金吾财讯 | 华泰证券表示，26Q1煤价已基本筑底（秦皇岛港5500动力煤716元/吨，环比4Q25-6.93%、同比-1.62%；山西柳林低硫主焦煤1538元/吨，环比4Q25-1.98%、同比+17.12%），其中3月受中东冲突影响动力煤均价同比+9.11%到746元/吨、主焦煤均价同比+18.15%到1484元/吨。26Q1煤炭板块主流公司平均营业收入同比+1%，为24Q4以来首次同比增速转正。26Q1煤炭板块主流公司平均归母净利润同比-2%，较2025年各季度同比降幅持续收窄；分板块来看，动力煤同比-2%；炼焦煤板块同比-1%。截至4月30日动力煤808元/吨（同比+22.98%）、主焦煤1552元/吨（同比+21.53%）。该机构认为煤炭板块已进入底部修复通道，后续随着煤价中枢抬升与需求回暖，板块盈利弹性有望持续释放。
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