高盛高华--中国金属及采矿： 煤炭：完美的暴风雪；将行业看法降为中性(英文)

Fundamentally, demand cracking with export sector slowing down
We see potentially a change in fundamental framework from
supply focus to demand dominant for the Chinese coal sector.
(1). Past five years’ up cycle since 2003 was largely driven by
tightening supply side, mainly on worsening railway bottleneck.

(2). We see potential demand risk rising, potentially neutralizing
railway bottleneck anchor and turning the cycle downward.

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