中信建投:二季度煤价同比上涨 部分区域月度电价回升

智通财经
Aug 12
【中信建投:二季度煤价同比上涨 部分区域月度电价回升】中信建投发布研报称,火电方面,2026年第2季度,动力煤市场价同比上涨,广东、江苏等区域受电力供需偏紧、一次能源价格抬升等因素的影响,月度交易电价有所回升,部分对冲燃料成本的上升。同时,考虑到年度长协电量占比较高,尽管月度电价回升,该行预期火电26Q2~Q3业绩仍可能承压。绿电方面,受新能源消纳压力较大叠加136号文推动新能源全面入市影响,2026上半年业绩及估值均承压。电力供需方面,受火电机组核准及投产节奏的影响,2027年全国火电新增装机增速有望放缓,叠加一次能源价格的回升,27年长协电价有望企稳回升。综合而言,电力板块二季度业绩压力较大,江浙等用电增速较高区域的火电经营情况有望逐步改善。

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