煤炭行业2025年二季度煤炭债复盘：平稳接续久期继续拉升

山西证券2025-07-25

二季度煤价淡季特征，关注久期控制。二季度煤炭市场淡季特征明显，行业盈利能力继续下降，部分尾部主体出现内部亏损面较大和亏现金流等现象，建议提高对煤企获现能力的观察。考虑过去几年煤炭企业的盈利累积，我们认为短期风险仍然可控，市场尚未重点交易煤炭利差。但考虑煤炭债平均久期不断创新高和基本面不断弱化，市场对煤炭信用品的认可程度或有所变化，未来不排除机构增加控久期行为。“信用捆绑”仍坚固，“高息债务置换”和...

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煤炭行业2025年二季度煤炭债复盘：平稳接续 久期继续拉升

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煤炭行业2025年二季度煤炭债复盘：平稳接续久期继续拉升