宝城期货动力煤早报（2026年2月25日）-20260225

Report Summary 1. Report Industry Investment Rating - Not provided in the document. 2. Core Viewpoints - The short - term, medium - term, and intraday views on thermal coal spot are all "oscillation". The atmosphere has slightly improved, and port coal prices are oscillating upward. The supply side of thermal coal is the main focus of future market games. In addition to the potential positive risks of the domestic "anti - involution policy", the coal export quota in Indonesia is also an important uncertain factor. Without significant changes in the supply side, the supply - demand pattern of thermal coal in China may remain loose, and coal prices may remain at a low level [1][5]. 3. Summary by Relevant Catalogs Variety Viewpoint Reference - For thermal coal spot, the short - term, medium - term, and intraday views are all "oscillation". The core logic is that the atmosphere has slightly improved, and port coal prices are oscillating upward [1]. Main Variety Price Market Driving Logic - Commodity Futures Black Sector - For thermal coal spot, the intraday and medium - term reference view is "oscillation". The core logic is that the supply side of thermal coal is the main focus of future market games. There are potential positive risks from the domestic "anti - involution policy" and the coal export quota in Indonesia is an important uncertain factor. Without significant changes in the supply side, the supply - demand pattern of thermal coal in China may remain loose, and coal prices may remain at a low level [5].