煤炭开采行业月报:进口、产量维持同比下滑 再次重申“年底煤价或以最高点收官”

国盛证券
Sep 17, 2025

事件:国家统计局公布2025 年8 月份能源生产情况。8 月原煤产量连续两月同比下滑。据国家统计局数据,8 月份,规上工业原煤产量3.9 亿吨,同比下降3.2%,降幅环比7 月收窄0.6pct;日均产量1260万吨。1—8 月份,规上工业原煤产量31.7 亿吨,同比增长2.8%。展望2025年,暂不考虑“反内卷”对产量的影响下,结合我们对2025 年煤矿产能投放情况的梳理,预计全年动力煤产量仍将...

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