煤炭行业：国内动力煤下游继续去库存但放缓，火力发电量增

Industry Investment Rating - The report maintains a positive outlook on the coal industry [1] Core Views - Domestic thermal coal prices have slightly increased, while international thermal coal prices have declined [2][3] - Coal production in key state-owned mines in Shaanxi, Shanxi, and Inner Mongolia has increased month-on-month, while thermal coal imports have decreased [2][3] - Inventory reduction at major ports and power generation groups has slowed, with a slight decrease in daily coal consumption by the six major power generation groups [2][3] - Domestic shipping costs have continued to rise significantly [3] Detailed Summary by Section 1.1 Price - Domestic thermal coal prices at Qinhuangdao Port increased by 1.07% month-on-month to 852.00 yuan/ton [5] - International thermal coal prices remained unchanged in Australia but declined in Europe and South Africa [6] 1.2 Production - Raw coal production in August increased by 3.76% year-on-year to 396.55 million tons [7] - Production in Shaanxi, Shanxi, and Inner Mongolia increased month-on-month, with Shanxi showing a significant year-on-year increase of 25.51% [7] 1.3 Import - Coal and lignite imports in August decreased by 0.80% month-on-month to 45.84 million tons [9] - Thermal coal imports in July decreased by 7.36% month-on-month to 14.86 million tons [9] 1.4 Inventory - Combined coal inventory at Qinhuangdao, Huanghua, and Caofeidian ports decreased by 0.30% month-on-month to 11.72 million tons [11] - Coal inventory at the six major power generation groups decreased by 4.81% month-on-month to 13.23 million tons [13] 1.5 Downstream Demand - Daily coal consumption by the six major power generation groups decreased by 1.18% month-on-month to 929,300 tons [14] - National power generation in August increased by 7.39% year-on-year to 907.4 billion kWh, with thermal power generation accounting for 67.77% [14] 1.6 Freight - Domestic shipping costs from Qinhuangdao to Shanghai increased by 10.70% month-on-month to 23.80 yuan/ton [15] - International shipping costs from Australia to China increased by 4.88% month-on-month to 17.20 USD/ton [15]