冬储积极性高，动力煤价逼近750

Core Viewpoint - The coal price is expected to continue to rise due to low terminal inventory and increased winter storage demand from power plants, despite tight supply conditions influenced by regulatory scrutiny and maintenance on the Daqin Railway [2][3]. Supply and Demand Analysis - Coal supply is gradually recovering in production areas, but remains tight due to strict regulations and Daqin Railway maintenance. The cold weather in northern regions is leading to an expansion in heating coverage, which boosts the purchasing enthusiasm for winter storage by power plants, indicating a continued strong coal price outlook [1][2][3]. - In the coking coal sector, production increases are limited due to safety regulations and checks on overproduction, leading to pressure on the profits of downstream coking steel enterprises. There is resistance to high-priced coal types, but overall low inventory levels and winter storage needs suggest that coking coal prices will continue to fluctuate [1][2][3]. Market Performance - The equity market experienced a near-universal decline, but coal stocks significantly outperformed the indices. Uncertainties regarding US-China tariffs have increased market volatility. Following comments from Trump about tariffs on Chinese goods, there was a brief rally in US indices, while A-shares and Hong Kong stocks showed strong risk aversion, with banks and coal sectors attracting capital [2][3]. - The average trading volume in the market was 2.1 trillion yuan, with daily financing purchases fluctuating around 210 billion yuan, indicating a reduction in trading volume compared to the previous week [2]. Investment Recommendations - The company suggests continuing to focus on high-quality coal stocks with strong cash flow and high dividends, as these are likely to perform well in the current market environment [3].