【券商聚焦】海通国际:煤炭板块周期底部确认 关注全球能源格局

金吾财讯
Dec 16, 2025

金吾财讯|海通国际发布研报指,煤炭板块周期底部已确认在2025年第二季度,供需格局显现逆转拐点,下行风险充分释放。报告认为,煤电在全球能源格局中的压舱石地位短期难以动摇,建议关注泛电力相关资产的长期机会。 报告指出,11月以来国内煤价结束上涨转入理性回落态势,后续煤价止跌核心看冬季需求。若12月-1月气温下滑超预期,可能推高居民用电需求,带动电厂耗煤量上升。截至2025年12月12日,北方黄骅港...

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