公用事业行业2024年度春季策略：方向重于弹性-240416-国泰君安-25页

请参阅附注免责声明1请参阅附注免责声明2请参阅附注免责声明320242024441~4153001.3%6.5%4159.9%32612%SW公用事业收益率沪深300收益率8%4%20%18%17%0%15%-4%10%15%-8%5%13%0%12%-12%-5%2024/1/1-10%10%-15%5%3%2%2%0%-20%-3%-3%-4%-5%-5%-6%-7%-8%-9%-10%-8%-7%-9%-11%-10%-12%-14%-15%-15%-18%-18%煤有石银家公交沪钢通汽建食纺电基机非美建传环社农轻商国医电综计房炭色油行用用通深铁信车筑品织力础械银容筑媒保会林工贸防药子合算地金石电事运装饮服设化设金护材服牧制零军生机产3002024/2/12024/3/12024/4/1属化器业输饰料饰备工备融理料务渔造售工物请参阅附注免责声明4WindSW火电SW水电SW风电SW光伏中国核电沪深300收益率2024-1-3040%2024-1-162024-2-132024-2-272024-3-122024-3-262024-4-930%Wind20%10%0%-10%-20%-30%2024-1-2请参阅附注免责声明520242024~2024415PB1.491.61201750.2%201715PB1.3/2.7/1.6/1.0202442.0201772.6%86.7%/99.8%/17.1%/6.8%PBSW公用事业PBSW公用事业PB/沪深300PBSW火电SW水电SW风电SW光伏中国核电6.53.02.55.52.04.51.53.51.02.50.51.50.02018/1/12019/1/12020/1/12021/1/12022/1/12023/1/12024/1/10.52018/1/12019/1/12020/1/12021/1/12022/1/12023/1/12024/1/12017/1/12017/1/1请参阅附注免责声明6WindWind2017-012017-032017-052017-07102017-092017-114.5%2018-014.0%2018-033.5%2018-053.0%2018-072.5%2018-092.0%2018-111.5%2019-011.0%2019-030.5%2019-050.0%2019-07Wind2019-092019-11ERP=1/PETTM-102020-01EPR2020-032020-0510年期国债收益率（%）2020-07A2020-09ERP（...