%。除京津冀区域,我们判断,全国性火电运营商如华能国际、...

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