公用事业行业研究:关注电煤需求弹性,把握电力投资节奏

国金证券
Feb 09

(以下内容从国金证券《公用事业行业研究:关注电煤需求弹性,把握电力投资节奏》研报附件原文摘录)核心观点关注电煤需求弹性,尤其是上半年的低基数效应我们在一月中旬提出,关注煤炭受益于煤价和供需的影响下,或迎景气度拐点向上,尤其关注上半年的低基数效应。综合来看,电煤需求弹性的思路有三:(1)今年上半年用电量或在低基数下高增长:2025年上半年二产用电量基数偏低,在1707亿度用电量增量中仅占681亿度,...

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