公用事业及环保产业行业研究：2014VS2025，关注火电的配置潜力

Investment Rating - The report suggests that the current coal price decline provides a favorable environment for thermal power companies, indicating that there is still investment value in the thermal power sector for 2025 [3][4]. Core Insights - The thermal power sector has shown a lackluster performance despite a significant decline in coal prices, primarily due to market preferences shifting towards growth sectors and a pessimistic outlook on future electricity prices [1][3]. - The report highlights that the annual trading results for electricity in 2025 have been lower than market expectations, but the unexpected drop in coal prices has mitigated some negative impacts on electricity prices [3][4]. - Historical data indicates that the relationship between coal prices and the thermal power industry index is not straightforward, as coal prices influence future electricity price expectations through their impact on fuel costs [1][19]. Summary by Sections Section 1: Coal Price Decline and Thermal Power Performance - Since the beginning of 2025, the price of 5500 kcal thermal coal has decreased by over 150 yuan/ton year-on-year, leading to a reduction in fuel costs for thermal power companies ranging from 11.5 to 57.3 yuan/MWh depending on the market coal share [1][12]. - Despite the favorable coal price environment, the thermal power sector has underperformed the market due to a clear investment focus on growth sectors post-Spring Festival [1][14]. Section 2: Conditions for the 2014 Power Sector Performance - The macroeconomic environment in 2014 was characterized by slowing economic growth and a transition in market liquidity from "targeted easing" to "comprehensive easing," which influenced the performance of the power sector [2][31]. - The report notes that the thermal power industry experienced a lag in electricity price adjustments compared to coal price declines, which allowed many thermal power companies to maintain high return on equity (ROE) levels during 2013-2015 [2][44]. Section 3: Investment Value of Thermal Power in 2025 - The report concludes that thermal power still holds investment value due to the upcoming performance verification period starting in March 2025, which may shift market focus back to sectors with strong earnings growth [3][4]. - The report emphasizes that the current market conditions, including a downward trend in 10-year treasury yields, make the thermal power sector's average dividend yield attractive [3][4]. Section 4: Investment Recommendations - The report recommends focusing on specific companies such as Anhui Energy, Huadian International, Zhejiang Energy, and Huaneng International as potential investment opportunities within the thermal power sector [4].