煤炭行业2025年中报业绩前瞻:二季度煤价筑底 看好下半年煤价回升带来煤企业绩修复

申万宏源研究
Jul 19

本期投资提示:供给端,国内原煤产量增长,但煤炭进口量同比下降。据统计局数据,2025 年1-6 月累计全国原煤产量24.05 亿吨,同比增加5.4%。据海关总署数据,2025 年1-6 月累计进口煤炭2.22 亿吨,同比下降11.1%。上半年动力煤、焦煤港口均价同比均下跌。据中国煤炭市场网数据,2025 年第二季度港口5500 大卡动力煤现货均价约为630 元/吨,同比24Q2 的850 元/吨...

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