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上半年电力股业绩不错,但股价走势略弱于大盘,根本原因是燃煤成本上涨及未来内生增长空间缩小的影响。电力股估值基准下移已成定局。预计下半年电力股整体仍无望跑赢大盘。我们维持前期给予主要电力股 “持有”而非“买入”的投资评级。
In the first half of the year, the performance of power stocks was good, but the stock price was slightly weaker than the broader market. The fundamental reason was the increase in coal-fired costs and the impact of the narrowing of endogenous growth in the future. It is a foregone conclusion that the benchmark valuation of power stocks has been lowered. It is expected that the power stocks in the second half of the year are still hopeless to outperform the broader market. We maintain the investment rating of “maintained” rather than “buy” for major power stocks in the previous period.