机构：继续全面看多煤炭板块

Group 1: Coal Production and Market Overview - In April, the output of industrial raw coal reached 390 million tons, a year-on-year increase of 3.8%, with a daily average production of 12.98 million tons. From January to April, the total output was 1.58 billion tons, reflecting a year-on-year growth of 6.6% [1] - The coal sector is characterized by high performance, high cash flow, and high dividends, with strong industry prospects and long cycles. The macroeconomic environment is improving, and state-owned enterprises are beginning asset injection work, enhancing the profitability and growth certainty of quality coal companies [1] Group 2: Price Trends and Market Dynamics - For thermal coal, the supply-demand balance is marginally improving, with price stabilization expected. The main production areas maintain stable supply, and seasonal recovery in non-electric demand is accumulating momentum. Although port inventories are high, market sentiment is supported by traders clearing stocks, leading to an expected stabilization in coal prices [2] - In the coking coal market, cost support is strengthening, limiting price declines. Prices have approached the cost lines of some mines, indicating a rigid cost support effect. With steel companies' profits recovering and high iron water production, there is an expectation for improved inventory replenishment intentions from downstream [2]