金吾财讯 | 中信证券表示,3月13日煤炭板块领涨大盘,行业悲观预期明显改善。该行认为近日上涨或主要受到高股息风格的强化、动煤价格企稳、板块筹码结构优化等因素带动。该行指,今年以来环渤海港动力煤市场价最高累计下跌10%,跌幅超出市场预期。近期煤价企稳反弹,该行认为全年煤价底部已基本明朗,即便后续4月淡季动力煤价调整,底部或有望维持在670元以上,全年均价预期仍有望达到750元以上。焦煤方面,当前山西吕梁主焦煤价格已跌至近十年来16%分位,处于2016年供给侧改革以来相对低点;后续随地产和钢铁需求弱复苏,价格也有望逐步进入回暖通道。目前龙头公司2025年股息率还可维持在5%以上,港股龙头的股息率吸引力更为明显,若供给收缩相关倡议落地,行业反弹持续性可期。
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