长江证券指出，当前如火电部分央企上市公司估值已经将至近两年来下四分位数附近，水电股股息与国债收益率息差也已经达到近两年中位数附近，行业估值已经具备充分吸引。此外，随着长协电价逐步落地，板块估值压制因素也将会得到逐步出清，火电在偏高的成本基数下，未来两个季度盈利仍有望延续修复，核电在新机组投产的拉动下盈利也将持续改善，绿电则有望迎来新的政策催化期，因此整体来看，我们认为当前公用事业板块价值已经具备充分吸引，重申重视行业配置价值。Electricity stocks generally rose today. As of press release, Huadian International (01071) rose 2.4% to HK$3.84; CGN Power (01816) rose 1.82% to HK$2.79; China Electric Power (02380) rose 1.29% to HK$3.15; and China Resources Power (00836) rose 1.28% to HK$19.04.
The Zhitong Finance App learned that power stocks generally rose today. As of press release, Huadian International (01071) rose 2.4% to HK$3.84; CGN Power (01816) rose 1.82% to HK$2.79; China Electric Power (02380) rose 1.29% to HK$3.15; and China Resources Electric (00836) rose 1.28% to HK$19.04.
Huayuan Securities pointed out that judging from the national document “Blue Book on the National Unified Electricity Market Development Plan”, the marketization process may accelerate in 2025, and the electricity price mechanism emphasizes reasonable benefits on the power generation side. At present, Jiangsu, Guangdong, and Zhejiang, among the key provinces and cities, have issued electricity transaction plans for 2025. Compared with the 2024 plan, the three provinces of Jiangsu, Zhejiang, and Guangdong will still focus on a high proportion of medium- to long-term transactions in 2025, gradually converging; they will promote the entry of all power supplies into the market through customized electricity price mechanisms.
Changjiang Securities pointed out that currently, for example, the valuations of some listed central enterprises of Thermal Power have reached the lower quartile in the past two years, and the spread between hydropower stock dividends and treasury bond yields has also reached close to the two-year median, and industry valuations are already fully attractive. In addition, with the gradual implementation of Changxie electricity prices, the factors that suppress sector valuation will also be gradually cleared. Under the high cost base, profits of thermal power are expected to continue to recover in the next two quarters, profits of nuclear power will continue to improve, driven by the commissioning of new units, and green power is expected to usher in a new policy catalytic period. Therefore, overall, we believe that the current utility sector value has been fully attracted, and we once again attach importance to industry allocation value.
