市场延续弱势，筑底预期趋强 | 投研报告

Core Viewpoint - The coal industry is currently in the early stages of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector at lower prices [5] Price Trends - The price of thermal coal at Qinhuangdao Port (Q5500) is reported at 711 RMB/ton, a decrease of 42 RMB/ton week-on-week [2] - The price of coking coal at Jingtang Port is 1700 RMB/ton, an increase of 50 RMB/ton week-on-week [3] - International thermal coal prices have also seen declines, with Newcastle NEWC5500 at 75.0 USD/ton, down 2.0 USD/ton week-on-week [2] Supply and Demand Dynamics - The utilization rate of thermal coal mines is at 90.4%, down 2.1 percentage points week-on-week, while the utilization rate for coking coal mines is at 86.62%, up 1.3 percentage points [3] - Daily coal consumption in inland provinces has decreased by 16.60 thousand tons/day (-4.23%), while consumption in coastal provinces has increased by 4.70 thousand tons/day (+2.35%) [5] - Chemical coal consumption has increased by 2.58 thousand tons/day (+0.35%) [4] Inventory and Utilization Rates - Coastal provinces have seen a decrease in coal inventory by 21.80 thousand tons, a 0.63% drop week-on-week, while inland provinces' inventory has decreased by 64.20 thousand tons, a 0.64% drop [4] - The clinker utilization rate in the cement industry is reported at 37.7%, down 1.3 percentage points week-on-week [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a strong long-term outlook due to supply constraints and rising costs [7] - The current market conditions present a high investment value in coal assets, with a focus on companies with stable operations and strong earnings [6][7] - Recommended companies include China Shenhua, Shaanxi Coal, and Yanzhou Coal, among others, highlighting their strong fundamentals and growth potential [7]