煤炭开采行业周报：动力煤价格小幅上涨，逆市上涨

Investment Rating - The report maintains a "Buy" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is expected to maintain a tight balance in the coming years, characterized by high asset quality, abundant cash flow, and strong profitability [2][3] - The report highlights the importance of focusing on low-priced coal stocks and identifies several investment opportunities across different categories [2][3] Summary by Sections 1. Thermal Coal - Thermal coal prices have seen a slight increase, with the Qinhuangdao port price reaching 857 RMB/ton, up 11 RMB/ton week-on-week [10] - Daily coal consumption at coastal power plants was 2.392 million tons, down 1.6% week-on-week, while inland power plants consumed 3.643 million tons, down 11.3% week-on-week [9][14] - The overall supply elasticity for domestic production and imports remains low, with structural shortages persisting [9][14] 2. Coking Coal - Coking coal prices are stabilizing, with the main coking coal price at the Jing Tang port remaining unchanged at 1770 RMB/ton [28] - The average crossing volume at the Ganqimaodu port increased to 703 trucks, up 84 trucks week-on-week [27][32] - The report anticipates a bottoming out of coking coal prices, contingent on steel market performance [27][28] 3. Coke - The coke industry is experiencing a narrowing of losses, with some coking enterprises announcing price increases [38] - The price of metallurgical coke at Tianjin port was 1650 RMB/ton, down 50 RMB/ton week-on-week [38] - Steel prices have rebounded, with rebar prices increasing to 3330 RMB/ton, up 120 RMB/ton week-on-week [38] 4. Hydropower Situation - The Three Gorges Reservoir's outflow increased to 7760 cubic meters per second, up 180 cubic meters per second week-on-week [24]