煤炭行业周报：煤价淡季韧性强，美联储降息利好煤炭供需格局

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal price shows strong resilience during the off-season, and the Federal Reserve's interest rate cut is favorable for coal supply [1] - The supply-demand pattern is expected to marginally improve, with a projected decline in investment by Russian coal companies by 33.3% to $22 billion [1] - The Federal Reserve's recent interest rate cut to a range of 5.00% is anticipated to boost global liquidity, supporting commodity prices, including coal [1] - The National Energy Administration emphasizes the importance of coal in ensuring national energy security and plans to enhance coal supply capabilities [1] Summary by Relevant Sections - Market Dynamics: The coal price has rebounded, with the Qinhuangdao coal price increasing to 866 RMB/ton, reflecting a week-on-week increase of 1.1% [1] - Demand and Supply: Average daily coal consumption by power plants is 5.93 million tons, up 5.3% year-on-year, indicating a tight supply-demand balance [1] - Investment Opportunities: Companies such as China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry are highlighted as having growth potential, with expected improvements in Q3 performance [1] - Sector Performance: The report suggests that the coal sector's "steady + dividend" strategy remains advantageous, with a focus on companies that can deliver both operational and dividend growth [1]