供需格局优化，动力煤价稳中有升

Group 1 - The core viewpoint indicates that the price of thermal coal has shown a fluctuating upward trend across all segments this week, with prices rising at the port, production site, and international levels. In the short term, the resumption of work and production after the holiday, combined with low inventory levels, is expected to support a strong coal price. In the medium to long term, prices are anticipated to stabilize within a reasonable range due to supply constraints and resilient demand [1] - For coking coal, prices have shown a weak and stable differentiation this week, with port prices remaining flat week-on-week, production site prices declining slightly, and the FOB price of Australian hard coking coal decreasing marginally. Overall, the market activity has decreased ahead of the Spring Festival, leading to a weak supply-demand balance that keeps prices stable. In the medium to long term, prices are expected to gradually stabilize and recover as downstream production resumes and iron output increases, alongside expectations of reduced overseas supply [1] Group 2 - In the secondary market, the equity market showed mixed results, with the coal sector outperforming the index. The average daily trading volume in the A-share market was 2.11 trillion yuan, reflecting a structural market where the technology growth sector led gains while the consumer sector experienced a pullback. The leading sectors were concentrated in information technology, benefiting from breakthroughs in AI large models and rising global semiconductor storage chip prices, which drove demand for computing infrastructure and AI terminals [2] - The coal sector outperformed the index, and there is a recommendation to continue focusing on high-quality coal stocks with abundant cash flow and high dividends [2]