宝城期货动力煤早报-20250825

Group 1: Report Industry Investment Rating - No clear industry investment rating is provided in the report Group 2: Core View of the Report - The coal market may shift from a "strong reality" logic to a "weak expectation" logic, and coal prices may reach a phased peak. However, with the support of the "anti-involution" policy, the correction space for thermal coal in September is expected to be limited, and it will maintain high-level volatile operation [5] Group 3: Summary by Relevant Catalog Power Coal Spot - Intraday and Medium - term View: The reference view is volatile [5] - Core Logic: As the off - season approaches, thermal coal demand will enter a seasonal decline phase, and there is no substantial positive news on the non - power side. The focus of market game lies in the supply side. Under the "anti - involution" policy, although the actual scale of production capacity withdrawal needs to be verified, market expectations have improved, and it is possible that industry associations and coal enterprises will introduce relevant policies, providing potential positive support to the supply side [5]