中金：推进煤炭清洁高效利用 煤炭供给有望优化

Core Viewpoint - The policy aims to promote the coal industry from low-end to high-end, transitioning coal products from primary fuels to high-value products, with stricter standards for coal consumption in power generation by 2025 [1] Group 1: Policy Impact on Coal Supply Structure - The policy encourages enterprises to orderly conduct clean and efficient coal utilization transformations without affecting electricity and heat supply, indicating that energy security remains a priority [2] - The enhancement of clean and efficient coal utilization requirements is expected to optimize the coal supply structure further [1][2] Group 2: Changes in Coal Import Structure - From January to October, China's broad power coal imports decreased by 11% year-on-year to 294 million tons, with lignite imports down by 4% to 144 million tons, maintaining a high proportion of 49% in total imports [3] - The policy is anticipated to shift coal imports towards higher calorific value and better quality products [3] Group 3: Constraints on Indonesian Coal Imports - The import volume of Indonesian coal, primarily low-calorific lignite, may face constraints, while the demand for high-calorific coal from Australia and Russia is expected to increase [4] - However, the increase in Australian coal supply is limited, and the high-quality coal from Russia is constrained by railway capacity, leading to a potential tightening of the high-calorific coal market [4]