宝城期货动力煤早报-20250828

Group 1: Report Industry Investment Rating - No relevant content found 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 correction space for power coal in September is expected to be limited, and the market will maintain high - level volatility [5] Group 3: Summary by Related Catalog Power Coal Spot - Intraday and Mid - term View: The reference view is that the market is in a state of oscillation [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 end. The focus of market gaming lies in the supply side. Under the "anti - involution" policy, although the actual scale of production capacity withdrawal needs verification, market expectations have improved. There may be further policy measures from industry associations and coal enterprises, and the supply - side news is expected to form positive support [5]