煤炭行业周报：煤价震荡偏弱，关注非电需求恢复节奏

Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal and "Increase" ratings for China Shenhua, Yanzhou Coal, Huaibei Mining, Lu'an Environmental Energy, Jincheng Anthracite, Shanxi Coking Coal, Electric Power Investment, Huayang Co., Pingmei Shenma, and Zhongmei Energy [1][2][46]. Core Viewpoints - The coal prices are showing weak stability, with a slight decline in thermal coal prices due to a decrease in daily consumption at power plants. However, the reduction in port coal inventories is expected to provide short-term support for prices. The upcoming off-peak season for electricity coal will require attention to power plant replenishment needs and the recovery of industries such as chemicals and cement. For coking coal, the demand for steel remains under pressure, but prices may stabilize as the steel off-peak season ends and replenishment demand increases [2][45]. Summary by Sections 1. Weekly Data Tracking - Thermal coal port price on August 23 was 844 CNY/ton, down 0.4% week-on-week. The long-term contract price for August 2024 was 699 CNY/ton, down 0.1% year-on-year and down 0.7% month-on-month [3][8]. - The production prices at the pit for thermal coal on August 23 were 705 CNY/ton in Shanxi, 644 CNY/ton in Ordos, and 710 CNY/ton in Shaanxi, with respective week-on-week decreases of 7, 18, and 14 CNY/ton [3][8]. - The total coal production in Shanxi, Inner Mongolia, and Shaanxi was 27.53 million tons for the week ending August 18, an increase of 720,000 tons week-on-week [18]. 2. Market Review (08.19-08.23) - The report indicates that the coal sector underperformed compared to the broader market, with specific recommendations for stocks that exhibit stable performance and high return on equity (ROE) [45][46]. 3. Weekly Outlook (08.18-08.24) - The report emphasizes the importance of monitoring the recovery pace of non-electric demand and the potential for price stabilization in coking coal as the steel market begins to recover [45].