【国泰海通煤炭｜黄涛团队】周观点：行业底部确立，“反内卷”有望改善供给

煤炭涛声2025-07-06

正文报告导读：煤炭价格见底回升，预计随着全国气温的逐步攀升，再考虑到库存去化，预计未来3个月是关键的基本面验证时点。投资建议：○煤价继续回升，“反内卷”下行业供给逻辑有望持续改善。2025年7月1日中央财经委会议进一步明确“反内卷”，要求“依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出”。我们认为“反内卷”有望进一步改善煤炭行业供给结构，叠加当下行业供给和需求双双好转，...

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