煤炭行业2026年度投资策略:煤炭反内卷重塑价值,周期与红利攻守兼备

开源证券
Nov 05, 2025

(以下内容从开源证券《煤炭行业2026年度投资策略:煤炭反内卷重塑价值,周期与红利攻守兼备》研报附件原文摘录)核心观点1.行业革新:煤炭反内卷将经历两个阶段,致力于价格合理运行2016年以来供给侧改革成功的标杆与典范,随着国内能源结构的转型、以及双碳政策深入推进,行业有望再次迎来供给侧改革(即反内卷)。供给侧改革或反内卷的标准定义分为两个阶段:一是减产量抬煤价,二是去产能调结构,二者缺一不可,且二...

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