電力行業(yè)2019年年度投資策略報(bào)告火電走出低谷，核電方興未艾

1、正文目錄正文目錄一、2018年回顧：景氣度提升，電價(jià)傳導(dǎo)機(jī)制有望建立...............................51.1.行業(yè)整體表現(xiàn)強(qiáng)于大盤.....................................................51.2.前三季度業(yè)績(jī)有所改善.....................................................61.3.行業(yè)景氣度正持續(xù)提升....

2、.................................................91.4.電價(jià)傳導(dǎo)機(jī)制有望建立....................................................13二、火電：業(yè)績(jī)觸底反彈，回歸公用事業(yè)屬性......................................152.1.利用小時(shí)增長(zhǎng)較快，交易電價(jià)持續(xù)回升.....................

3、.................152.2.煤炭供給趨于寬松，價(jià)格有望平穩(wěn)回落......................................182.3.回歸公用事業(yè)屬性，兩條主線精選個(gè)股......................................21三、核電：盈利能力改善，受益項(xiàng)目審批落地......................................233.1.利用率升，成本有望穩(wěn)中有降..

4、............................................233.2.以量補(bǔ)價(jià)，業(yè)績(jī)有望持續(xù)向好..............................................243.3.障礙解除，將受益新項(xiàng)目落地..............................................26四、水電：稀缺防御資源，優(yōu)選兼具成長(zhǎng)標(biāo)的........................

5、..............284.1.消納持續(xù)改善，退稅影響消除..............................................284.2.穩(wěn)定高股息率，防御特性出眾..............................................294.3.核心稀缺資源，優(yōu)選成長(zhǎng)標(biāo)的..............................................30五、相關(guān)上市公司.