动力煤价回调待企稳，炼焦煤价稳中有支撑 | 投研报告

Core Viewpoints - The supply of thermal coal is sufficient, but demand is differentiated, leading to a price correction that is expected to stabilize [1] - The price of thermal coal has declined due to lower-than-expected demand and high inventory levels; however, with the release of winter heating demand, stricter safety regulations at year-end, and reduced coal production, prices are anticipated to stabilize in the long term [2] - Coking coal demand is weak during the off-season, but supply-demand balance supports price stability; the market for coking coal remains steady with port prices stable [1][2] Market Analysis - The equity market shows mixed performance, with the coal sector underperforming against indices; trading volume has increased, and structural trends continue with technology and growth sectors leading [1] - The Federal Reserve's interest rate cut and the domestic implementation of more proactive fiscal and moderately loose monetary policies have created a supportive liquidity environment for risk assets [2] - The coal sector has lagged behind the Shanghai Composite Index and CSI 300, suggesting a need for investors to focus on high-quality coal stocks with strong cash flow and high dividends [2]