金吾财讯 | 国泰海通研报指，认为美国煤炭行业正处于历史性的转折点，在经历了长达十年的结构性衰退后，2025年特朗普政府明确的放弃脱碳政策，使得煤炭可以以公平的方式展现在公用事业公司视野中，经济性成为各项电源的最核心评判标准。对于解决美国在AI带动下的需求爆发的缺电问题，就“电量”的维度该机构认为的主要解决方式就是依靠更为靠谱的基荷能源：天然气及煤炭。与此同时，需求端的持续爆发也必然伴随着能源价格的上行，美国煤炭已经迎来政策与经济性的双击。该机构认为美国重启煤电已经在2025年显现超过市场预期强度，而该机构预判的美国缺电问题日趋严重下对于基荷电源将越发依赖，以此将带动能源的量价齐升，并联动影响全球，重申战略性看多未来5-10年的能源大周期。
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