中信证券：今年煤价表现或好于去年

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 Summary - The coal sector is projected to experience a continuation of weak supply and demand dynamics in 2026 [1] - Policy support is anticipated to positively influence coal prices, resulting in better performance compared to 2025 [1] - Profitability and dividend expectations for listed companies in the coal industry are likely to improve [1] Investment Opportunities - There may be short-term opportunities in the sector due to market style rotation and differences in industry expectations as sentiment improves [1] - Continued focus is recommended on leading companies benefiting from industry dividends, those with alpha, and potential high earnings elasticity targets [1]