中金公司：预计2026年煤价将呈现前低后高走势

Group 1 - The core viewpoint of the report is that coal prices are expected to show a trend of low prices in the first half of 2026 followed by a recovery in the second half, with the annual average likely to remain similar to that of 2025 [1] - Demand is anticipated to be the main drag on coal prices, while supply-side constraints are expected to be relatively strong [1] - In the first half of the year, coal demand may be subdued due to policy transmission delays and seasonal effects, leading to potential pressure on coal prices [1] Group 2 - A marginal improvement in demand is expected in the second half of the year, which could drive coal prices upward [1]