水电板块有望脱颖而出

Hydro Power will Come to the Fore in the Competition

电力是典型的非周期或者说是抗周期性行业,水电板块有着资产良好的盈利能力、未来经营现金流相对稳定,使得该板块具有避风港特征。2005年政策扶持及“煤电联动”的预期将助推水电板块成为主流资金资产配置的重要组成部分,事实上长江电力早就位列一线篮筹之列,更多的水电股将跻身二线篮筹。

As power industry is the typical one that is 搖nti- periodic or 搃m-periodic in the process of production. Hydropower sector is profitable with relatively credible cash flow in future. So hydropower sector has become a haven for investors. Hydropower will become an important part of primary capital & assets arrangement under the preferential policy and 損rice link of coal-power industries involvement. As a fact, China Yangtze Power Co. Ltd has long been a primary blue chip among its fellow companies, and more other hydropower companies will be on the second blue chip list.