补库需求有所释放，港口煤价震荡回升

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook compared to the market [1]. Core Insights - The coal industry is experiencing a rebound in prices due to increased replenishment demand and a recovery in port coal prices. The overall demand for coal is improving, driven by factors such as the end of typhoon impacts in the south and a seasonal decline in hydropower generation [1][5]. - The report highlights that the supply-demand balance in the coal sector remains relatively stable, with no expectations for drastic price fluctuations in the third quarter. The low-risk interest rates and high dividend yields in coal stocks are attractive to investors [5]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - Thermal Coal: Replenishment demand has increased, leading to a rise in port coal prices. As of September 13, the price of Shanxi mixed coal at Guangzhou Port was 940 CNY/ton, a weekly change of +2.17% [10]. - Metallurgical Coal: Steel prices have rebounded, increasing the demand for metallurgical coal. The price of main coking coal in Shanxi was 1550 CNY/ton, unchanged from the previous week [18]. - Coke and Steel Industry Chain: Steel prices are recovering, but the demand for coke is still uncertain. The average price of metallurgical coke at Tianjin Port was 1710 CNY/ton, a weekly change of -2.84% [29]. - Coal Transportation: There has been an increase in northbound transportation for replenishment, with the coastal coal transportation price index rising by +7.46% [34]. - Coal-related Futures: Futures prices for coking coal and coke have shown positive changes, indicating a favorable macroeconomic outlook [38]. 2. Coal Sector Market Review - The coal sector has underperformed compared to major indices like the CSI 300, with the CITIC coal index reporting a weekly change of -3.01% [43]. - Individual stocks in the coal mining sector have seen mixed performance, with some companies like Yanzhou Coal and Zhengzhou Coal Electric showing positive gains [43]. 3. Investment Recommendations - The report suggests focusing on companies with high certainty in earnings and strong dividend expectations, such as China Coal Energy. It also recommends companies with integrated coal and power operations, like China Shenhua Energy, for their risk-resistant business models [5].