宝城期货动力煤早报-20250827

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The power coal market is expected to shift from a "strong reality" logic to a "weak expectation" logic, with coal prices potentially peaking in the short - term. However, supported by the "anti - involution" policy, the callback space for power coal in September is expected to be limited, and the overall market will maintain high - level volatile operation [5] Group 3: Summary According to the Catalog Variety View Reference - The short - term, medium - term, and intraday views of power coal spot are all "oscillation". The core logic is that the optimistic sentiment is fading, and the prices of medium and low - calorie coal have stabilized and declined [1] Main Variety Price Market Driving Logic - Commodity Futures Black Sector - For power coal spot, 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 end. The market focus is on the supply side. Under the "anti - involution" policy, although the actual scale of production capacity withdrawal needs verification, market expectations have improved, and there may be positive news on the supply side. The coal market may shift from "strong reality" to "weak expectation" logic, with limited downward space for coal prices in September [5]