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《大行》花旗予潤電(00836.HK)華能(00902.HK)華電(01071.HK)「買入」評級 收益率吸引
花旗研究報告指出,秦港5500動力煤現貨價格在於夏季後恢復下跌,於9月10日達到每噸686元人民幣,按周下降0.9%,按月下降1.1%。該價格較去年同期下跌19.8%,本年至今累跌8.8%。現貨煤炭價格下跌的原因是軍事閱兵和主要汛期後煤炭供應增加,及需求疲軟導致。秦皇島港的煤炭庫存於9月10日按週上升2.9%,達到638萬噸,較去年同期上升29.7%。 花旗對華潤電力(00836.HK)、華能(00902.HK)及華電(01071.HK)予「買入」評級,它們2025年的預期收益率分別爲6.4%、7.9%和5.9%,頗具吸引力。花旗又預計華潤電力將於2025年第四季度至2026年上半年,在A股市場分拆可再生能源業務,預計對潛在估值重評帶來正面影響,並有可能提高其在香港的派息比率(有關花旗對電力行業的評級及目標價見另表)。
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