智通财经APP获悉，煤炭股早盘回落，截至发稿，蒙古焦煤(00975)跌4.87%，报8.2港元；兖煤澳大利亚(03668)跌3.39%，报32.8港元；兖矿能源(01171)跌2.32%，报9.27港元；中国神华(01088)跌1.42%，报34.65港元。
消息面上，上周五，大连商品交易所向会员单位发布风险提示函，要求关注市场动态，引导理性合规交易。周一，双焦主力合约下跌，焦炭一度跌超7%，焦煤一度跌超9%。弘业期货认为，期货盘面连续拉涨后已显现阶段性过热迹象，政策与消息面驱动的情绪性特征明显。一旦后续政策兑现节奏不及预期，或复产进度加快，都可能触发阶段性回调。
值得注意的是，中国煤炭工业协会党委委员张宏表示，由于多年煤炭产量增速高于消费增速，积累形成供大于求态势。南华期货表示，煤焦钢等基础原料价格暴涨并不利于终端制造业平稳发展，需谨慎评估下游对涨价原料的承接能力。随着监管措施落地，市场将重新审视"反内卷"政策的实际影响和可持续性。
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