宝城期货动力煤早报-20250428

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core Viewpoint - The short - term and medium - term view of动力煤现货is "震荡" (sideways). The coal price decline in April slowed down, but the market atmosphere remained bearish. The supply - side pressure persisted due to increased domestic production despite a year - on - year decline in coal imports. Weak domestic demand and Sino - US trade frictions raised concerns about non - power terminal exports. The growth of wind and solar power and the seasonal strength of clean energy would keep coal demand low in May. High inventory levels at northern ports and sufficient coal available days at power plants would limit the rebound of coal prices during the inventory replenishment period. Although the inventory replenishment before peak summer demand might stop the price decline, the rebound space was expected to be limited, and the coal price would likely continue to trade in a weak sideways pattern [4]. 3. Summary by Related Content - Price Calculation Method: For futures with night trading, the starting price is the night - trading closing price; for those without, it's the previous day's closing price. The ending price is the day - trading closing price. A decline of more than 1% is considered a "下跌" (fall), 0 - 1% is "震荡偏弱" (weak sideways), a rise of 0 - 1% is "震荡偏强" (strong sideways), and a rise of more than 1% is "上涨" (rise). The "震荡偏强/偏弱" view is only for the intraday perspective [2][3] - Time - Cycle Definition: Short - term refers to within a week, and medium - term refers to two weeks to one month [1]