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【国泰海通煤炭|黄涛团队】周观点:地产政策多部门联动稳预期,非电需求有望修复

  • 2026-02-09 05:45:01
【国泰海通煤炭|黄涛团队】周观点:地产政策多部门联动稳预期,非电需求有望修复

正文

报告导读:

我们认为煤炭板块周期底部已经确认在25Q2,供需格局已经显现了逆转拐点,下行风险充分释放。

投资建议

地产政策密集发力,或有望对目前市场低预期的非电煤需求带来提振。2026 年初,房地产市场迎来多维度政策利好密集释放,2026年1月20日,国新办、财政部、自然资源部先后召开三场发布会,我们认为房地产市场企稳将带动后周期产业链复苏,同时消费服务随内需回暖持续改善,或有望对目前市场低预期的非电煤需求带来提振。1月17日,国家能源局发布2025年全社会用电量等数据。2025年,全社会用电量累计103682亿千瓦时,同比增长5.0%。我们认为在新能源及AI新兴用电业态的带动下,26年全社会用电总量的增长速度可能会更快,新兴业态用电占比越来越大更会增长用电增长的确定性,我们认为煤炭板块周期底部已经确认在25Q2,供需格局已经显现了逆转拐点,且我们预计26年开始煤炭及下游主要需求火电将步入新一轮的上行大周期,值得期待。从全球能源格局看,煤电的压舱石地位短期难以动摇,我们领先市场关注到美国缺电等全球电力供需问题,推荐关注泛电力相关资产的长期机会

动力煤:价格小范围波动。截至2026年1月24日,北方黄骅港Q5500平仓价695元/吨,与前一周基本持平。供给看,国内稳定,进口继续缩量:预计全年国内加进口总供给基本维持稳定下滑;需求端,淡季不淡需求大幅度改善,Q3盈利有望迎来反弹。2026年1月24日,国内煤炭市场呈现港口煤价弱势维稳、产地涨跌互现的分化格局,核心驱动因素包括终端需求疲软、产地供应调整及进口煤市场变化等多重变量的交织作用

焦煤:期现共反弹,铁水有望淡季不淡。截至2026年1月24日,京唐港主焦煤库提价(山西产)1780元/吨,较前一周上涨30元/吨(1.7%)。上周日均铁水产量环比微降,我们认为需求端有望淡季不淡。2026年1月24日,黑色系市场延续回暖态势,钢价迎来实打实的上涨行情,螺纹钢期货、现货价格同步走强,铁矿石、双焦品种协同发力,市场情绪持续升温

行业回顾:1)截至2026年1月23日,京唐港主焦煤库提价1780元/吨(1.7%),港口一级焦1696元/吨(-0.5%),炼焦煤库存三港合计288.0万吨(1.1%),200万吨以上的焦企开工率为79.18%(0.08PCT)。2)澳洲纽卡斯尔港Q5500离岸价上涨0美元/吨(0.1%),北方港(Q5500)下水煤较澳洲进口煤成本低22元/吨;澳洲焦煤到岸价263美元/吨,较前一周上涨20美元/吨(8.3%),京唐港山西产主焦煤较澳洲进口硬焦煤成本低55元/吨

风险提示:

宏观经济增长不及预期;进口煤大规模进入;供给超预期。

以上内容节选自国泰海通证券已经发布的研究报告《地产政策多部门联动稳预期,非电需求有望修复,本公众号仅展示报告部分内容,具体内容请详见完整版。

欲获取报告全文,请登录道合APP,或联系对口销售或相关分析师。

法律声明

本公众订阅号(微信号:gjcoal)为国泰海通证券研究所煤炭研究团队依法设立并运营的微信公众订阅号。本团队负责人黄涛具备证券投资咨询(分析师)执业资格,资格证书编号为S0880515090001。     

本订阅号不是国泰海通证券研究报告发布平台。本订阅号所载内容均来自于国泰海通证券研究所已正式发布的研究报告,如需了解详细的证券研究信息,请具体参见国泰海通证券研究所发布的完整报告。      

本订阅号推送的信息仅限完整报告发布当日有效,发布日后推送的信息受限于相关因素的更新而不再准确或者失效的,本订阅号不承担更新推送信息或另行通知义务,后续更新信息以国泰海通证券研究所正式发布的研究报告为准。      

本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制,根据《证券期货投资者适当性管理办法》的要求,若您并非国泰海通证券研究服务签约客户,为控制投资风险,还请取消关注,请勿订阅、接收或使用本订阅号中的任何信息。如有不便,敬请谅解。

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  1. CONNECT:[ UseTime:0.000493s ] mysql:host=127.0.0.1;port=3306;dbname=a_mffb;charset=utf8mb4
  2. SHOW FULL COLUMNS FROM `fenlei` [ RunTime:0.000581s ]
  3. SELECT * FROM `fenlei` WHERE `fid` = 0 [ RunTime:0.000252s ]
  4. SELECT * FROM `fenlei` WHERE `fid` = 63 [ RunTime:0.000253s ]
  5. SHOW FULL COLUMNS FROM `set` [ RunTime:0.000477s ]
  6. SELECT * FROM `set` [ RunTime:0.000197s ]
  7. SHOW FULL COLUMNS FROM `article` [ RunTime:0.000492s ]
  8. SELECT * FROM `article` WHERE `id` = 465140 LIMIT 1 [ RunTime:0.000346s ]
  9. UPDATE `article` SET `lasttime` = 1770980367 WHERE `id` = 465140 [ RunTime:0.002240s ]
  10. SELECT * FROM `fenlei` WHERE `id` = 65 LIMIT 1 [ RunTime:0.000255s ]
  11. SELECT * FROM `article` WHERE `id` < 465140 ORDER BY `id` DESC LIMIT 1 [ RunTime:0.000393s ]
  12. SELECT * FROM `article` WHERE `id` > 465140 ORDER BY `id` ASC LIMIT 1 [ RunTime:0.001749s ]
  13. SELECT * FROM `article` WHERE `id` < 465140 ORDER BY `id` DESC LIMIT 10 [ RunTime:0.001775s ]
  14. SELECT * FROM `article` WHERE `id` < 465140 ORDER BY `id` DESC LIMIT 10,10 [ RunTime:0.013385s ]
  15. SELECT * FROM `article` WHERE `id` < 465140 ORDER BY `id` DESC LIMIT 20,10 [ RunTime:0.031337s ]
0.121362s