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大行评级|大和:下调电力行业评级至中性 排序是核电/煤电/水电

Gelonghui Finance ·  Nov 21, 2024 05:27

格隆汇11月21日|大和发表报告指,将中国电力行业评级由正面下调至中性。当中,水电估值偏高,需要较好的入市时机;可再生能源的利用率及电价下调仍然是问题。大和解释指,电力板块在首三季表现领先整体市场,受惠于这些股票在持续的“去风险”情绪下的防御性。但该行注意到自10月以来,在中国刺激经济方案的推动下,投资者明显转向偏好风险。这种前景转变已导致资金从电力股流出至其他行业,该行认为此情况将持续至2025年。展望明年,该行依次排序是核电/煤电/水电,最后为可再生能源。该行将中广核电力H股目标价由2.1港元升至2.9港元;将华润电力评级由“跑输大市”升至“持有”,因利淡因素已见缓和及收益率达4%。

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