華泰證券:高長協比例龍頭煤企2025年仍有望保持盈利穩健
華泰證券研報稱,國家發改委發佈《關於做好2025年電煤中長期合同簽訂履約工作的通知》,仍延續2024年的長協價格區間,在最低簽約量部分納入履約監管且監管措施升級的情況下,對長協履約質量要求更高,利好本就高質量履約的龍頭企業。另外,煤炭企業最低任務量比例的降低及履約要求的放鬆或能減輕部分保供壓力,增加高長協比例龍頭企業的盈利彈性。華泰證券認為高長協比例的龍頭煤炭企業2025年仍有望保持盈利穩健。
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