库存显著下行，煤价持续上涨 | 投研报告

Industry Overview - The spot price of thermal coal at ports increased by 16 CNY/ton week-on-week, closing at 698 CNY/ton [2][3] - The average daily inflow to the four ports in the Bohai Rim region was 1.65 million tons, an increase of 30.6 thousand tons or 1.89% compared to the previous week [2][3] - Supply from production areas remained stable, with a slight increase in port supply [2] Demand Dynamics - The average daily outflow from the four ports in the Bohai Rim region was 1.7704 million tons, up by 175.3 thousand tons or 10.99% from the previous week [2][3] - The number of anchored vessels increased to 93, which is an increase of 24 vessels or 35% compared to the previous week [2] Inventory Status - The inventory at the four ports in the Bohai Rim region was 23.685 million tons, a decrease of 974 thousand tons or 3.95% from the previous week [2] - The significant decline in overall inventory is attributed to sustained high temperatures, leading to elevated daily consumption by residents and power plants [2] Market Outlook - The coal industry has entered a peak season due to ongoing high temperatures, with continuous growth in residential and industrial electricity consumption [2] - With stable supply and rising demand, there is potential for further upward movement in coal prices [2] Valuation and Recommendations - The focus remains on the incremental insurance funds, with premium income maintaining positive growth concentrated among leading insurers [3] - There is an ongoing shortage of fixed-income assets, and resource stocks are expected to be favored in equity allocations [3] - Core recommendations include elastic thermal coal stocks, particularly those with low valuations such as Haohua Energy and Guanghui Energy [3]