传统能源产业2024年总结及2025年展望：盈利和回报稳定性加强，重点关注煤电和核电板块

Investment Rating - The report indicates a stable investment outlook for traditional energy sectors, particularly focusing on coal and nuclear power segments [1]. Core Insights - The coal price is expected to continue a narrow downward trend, with electric coal demand maintaining growth in the medium to long term, while non-electric demand is projected to decline [2]. - The coal sector is anticipated to attract medium to long-term capital due to reduced price volatility and stable profitability, offering predictable high dividend prospects [3]. - Thermal power is evolving to serve as a regulatory power source, with market reforms enhancing profitability stability [4]. - Hydropower and nuclear power assets are viewed as essential components for resisting economic cycle fluctuations, with stable investment returns and dividend expectations [5]. Summary by Sections 1. Market Review of Traditional Energy Sectors in 2024 - Coal supply growth is weakening, leading to downward pressure on prices, with seasonal factors affecting demand [18]. - The overall coal price is stabilizing despite fluctuations, with a higher price midpoint established compared to previous years [20]. 2. Review and Outlook of Power Reform Policies in 2024 - The acceleration of electricity marketization is emphasized, with significant growth in market transaction volumes [53]. - The establishment of a unified electricity market framework is underway, enhancing market efficiency and resource allocation [54]. 3. Trends in Traditional Energy Sectors for 2025 - Coal remains a primary energy source, with overall energy consumption expected to grow steadily [3.1.1]. - Domestic coal production lacks elasticity, with imports becoming a significant supply variable [3.2.1]. 4. Stability of Earnings, Returns, and Dividend Expectations in Traditional Energy Sectors - The coal sector is projected to experience a stable earnings outlook, with a focus on the regulatory role of thermal power [4.1.1][4.2.1]. - Hydropower and nuclear power are highlighted for their stable operational characteristics and reasonable investment returns [4.2.2].