宝城期货动力煤早报-20250826

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The power coal market is expected to shift from a "strong reality" logic to a "weak expectation" logic. Coal prices may reach a phased peak, but with the support of the "anti-involution" policy, the correction space for power coal in September is expected to be limited, and it will maintain a high-level volatile operation [5]. 3. Summary by Relevant Content Power Coal Spot - Intraday and Mid - term View: The reference view is "oscillation". 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 remains on the supply side. Under the "anti-involution" policy, although the actual scale of production capacity withdrawal needs verification, market expectations have improved. Supply - side news is expected to form positive support. [5]