正文报告导读：受煤价下行影响，行业盈利能力持续下行，2025Q2来到板块压力最大时刻。伴随中报发布，板块利空出尽，预计煤炭板块已探明未来3-5年底部位置。投资建议：○我们认为2025H1中报龙头业绩整体超预期，判断2025H1为未来3-5年的底点。回顾2025H1，煤炭行业1）需求端，2025H1火电发电量占比64.8%，仍未最主要的发电来源。2025H1全社会用电量4.8万亿千瓦时（同比+...
Source Link正文报告导读：受煤价下行影响，行业盈利能力持续下行，2025Q2来到板块压力最大时刻。伴随中报发布，板块利空出尽，预计煤炭板块已探明未来3-5年底部位置。投资建议：○我们认为2025H1中报龙头业绩整体超预期，判断2025H1为未来3-5年的底点。回顾2025H1，煤炭行业1）需求端，2025H1火电发电量占比64.8%，仍未最主要的发电来源。2025H1全社会用电量4.8万亿千瓦时（同比+...
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