港口累库缓慢，煤价震荡上涨

Industry Overview - The average daily coal input at the four ports in the Bohai Rim region reached 1.977 million tons this week, an increase of 36,300 tons or 1.87% compared to last week [1] - The average daily coal output from the same ports was 1.8744 million tons, up by 14,300 tons or 0.77% week-on-week [1] - The total inventory at the Bohai Rim ports was 24.296 million tons, which increased by 666,000 tons or 2.82% from the previous week [1] - The spot price of thermal coal at the ports rose by 17 yuan per ton this week, closing at 834 yuan per ton [1] Demand and Supply Analysis - The supply side remains stable with an increase in port supply, while the demand side shows a slight increase in coal output [1] - The number of anchored vessels at the ports increased to 136, a rise of 42 vessels or 44% compared to last week [1] - The coal price is expected to maintain a volatile trend due to the support from supply and shipping price discrepancies, alongside the onset of heating season in northern regions [1] Valuation and Recommendations - The company suggests focusing on insurance capital inflows and the positive growth of premium income, particularly towards leading insurance firms [2] - There is an ongoing scarcity of fixed-income assets, leading to a preference for equity allocations, especially in resource stocks [2] - Core recommendations include elastic targets in thermal coal, particularly those with low valuations such as Haohua Energy and Guanghui Energy [2]