中金：预计2026年煤价将呈现前低后高走势

Core Viewpoint - The report from CICC indicates that coal prices are expected to show a trend of being lower in the first half and higher in the second half of 2026, with the annual average likely to remain stable compared to 2025 [1] Demand and Supply Analysis - The demand side is anticipated to be a major drag on coal prices, particularly in the first half of the year due to policy transmission delays and seasonal effects, leading to relatively weak demand [1] - Supply-side constraints are expected to remain relatively strong, which may support coal prices despite weak demand [1] - A marginal improvement in demand is expected in the second half of the year, which could drive coal prices upward [1]