6 月当月产量环比回升，陕西增产晋蒙减产持续：2020 年6 月，全国煤炭产量3.32 亿吨，同比下降1.20%，环比回升4.84%。晋蒙陕月度产量同比分别变化-1.23%、-9.76%和-3.68%，环比分别变化10.36%、-1.31%和0.50%。

一、6 月煤炭产量同比下降1.2% ....................................................................................................................... 4

1、6 月煤炭单月产量同比回落，环比回升 .......................................................................................... 4

2、6 月山西增产 .................................................................................................................................. 4

3、下游行业复苏放缓 .......................................................................................................................... 4

二、焦钢盈利走势持续分化，6 月电厂煤耗持续回升 ......................................................................................... 5

1、6 月生铁产量有所回落 ................................................................................................................... 5

2、6 月火电受风电挤出，7 月上中旬电厂日耗环比继续攀升 ............................................................... 7

三、动力煤港口库存续降，焦煤下游补库 .......................................................................................................... 7

四、2020 年6 月煤炭进口同比下降、环比回升 ................................................................................................. 9

五、价格修复阶段完成，等待需求方向 ............................................................................................................. 9

六、投资策略 ................................................................................................................................................... 10

七、风险提示 ................................................................................................................................................... 12