中信证券煤炭行业2026年投资策略：煤价表现或好于2025年，上市公司盈利、分红预期也有望跟随改善

Core Viewpoint - The coal industry is expected to maintain a weak supply and demand balance in 2026, but coal prices may perform better than in 2025 due to policy support, leading to improved profitability and dividend expectations for listed companies [1] Industry Outlook - The coal sector may experience a temporary opportunity due to market style rotation or differences in industry expectations as sentiment improves [1] - Continued focus is recommended on industry leaders, companies with alpha, and those with potential earnings elasticity [1]