煤炭、电力行业2009年投资策略报告

Coal-mining and Electric Power Sectors: Investment Strategy in 2009

本文研究了2009年煤炭、电力行业投资策略。煤炭行业景气周期滞后,煤价补跌,作者给予行业"中性"投资评级。行业估值已处于历史低位,仍具有系统性风险。电力行业最坏的时期即将过去,最迟2009年1季度行业将重拾升势,受降息和煤价大跌影响,电力行业盈利能力快速恢复,目前正是最好的投资时机。

The article studies investment strategy of coal-mining and electric power in 2009. The booming period of coal-mining industry falls behind, and coal price goes down. Author gives them ＂neutral level＂ for investment grading. The evaluating price for coal industry is at the lowest position in historical records. However, it is still with the systematical risk. The worst time for electric power industry is almost over. Power industry will be at the momentum of going-up in the first quarter of 2009. Because of the interest rate reducing, and coal price dropping greatly, the capacity to make profits in power industry will be recovered quickly. Currently, it＇s the best opportunity to invest in power industry.