大行评级丨小摩:短期煤价仍有上行风险,上调中国神华及兖矿能源目标价

格隆汇
Sep 11
摩根大通指,内地煤价第三季至今上升14%,煤炭股同期上升16%至22%,市场预期煤价环境将更高更久。该行认为,短期煤价仍有上行风险,主要由于国内供应受限及补库存需求,故将2026年动力煤价格预测由每吨805元上调至830元。该行将中国神华A股目标价由45元上调至47元,H股目标价由44.5港元上调至46港元,维持“中性”评级;并将兖矿能源A股目标价由20元上调至22元,H股目标价维持12.5港元不变,同样维持“中性”评级。该行短期偏好兖矿能源,因其焦煤敞口较高及合约组合有利,认为煤炭股6%至7%的股息率虽然吸引,但高股息率未必可持续,因供应限制可能属短期。

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