正文报告导读：我们认为煤炭板块周期底部已经确认在25Q2，供需格局已经显现了逆转拐点，下行风险充分释放。投资建议：○煤价迎来短期见顶，1-10月全社会累计用电量同比增速超5%，2026电煤长协新机制公布，托底行业底部盈利。国家统计局公布数据，10月全社会用电总量累计增长已经回至5.1%，超市场预期，对比Q1的2.5%增速有大幅改善，证伪市场对于需求侧的悲观预期，符合我们此前对于2025年全年用电量...
Source Link正文报告导读：我们认为煤炭板块周期底部已经确认在25Q2，供需格局已经显现了逆转拐点，下行风险充分释放。投资建议：○煤价迎来短期见顶，1-10月全社会累计用电量同比增速超5%，2026电煤长协新机制公布，托底行业底部盈利。国家统计局公布数据，10月全社会用电总量累计增长已经回至5.1%，超市场预期，对比Q1的2.5%增速有大幅改善，证伪市场对于需求侧的悲观预期，符合我们此前对于2025年全年用电量...
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