煤炭行业动态点评:长协倒挂解除 煤价预期再次提升

山西证券
Aug 07, 2025

投资要点:事件:2025 年8 月4 日,秦皇岛港5500 大卡动力煤平仓价上涨至667元/吨,超过同期5500 大卡年度长协价。点评年度长协价格长期倒挂解除,提振市场信心。前期因供需因素,市场煤价与长协煤价倒挂。本轮长协倒挂自2025 年2 月28 日至2025 年8 月4 日,经历时间较长。倒挂期间,长协兑现率下降。迎峰度夏和反内卷政策共振,市场煤价加速上涨,市场信心恢复。煤价底部已现,煤价...

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