动力煤修复剑指第三目标750元，煤炭布局稳扎稳打行业周报

Group 1 - The core viewpoint of the report indicates that the price of thermal coal has been rebounding, with the Qinhuangdao Q5500 thermal coal closing price reaching 704 RMB/ton as of August 22, marking a 15.6% increase from the lowest price of 609 RMB/ton in the first half of the year [1][2] - The supply side shows weakness due to production restrictions and rainfall in major coal-producing regions, with the operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia at 81.7%, which is still at a relatively low level for the year [1][2] - Port inventories have been declining, with the inventory in the Bohai Rim region at 23.274 million tons as of August 22, down 29.82% from the highest inventory of 33.163 million tons in the first half of the year [2] Group 2 - The demand side remains strong during the summer, with daily consumption at high levels, and the domestic methanol operating rate at 80.65%, which is among the highest in recent years [2] - Coking coal prices have also rebounded significantly, with the price at Jing Tang Port reaching 1610 RMB/ton, up from a low of 1230 RMB/ton in early July, and coking coal futures rising from 719 RMB to 1162 RMB, a cumulative increase of 61.61% [2] - The investment logic suggests that both thermal and coking coal prices are on the right side of the turning point, with expectations for further price recovery towards long-term contract prices [2] Group 3 - The report outlines four main investment lines in the coal sector, emphasizing the dual logic of cycles and dividends, with selected coal stocks expected to benefit from the current market conditions [3] - The first line focuses on cyclical logic with companies like Jinko Coal and Yanzhou Coal Mining, while the second line emphasizes dividend potential with companies like China Shenhua and China Coal Energy [3] - The third line highlights diversified aluminum elasticity with companies like Shenhua Holdings and Electric Power Investment, and the fourth line focuses on growth logic with companies like Xinji Energy and Guanghui Energy [3]