【中泰煤炭】周报:供需边际改善,煤价寻底待稳

杜工周期
Dec 28, 2025

投资要点行业观察:供需边际改善,煤价寻底待稳由于天气超预期降温持续时间太短,在低日耗、高库存下,市场煤采购节奏缓慢,价格持续承压。展望后市,受年终煤矿完成生产任务及安全检查等因素影响,煤炭供应端出现小幅收缩;而冬季下游终端日耗开始加速攀升,刚性采购需求持续存在,煤炭价格有望止跌企稳。供给端:内外因素驱动供给短期收紧。1)年末停产减产煤矿数量增加,且港口调入有所降低。进入年底后,随着煤矿完成年度任务...

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