动力煤或确立700元关口而向上，煤炭布局稳扎稳打

Core Viewpoint - The coal industry is experiencing a slight price increase, with thermal coal prices stabilizing above 700 RMB/ton, indicating potential upward momentum in the market [2][3]. Thermal Coal Summary - As of October 10, the Qinhuangdao Q5500 thermal coal price is 705 RMB/ton, having rebounded from a low of 699 RMB/ton [2][3]. - The current period is characterized as a low season for electricity consumption, but non-electric coal demand is expected to become a highlight in the near future [2][3]. Coking Coal Summary - The main coking coal price at Jingtang Port is reported at 1630 RMB/ton, rebounding from a low of 1230 RMB/ton in early July [2][3]. - Coking coal futures have shown a significant rebound, increasing from 719 RMB in early June to 1161 RMB, representing a cumulative increase of 61.47% [2][3]. Investment Logic - Thermal coal prices are expected to recover towards long-term contract prices, with current prices already above local state-owned enterprise contract prices [3]. - The future target price for thermal coal is projected to reach around 750 RMB/ton by 2025, with a potential peak price around 860 RMB/ton [3]. - Coking coal prices are more influenced by supply and demand fundamentals, with target prices based on the price ratio between coking coal and thermal coal [3]. Investment Recommendations - The coal sector is positioned for a rebound due to historical low prices and improving supply-demand dynamics, particularly in the non-electric coal segment during the "golden September and silver October" period [5]. - Companies with strong dividend policies are highlighted, with several coal enterprises maintaining high dividend yields despite overall profit pressures [5]. - Four main investment lines are suggested: 1. Cycle logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, 陕西煤业 3. Diversified aluminum elasticity: 神火股份, 电投能源 4. Growth logic: 新集能源, 广汇能源 [5].