中信證券:煤電一體化已經從防風險手段演化為企業成長手段
中信證券研報指出,隨着政府對於電價管制有所放鬆,“煤+電”部門的整體淨資產收益率已經超過市場平均回報,依託上游資源端通過煤電一體化模式向下遊發電環節延伸已經具備經濟可行性;建設新型電力系統仍需煤電裝機適度增長,傳統電力行業參與意願下降,而有煤企業參與火電新項目釋放或存量整合的力度明顯上升,煤電一體化已經從防風險手段演化為企業成長手段;煤電一體化模式優勢的塑造,短期取決於煤炭資源稟賦、需求前景等,遠期前景取決於電力市場改革的持續推進。
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