20180709前海期貨動(dòng)力煤半年報(bào)：動(dòng)力煤把握季節(jié)性投資機(jī)會(huì)
報(bào)告摘要
n? 主要北方港口煤炭庫(kù)存總體維持年內(nèi)高位，迎峰度夏的旺季預(yù)期提高了行業(yè)的備貨、囤貨傾向。
n? 迎峰度夏時(shí)期，煤炭日耗在70萬(wàn)噸，但由于庫(kù)存充裕，電廠采購(gòu)壓力不大。
n? 長(zhǎng)江中上游地區(qū)進(jìn)入汛期，三峽水庫(kù)入庫(kù)流量持續(xù)增加，長(zhǎng)江梯級(jí)電站出力將不斷攀升，水電替代效應(yīng)季節(jié)性增強(qiáng)。
n? 動(dòng)力煤市場(chǎng)具有較強(qiáng)的季節(jié)性特征，迎峰度夏和冬季采暖季是兩個(gè)波峰，中間則會(huì)出現(xiàn)波谷。
?? 上半年走勢(shì)回顧
?? 影響因素分析
?? 行情展望與投資策略
Abstract
n? Coal stocks at China's main northern ports remain at high level of the year. Expectation for peak season in the summer increases buyers’ tendency to hoard coal.
n? During the peak summer period, daily consumption of coal is around 700 thousand tons, but due to sufficient coal stocks, major domestic power generation companies’ procurement pressure is not large.
n? As the middle and upper reaches of the Yangtze River entered the flood season, inflow to the Three Gorges reservoir continued to increase. Power generation of the Three Gorges Hydropower Station is edging up, and the substitution effect of the hydropower increases seasonally.
n? Thermal coal market has strong seasonal characteristics. Usually, there is a trough between summer peak and winter peak.
?
?? Market review in 1H18
?? Analysis of influencing factors
?? Market outlook and strategy recommendation
20180709前海期貨—?jiǎng)恿γ寒a(chǎn)業(yè)鏈半年報(bào)—?jiǎng)恿γ喊盐占竟?jié)性投資機(jī)會(huì).pdf
