智通财经APP获悉，焦煤板块国庆期间去库存。供给端，假期部分矿山检修，蒙煤通关十一期间三大口岸闭关7天，口岸库存快速去库，节后预计通关加速，海运煤到港高位回落，假期供给环比减量。
浙商证券发布研报称，三季度蒙煤进口量触底回升，供应链贸易利润亦随着价格反弹实现触底反弹。
在国内“反内卷”大环境下，铁水产量维持高位，若煤炭行业继续推进“查超产”，有望维持焦煤供需格局紧平衡，对焦煤价格形成支撑，蒙煤贸易企业利润空间有望修复。
中信证券研报称，我们跟踪的样本煤炭上市公司，2025Q3净利润平均环比增长约18%，前三季度同比降幅约27%，环比而言，焦煤、无烟煤公司业绩预期弹性更大，但动力煤板块贡献利润依然最多。
展望四季度，行业整体供需平衡，旺季或出现阶段性供给缺口，若反内卷政策执行力度强化，煤价有望超预期。
目前板块的政策、煤价以及业绩预期都在改善，未来随着市场风格轮动或政策催化，板块有望出现持续超额收益。
煤炭板块相关港股：
中国神华(01088)、中煤能源(01898)、兖矿能源(01171)、易大宗(01733)、兖煤澳大利亚(03668)、中国秦发（00866）等。
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