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align=middle colSpan=2> <H2>异军Hv 늅联动 双双受益</H2></TD></TR> <TR> <TD align=middle colSpan=2> <H3></H3></TD></TR> <TR> <TD align=right width=346><A href="http://ynryjkb.cn/" target=_blank>煤炭资讯|?/A></TD> <TD width=382>2006-2-15 11:52:55    <A href="http://ynryjkb.cn/MroeNews.aspx">煤市分析</A></TD></TR> <TR> <TD colSpan=2 class="newsContent"> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" > <HTML> <HEAD> <meta http-equiv=Content-Type content="text/html;charset=gb2312" /> <title>异军Hv 늅联动 双双受益

异军Hv 늅联动 双双受益


06--2--15

日前Q发改委{三部门联合发文Q要求电(sh)力和煤炭企业2006q煤炭供应合同在本月内签完,늅僵局的化解进入倒计时。与之相呼应的是Q近期二U市Z煤炭与电(sh)力板块纷U出现活跃迹象。根据发改委的规定,如果늅上涨过5%Q则可以煤电(sh)联动Q电(sh)hq约为电(sh)煤涨q的70%。而发改委的态度也从此前?/SPAN>煤炭供需关系qQh(hun)g持基本稳?SPAN lang=EN-US>?/SPAN>转变虑到电(sh)煤重点合?和非重点合同的差距,适当提高重点合同늅h也有其合理?SPAN lang=EN-US>Q这让市场感觉到了电(sh)煤h(hun)格l上涨的信号。上周五Q煤炭股在盘中异军突起便是源于这L(fng)预期?/FONT>
   
与此同步Q国际市Z形成煤炭hq稳回升的良好预期。如中国华q日在香港市场创Z上市以来的历史新高,中国华在香港市场持l走强,引导和提振A股市场煤炭股的估倹{我们认为,2006q重点合同电(sh)煤h(hun)g涨已成定局Q所不确定的只是上调q度多大而已。对于重点电(sh)煤h(hun)格的最l完全放开Q面对巨大的h差距和长期以来的利益牺牲Q煤炭行业还是比较理智和理性的Q要求h(hun)g涨的基数一般^均订?SPAN lang=EN-US>20
Q?SPAN lang=EN-US>30?SPAN lang=EN-US>/吨之_(d)应该说是W合实际的。但是考虑到煤?sh)双方之间是一U长期的合作关系Q注重的是长期的利益合作Q一般都?x)签订中长期协议Q且双方均会(x)作出h上的让步Q因此,我们预计正常涨幅预计?SPAN lang=EN-US>8Q-10Q左叻Ix吨重点合同电(sh)煤上?SPAN lang=EN-US>15Q?SPAN lang=EN-US>20元。重点合同电(sh)煤h(hun)格的上涨延了主要煤炭上市公司的业W增长势头Q在煤炭上市公司中,늅销量占比较大的有恒源煤c(din)国x能、兖州煤业、郑州煤c(din)金牛能源和上v能源Q重点电(sh)煤h(hun)g涨给各主要煤炭上市公司带来的利润增长。投资者介入煤炭股宜选择产能扩张的公司,如兰q创、国x能、西q?sh)和火股䆾{;从长期来看,应选择储量丰富和管理水q高的公司,如兖州煤业,q关注国内唯一的煤炭装备类上市公司天地U技?/FONT>
   
׃发改委很有可能采取折衷办法,卌可电(sh)煤h(hun)g定幅度的上涨Q同时启动二ơ煤?sh)联动工作。若果真如此Q则对火?sh)企业也是一大利好。但鉴于늅供应吃紧Q政府将考虑对电(sh)力企业进行补偿等因素Q电(sh)企终?x)接受一定幅度的늅涨h(hun)Q火?sh)公怸体的受益E度仍需视电(sh)仗煤L(fng)具体调整情况而定。考虑?sh)力市场供需和燃料成本等因素Q徏议关?SPAN lang=EN-US>G华靖?SPAN lang=EN-US>G_电(sh)力、深能源、国는(sh)力等?SPAN lang=EN-US>

来源Q中财网

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