Publicado: Jul 18, 2023 08:31
CITIC Securities pointed out that with the continuous decline of power coal prices, the fuel cost of coal-fired units has decreased, and the performance of thermal power enterprises has improved significantly; affected by the continuous drought of incoming water, the performance of hydropower enterprises has declined. Generally speaking, the performance improvement of coastal thermal power enterprises is better than that of inland. We believe that the coastal thermal power enterprises were affected more by the rise of imported coal and spot coal prices last year, and will benefit more from the downward trend of coal prices this year. Looking forward to the third quarter of 2023, under the background of strong power demand and coal price maintenance, we expect the performance of thermal power to continue to improve; in terms of hydropower, with the arrival of the flood season, the incoming water situation is expected to improve, and the performance of hydropower is expected to improve.

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CITIC Securities pointed out that with the continuous decline of power - Shanghai Metals Market (SMM)