【名称及出版时间】：国都证券-2010年电力行业专题报告-091229.pdf
【来源】：国都证券
【文件格式】：PDF
【页数】：24
【内容提要】：
目   录
1．行业回顾...............................................4
2．全社会用电量将延续上升势头 .............................5
2.1 第一产业用电量增长8% ................................................................................5
2.2 高耗电行业拉动第二产业用电量增长.........................................................6
2.3 第三产业用电量和城乡居民用电量将大幅增长.........................................8
3. 装机增速明显回落，平均机组利用小时将小幅增加 ...........9
3.1 总装机容量增速出现明显回落.....................................................................9
3.2 新能源比重将进一步提升...........................................................................10
3.3 关停小火电还将继续....................................................................................11
3.4 利用小时将出现回升....................................................................................12
3.5 看好华南和华东地区机组利用小时...........................................................12
4．2010年动力煤价格仍将上涨..............................14
4.1 动力煤市场需求将快速增长.......................................................................15
4.2 煤炭资源整合对发电企业不利...................................................................15
4.3 煤炭进口对动力煤市场冲击有限...............................................................16
4.4 电力行业将再次受到煤价上涨的冲击.......................................................18
5．估值与投资策略........................................19
5.1 估值................................................................................................................19
5.2 投资策略........................................................................................................20
6．重点公司..............................................20
6.1华能国际.........................................................................................................20
6.2深圳能源.........................................................................................................20
6.3国电电力.........................................................................................................21
6.4申能股份.........................................................................................................22
6.5粤电力.............................................................................................................22