行业近况7 月22 日,煤炭板块涨6.19%,创2021 年12 月16 日以来最大单日涨幅,我们认为主要原因可能是近日国家能源局组织开展促进煤炭供应平稳有序的相关举措。往前看,我们认为煤炭供给有望更加理性,对煤价反弹上行提供支撑。评论上半年需求偏弱拖累煤价,国内产量保持韧性增长加剧供需矛盾。供暖需求偏弱、工业用电需求增长放缓下,1H25 全国用电量同比+3.7%。叠加新能源增发、Q1 水电较好,...
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