公用事业2024年中期策略：煤硅逢电改公用事业化

广发证券股份有...07-01

行情归因：公用事业化的β行情如期演绎，板块的α差异则初现端倪。复盘上半年，公用事业表现良好，板块涨幅20%（SW 行业涨幅第三），子行业核、火、水、绿板块分别涨幅+42/+25/+24/-4%。我们用盈利稳定性、股息率、ROE 作为公用事业化程度的度量，并结合PE*ROE=PB的模型进行论证：（1）水电：长江电力20PE*15%ROE=3XPB，保持公用事业化的标杆，来水改善量价齐升，上修盈利预测...

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公用事业2024年中期策略：煤硅逢电改 公用事业化

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公用事业2024年中期策略：煤硅逢电改公用事业化