概述：煤价阶梯探底 趋稳，业绩回落降幅明显复盘来看，1）动力煤：2025H1 供给端国内供给释放较为充分&国内外煤价倒挂收窄下进口减量明显，需求端全社会用电量增速虽逐步改善但仍较弱，火电同比增速仍为负，供需偏宽松下煤价持续回落；2025Q2 需求虽有改善但供给仍充裕叠加库存偏高，从而秦皇岛山西产（Q5500）动力煤Q2 季度均价632 元/吨，同比-26%，环比-12%；Q2 权益端走势相对平稳。...
Source Link概述：煤价阶梯探底 趋稳，业绩回落降幅明显复盘来看，1）动力煤：2025H1 供给端国内供给释放较为充分&国内外煤价倒挂收窄下进口减量明显，需求端全社会用电量增速虽逐步改善但仍较弱，火电同比增速仍为负，供需偏宽松下煤价持续回落；2025Q2 需求虽有改善但供给仍充裕叠加库存偏高，从而秦皇岛山西产（Q5500）动力煤Q2 季度均价632 元/吨，同比-26%，环比-12%；Q2 权益端走势相对平稳。...
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