【华泰证券:AIDC或带动供电与供热的需求超预期】华泰证券研报指出,电价是电力板块最重要的影响因素,通过对2025-2030年的长周期测算,认为2026与“十五五”电价下降风险可控,火电在“十五五”供需底部ROE或可维持6%-9%。煤价700元/吨时火电周期低点的电价,对应水电核电DCF价值相对目前市值还有可观空间。冷热电直供的开拓或成为核电与火电重要的开源手段,AIDC或带动供电与供热的需求超预期,甚至带动整个能源领域迎来模式的突破。短期推荐煤价弹性较大的相关公司,建议长期布局优质资产。毕竟,煤价与电价都有自身的波动,而优质资产可以穿越周期。

金融界
12 Mar
华泰证券研报指出,电价是电力板块最重要的影响因素,通过对2025-2030年的长周期测算,认为2026与“十五五”电价下降风险可控,火电在“十五五”供需底部ROE或可维持6%-9%。煤价700元/吨时火电周期低点的电价,对应水电核电DCF价值相对目前市值还有可观空间。冷热电直供的开拓或成为核电与火电重要的开源手段,AIDC或带动供电与供热的需求超预期,甚至带动整个能源领域迎来模式的突破。短期推荐煤价弹性较大的相关公司,建议长期布局优质资产。毕竟,煤价与电价都有自身的波动,而优质资产可以穿越周期。

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