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#b0cfee 1px solid; WIDTH: 955px; BORDER-BOTTOM: #b0cfee 1px solid"> <TABLE cellSpacing=0 cellPadding=10 width=955 border=0> <TBODY> <TR> <TD align=middle colSpan=2> <H3></H3></TD></TR> <TR> <TD align=middle colSpan=2> <H2>煤h(hun)涨幅偏大期待煤电(sh)联动</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>2007-1-20 9:01:31    <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>煤h(hun)涨幅偏大期待煤电(sh)联动

煤h(hun)涨幅偏大期待煤电(sh)联动


07--1--20

王爽

为期7天的全国煤炭合同汇M1?SPAN lang=EN-US>17日在q西桂林l束Q?SPAN lang=EN-US>2007q中国煤炭h(hun)格普遍上涨已成定局Q中国五大电(sh)力集团电(sh)煤合同也基本{订完毕Q电(sh)煤h(hun)格普遍上?SPAN lang=EN-US>30元/吨左?/SPAN>

此次30?SPAN lang=EN-US>/吨的上涨相当?SPAN lang=EN-US>7-8%的涨q,q一q度已达到我们预期的上限Q即5-8%Q?SPAN lang=EN-US>2007q合同电(sh)煤的h涨幅偏大。对?sh)力企业构成成本压力?SPAN lang=EN-US>

2007q煤炭行业资源税费等成本的增加以及供需q的Ş势下Q市场煤的h(hun)格将l箋保持在高位运行?SPAN lang=EN-US>

?sh)力企业盈利对?sh)L敏感度最高?SPAN lang=EN-US>2007q是否实施第三次煤电(sh)联动对电(sh)力企业今q的盈利臛_重要Q如果不能实施第三轮联动Q电(sh)力企?SPAN lang=EN-US>2007q?SPAN lang=EN-US>(特别是下半年)的业l表现将出现同比下降?SPAN lang=EN-US>

是否能够实施W三轮煤?sh)联动,目前仍不定Q完全要看发改委的决定。一斚wQ资源h(hun)格的上涨是当前的势Q有利于促进限制高耗能目Q促q节能和循环l济Q另一斚wQ电(sh)价上调不利于控制通货膨胀。因此,发改委必L据当前宏观经情况,在权衡之后做出抉择?

合同煤h(hun)格涨q偏大,q力紧张

为期7天的全国煤炭合同汇M1?SPAN lang=EN-US>17?/st1:chsdate>在广西桂林结束,2007q中国煤炭h(hun)格普遍上涨已成定局Q中国五大电(sh)力集团电(sh)煤合同也基本{订完毕Q电(sh)煤h(hun)格普遍上?SPAN lang=EN-US>30元/吨左叻I如,华集团下水煤涨了约26?SPAN lang=EN-US>/吨,大同煤业(10.05,0.22,2.24%)集团车板h?SPAN lang=EN-US>40?SPAN lang=EN-US>/吨?SPAN lang=EN-US>

Ҏ(gu)我们算Q此?SPAN lang=EN-US>30?SPAN lang=EN-US>/吨的上涨相当?SPAN lang=EN-US>7-8%的涨q,q一q度已达到我们预期的上限Q即5-8%Q?SPAN lang=EN-US>2007q合同电(sh)煤的h涨幅偏大。对?sh)力企业构成成本压力?SPAN lang=EN-US>

另外Q来自煤炭合同汇L据中心的数据昄Q本ơ合同汇M共录入煤炭订货合?SPAN lang=EN-US>12亿吨Q其中电(sh)煤合同签订量辑ֈ7.23亿吨Q均过了国?SPAN lang=EN-US>2007q跨省区煤炭q力配置框架Ҏ(gu)中所定?SPAN lang=EN-US>7.38亿吨?SPAN lang=EN-US>5.31亿吨的调控目标。说?SPAN lang=EN-US>2007q的q力仍然紧张Q这也是此次?sh)力企业q速接受合同电(sh)煤大q涨L原因之一Q电(sh)力企业ؓ抢运力而不惜承受h(hun)根{?SPAN lang=EN-US>

市场煤h(hun)g会保持高?

2007q煤炭行业资源税费等成本的增加以及供需q的Ş势下Q市场煤的h(hun)格将l箋保持在高位运行,此次合同煤h(hun)格大q上涨更加促q了q一势Q甚至仍会像2006q的情况Q出现小q的上涨?

今年?sh)力业W主要取决于煤늬三轮联动

合同煤h(hun)格的大幅上涨以及市场煤h(hun)格的高位q行或小q上涨,加大了电(sh)力企?SPAN lang=EN-US>2007q的成本压力。回?SPAN lang=EN-US>2005?SPAN lang=EN-US>2006q_两次煤电(sh)联动在很大程度上~解了这一压力Q电(sh)力企业仅承担?SPAN lang=EN-US>30%的成本上升?SPAN lang=EN-US>

2005q和2006q两ơ联动的周期?SPAN lang=EN-US>2004q?SPAN lang=EN-US>5月到11月和2004q?SPAN lang=EN-US>11月到2005q?SPAN lang=EN-US>5月,Ҏ(gu)煤电(sh)联动的原则,即以半年Z个联动周期计电(sh)价上调幅度,至今又跨q了3个周期,在这3个周期中Q电(sh)煤h(hun)?SPAN lang=EN-US>(包括合同煤与市场?SPAN lang=EN-US>)上涨过?SPAN lang=EN-US>5%的联动标准,加上今年的上涨幅度,W合了第三次煤电(sh)联动的条件?SPAN lang=EN-US>

?sh)力企业盈利对?sh)L敏感度最?SPAN lang=EN-US>(图表2)?SPAN lang=EN-US>2007q是否实施第三次煤电(sh)联动对电(sh)力企业今q的盈利臛_重要Q如果不能实施第三轮联动Q电(sh)力企?SPAN lang=EN-US>2007q?SPAN lang=EN-US>(特别是下半年)的业l表现将出现同比下降?

是否能够实施W三轮煤?sh)联动,目前仍不定Q完全要看发改委的决定。一斚wQ资源h(hun)格的上涨是当前的势Q有利于促进限制高耗能目Q促q节能和循环l济Q另一斚wQ电(sh)价上调不利于控制通货膨胀。因此,发改委必L据当前宏观经情况,在权衡之后做出抉择?SPAN lang=EN-US> 

 



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