煤炭行业周报：供需双弱终端去库，动力煤价格以稳为主

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a leading position in the market [2]. Core Insights - The coal industry is experiencing a dual weakness in supply and demand, leading to stable prices for thermal coal. The report suggests that the domestic coal price is unlikely to decline significantly in the near future due to ongoing economic stabilization policies and limited supply growth from production areas [5][10]. Summary by Sections 1. Coal Industry Dynamics - Thermal Coal: As of July 19, the price for Shanxi mixed Q5500 at Guangzhou Port is 920 CNY/ton, unchanged week-on-week. The Qinhuangdao long-term contract price for thermal coal is expected to remain at 700 CNY/ton, also stable. The overall average price index for thermal coal in the Bohai Rim is 715 CNY/ton, unchanged [10][17]. - Metallurgical Coal: The price for main coking coal in Shanxi is 1900 CNY/ton, stable week-on-week. The average price for metallurgical coke at Tianjin Port is 2110 CNY/ton, also unchanged [17][28]. - Supply and Demand: The report notes that the supply of coal is limited due to strict safety regulations, while demand remains subdued due to seasonal factors and high inventory levels at steel mills [5][10]. 2. Coal Transportation - Coastal transportation rates are weak, with the coastal coal transportation index at 563.15 points, down 3.77% week-on-week. In contrast, inland transportation rates are rising due to increased costs during the flood season [34][41]. 3. Market Performance - The coal sector experienced narrow fluctuations last week, with the CITIC coal index closing at 3637.9 points, up 0.42%. The coal mining sub-sector saw a 0.64% increase, while the coal chemical sub-sector declined by 2.44% [43]. 4. Future Outlook and Investment Recommendations - The report suggests focusing on companies involved in coal-electricity integration, such as China Shenhua and Xinji Energy, as well as those benefiting from coal dividends like Shanxi Coal and Yanzhou Coal Mining. The anticipated recovery in steel demand may also positively impact coking coal prices [5][10].