金吾财讯 | 煤炭板块走强，截至发稿，力量发展（01277）涨4.90%，MONGOL MINING（00975）涨2.92%，中国秦发（00866）涨2.65%，兖煤澳大利亚（03668）涨2.45%，兖矿能源（01171）涨2.28%，首钢资源（00639）涨2.16%，中煤能源（01898）涨2.07%。消息面上，银河证券研报指出，2026年中国整体煤炭供需偏紧，煤价中枢抬升。国内市场方面，经过2025年下半年“反内卷”超产核查、2026年上半年印尼限制出口、美伊冲突推高国际能源价格、山西煤炭事故后安监趋严以及后续复产持续不及预期的影响，过去一年煤价中枢逐步抬升。研报认为供给约束依然存在，而电煤、化工煤等需求较去年有望提升，煤价有望继续抬升。在2026年中期策略报告中，预计2026年全年秦皇岛5500大卡动力煤市场价中枢在800—900元/吨，高于2025年年均价（690元/吨），迎峰度冬期间有望进一步冲高。
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