公用事业行业2024中期策略：估值的升维-240619-国泰君安-40页

估值的升维公用事业2024中期策略021-38031730021-38038670021-38031030S0880522020001S0880122070052S0880123070143α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20242024441~6143001.3%9.6%6146.5%32416%SW公用事业收益率22%15%15%12%2024/2/12024/3/12024/4/12024/5/111%13%8%0%7%4%-11%5%5%4%3%0%-22%0%-4%-33%-8%-2%-4%-6%-7%-7%-8%-8%-8%-9%-9%-12%-10%-10%-10%-11%-12%2024/1/1-15%-16%-16%-18%-18%-21%-28%石有交公家通非沪煤钢建汽建传环电社国机基食电农纺轻商美医房综计油色通用用信银深炭铁筑车筑媒保子会防械础品力林织工贸容药地合算石金运事电金材装服军设化饮设牧服制零护生产机化属输业器融300料饰务工备工料备渔饰造售理物2024/6/1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50%40%30%20%10%0%-10%-20%-30%2024/1/22024/1/162024/1/302024/2/132024/2/272024/3/122024/3/262024/4/92024/4/232024/5/72024/5/212024/6/4Wind请参阅附注免责声明520242024~2024614PB1.491.6020172017201749.1%1.22/2.78/1.48/0.9472.8%82.4%/99.7%/8.8%/1.9%2024614PBPB2.0SW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3.06.52.55.52.04.51.53.51.02.50.51.50.02018/1/12019/1/12020/1/12021/1/12022/1/12023/1/12024/1/10.52018/1/12019/1/12020/1/12021/1/12022/1/12023/1/12024/1/12017/1/12017/1/1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-...