煤炭淡季开启，港口煤价震荡运行

Industry Overview - The spot price of thermal coal at ports increased by 1 CNY/ton this week, closing at 680 CNY/ton [1] - The average daily inflow to the four ports in the Bohai Rim was 1.6136 million tons, a decrease of 207,900 tons or 11.41% compared to last week [1] - The average daily outflow from the four ports was 1.5834 million tons, down by 255,900 tons or 13.91% from the previous week [1] - The average number of anchored vessels was 71, which is a decrease of 7 vessels or 8.82% from last week [1] - The inventory at the four ports in the Bohai Rim was 22.687 million tons, a slight decrease of 23,000 tons or 0.10% compared to last week [1] Demand and Supply Dynamics - The coal industry is entering the off-peak season, with a noticeable drop in national temperatures leading to reduced residential electricity demand [2] - The supply is stable, but the demand is weak, which may put pressure on inventory depletion in the short term [2] - Short-term coal prices are expected to remain volatile [2] Investment Recommendations - The focus remains on the incremental insurance funds, with premium income maintaining positive growth concentrated among leading insurance companies [3] - There is an ongoing shortage of fixed-income assets, and with dividend assets at high levels, there is a shift towards equity allocation, particularly favoring resource stocks [3] - Core recommendations include elastic thermal coal stocks, particularly those with low valuations such as Haohua Energy and Guanghui Energy [3]