煤炭行业周报：政策托底+需求旺季支撑煤价回调后具备修复空间

大同证券2025-12-23

核心观点动力煤供给受限需求分化，煤价回调后待企稳。动力煤本周价格回调幅度扩大，港口与产地价普跌，前期悲观情绪有所释放，后续冬季日耗提升、年末供给收缩及库存回落将支撑其止跌企稳。炼焦煤供需弱平衡，价格稳中有支撑。炼焦煤本周稳中有升，京唐港主焦煤库提价环比上涨，产地价基本平稳，虽处需求淡季，但库存低位、年末供给增量有限叠加下游冬储补库需求，预计价格窄幅震荡趋稳。权益市场涨跌互现，煤炭跑赢指数。二级市场...

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煤炭行业周报：政策托底+需求旺季支撑 煤价回调后具备修复空间

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煤炭行业周报：政策托底+需求旺季支撑煤价回调后具备修复空间