该行对中国电力行业维持中性看法，对长江电力(600900.SH)、华润电力(00836)及华能国际电力股份(00902)均给予“持有”评级，相信负面因素已反映在其股价表现上。另外由于仍然看淡可再生能源前景，因此大和对龙源电力(00916)维持“跑输大市”评级。目前电力行业，较偏好火电公司。Yamato predicts that the reduction in electricity prices in Jiangsu Province next year will bring coal companies a narrowing of the ignition price difference (Dark Spread) of 9 to 15 yuan per megawatt-hour.
The Zhitong Finance App learned that Yamato released a research report saying that according to the latest data from the Jiangsu Electric Power Trading Center, the province's overall electricity prices in 2025 will be reduced by 40 yuan per megawatt-hour, a decrease of 8.9%, which is basically in line with market expectations and Yamato's predictions. It is believed that the impact of the current overall decline in electricity prices on coal-fired and hydroelectric power generation companies is manageable.
Yamato predicts that the reduction in electricity prices in Jiangsu Province next year will bring a narrowing of the ignition price difference (Dark Spread) of 9 to 15 yuan per megawatt hour for coal companies. This has been partially offset by lower coal prices, and it is expected to have a profit impact of about 1% to 4% on hydropower.
The bank maintains a neutral view of China's power industry, and has given “holding” ratings to Changjiang Electric Power (600900.SH), China Resources Electric Power (00836), and Huaneng International Power Co., Ltd. (00902). It is believed that negative factors have been reflected in their stock price performance. Furthermore, since the future of renewable energy is still weak, Dadu Longyuan Electric Power (00916) maintains a “outperforming market” rating. Currently, the power industry favors thermal power companies.
