煤炭行业动态点评：长协倒挂解除煤价预期再次提升

山西证券2025-08-07

投资要点：事件：2025 年8 月4 日，秦皇岛港5500 大卡动力煤平仓价上涨至667元/吨，超过同期5500 大卡年度长协价。点评年度长协价格长期倒挂解除，提振市场信心。前期因供需因素，市场煤价与长协煤价倒挂。本轮长协倒挂自2025 年2 月28 日至2025 年8 月4 日，经历时间较长。倒挂期间，长协兑现率下降。迎峰度夏和反内卷政策共振，市场煤价加速上涨，市场信心恢复。煤价底部已现，煤价...

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煤炭行业动态点评：长协倒挂解除 煤价预期再次提升

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煤炭行业动态点评：长协倒挂解除煤价预期再次提升