【国海能源开采】 8月供给延续收缩，火电需求同比依然增长，煤价环比提升明显——煤炭开采行业8月数据全面解读

Event Summary - In August 2025, the National Bureau of Statistics reported a narrowing decline in coal production, with industrial raw coal output at 390 million tons, down 3.2% year-on-year, a decrease of 0.6 percentage points compared to July. Daily average production increased to 12.6 million tons, with a month-on-month rise of 307,000 tons per day, but a year-on-year decrease of 195,000 tons per day. From January to August, the total industrial raw coal output reached 3.17 billion tons, up 2.8% year-on-year [1][10][11]. Supply Side - August coal production saw a year-on-year decline of 3.20%, but the decrease was less than in July, primarily supported by peak summer demand. The daily average production in August was 12.6 million tons, with a month-on-month increase of 307,000 tons per day [2][11]. - Major coal companies showed production differentiation in August. For instance, Shaanxi Coal and Chemical Industry produced 14.3 million tons, up 5.3% year-on-year, while China Coal Energy's output was 11.6 million tons, down 1.8% [2][14]. Import Side - Coal imports in August were 42.74 million tons, down 6.77% year-on-year, with the decline narrowing by 16 percentage points compared to July. Cumulatively, from January to August, coal imports totaled 300 million tons, down 12.20% year-on-year [3][16]. Demand Side - Thermal power demand remained positive in August, with industrial thermal power generation increasing by 1.7% year-on-year, although the growth rate slowed by 2.6 percentage points compared to July. The total industrial power generation in August was 936.3 billion kWh, up 1.6% year-on-year [4][16]. - In the steel sector, pig iron production reached 69.79 million tons in August, up 1.00% year-on-year, while coke production was 42.60 million tons, up 3.90% year-on-year [20][25]. Inventory - The inventory of thermal coal at northern ports decreased significantly, with a reduction of 2.505 million tons to 22.232 million tons by the end of August, which is 1.433 million tons lower than the same period last year [6][33]. - Coking coal inventories remained low, with production enterprise stocks increasing slightly but still at a low level [7][36]. Price Movement - The price of coal saw a noticeable increase in August, with the Qinhuangdao port price for 5500 kcal coal rising by 51.37 yuan per ton, an increase of 8.05% month-on-month [41]. Investment Recommendations - The coal mining industry is recommended for investment, focusing on companies with strong cash flow and high dividend yields. Key companies to watch include China Shenhua, Shaanxi Coal, and China Coal Energy [8][42][44].