中信证券：煤价或已见底，板块龙头和低估值公司有望出现超额收益

Core Viewpoint - The coal industry has experienced a continuous decline in prices and profitability this year, but prices may have bottomed out, leading to potential excess returns for leading companies and undervalued firms in the sector [1] Industry Summary - The coal industry has maintained a loose supply structure throughout the year, resulting in ongoing price declines and a quarterly drop in profitability [1] - Domestic and international cost support suggests that coal prices may have reached their lowest point, with clearer expectations for performance recovery [1] - As market trends shift back, leading companies and those with low valuations in the coal sector are expected to generate excess returns [1]