中美两国博弈，煤炭板块韧性强 | 投研报告

Core Viewpoint - The coal industry is experiencing price strength due to continuous rainy weather affecting supply, with expectations for coal prices to remain strong in the short term [2][3]. Coal Market Analysis - The impact of continuous rainy weather during the holiday period has led to supply constraints, with Daqin Railway undergoing maintenance and terminals beginning winter storage, supporting coal prices [2][3]. - Coking coal prices are fluctuating, with high downstream iron and steel production but insufficient confidence among coking enterprises to raise prices, leading to a wait-and-see attitude [2][3]. - Overall supply remains stable, and the low inventory levels of coal and coke steel provide support for coal prices [3]. Market Performance - The coal sector has significantly outperformed major indices amid global market turmoil caused by geopolitical tensions, including the U.S. imposing 100% tariffs on Chinese products starting November 1 [1][2][3]. - The average market turnover was 2.6 trillion yuan, with daily financing purchases fluctuating around 288 billion yuan, indicating strong investor interest in coal stocks [1][2]. Investment Recommendations - The focus should be on high-quality coal stocks with strong cash flow and high dividends, as they are expected to perform well in the current market environment [3].