煤炭行业周报:2025年用电量超10万亿kwh,需求开启上行周期

海通国际
Jan 20

(以下内容从海通国际《煤炭行业周报:2025年用电量超10万亿kwh,需求开启上行周期》研报附件原文摘录)本报告导读: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。投资要点:投资建议:从板块角度,重点关注红利的核心中国神华、陕西煤业中煤能源;继续关注兖矿能源、晋控煤业。2025年全社会用电量超10万亿千瓦时,煤价有底,2026年需求是核心,AI缺电瓶颈...

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