【国泰海通煤炭|黄涛团队】周观点:煤价理性回落,核心看后续冬季需求

煤炭涛声
Nov 30, 2025

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:○煤价上涨告一段落,价格理性回落,核心看后续冬季需求能否超预期,2026电煤长协新机制公布,托底行业底部盈利。11月以来国内煤价结束上涨转入理性回落态势,我们认为后续煤价止跌核心看后续冬季需求,若是12月-1月气温下滑超预期,可能短期推高居民用电需求,带动电厂耗煤量上升,进而使得煤价...

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