煤炭行业周报：南方火电日耗回落、节前补库告一段落，煤价止涨，旺季预期下预计煤价以稳为主

Investment Rating - The report maintains a positive outlook on the coal industry, indicating a "看好" (Overweight) investment rating [3][4]. Core Insights - The report highlights that the coal price is expected to stabilize, with a current spot price of 867 RMB/ton for thermal coal as of September 27, 2024, reflecting a slight increase of 1 RMB/ton week-on-week but a decrease of 116 RMB/ton year-on-year [4]. - Supply-side dynamics show an increase in daily coal inflow to the ports, with an average of 1.7353 million tons, up 5.31% week-on-week, although down 10.72% year-on-year [4][18]. - Demand-side factors indicate a decrease in daily coal consumption due to improved hydropower generation and seasonal weather changes, leading to a reduction in downstream purchasing [4][18]. - The report emphasizes that the upcoming peak demand season is likely to support coal prices, particularly as temperatures drop in northern regions [5][4]. Summary by Sections 1. Recent Industry Policies and Dynamics - The report discusses recent safety inspections and regulatory measures in coal mining, particularly in Shaanxi province, aimed at enhancing operational safety [10]. - It also notes the establishment of a new coal transportation route in Hunan province, facilitating the "North Coal South Transport" strategy [10]. 2. Price Trends - Domestic thermal coal prices have shown a slight increase, with specific prices reported for various regions, such as 725 RMB/ton in Datong and 730 RMB/ton in Yulin [11]. - The international coal price index has seen a decline, with Australian Newcastle coal prices dropping by 1.01 USD/ton [11][13]. 3. Inventory Levels - The report indicates a rise in coal inventories at the ports, with a total of 25.08 million tons reported, an increase of 11.69% week-on-week [6][18]. - The average number of anchored vessels in the ports has decreased, indicating a potential slowdown in coal movement [18]. 4. Shipping Costs - Domestic shipping costs have increased slightly, with an average of 33.15 RMB/ton reported, reflecting a 0.35% rise week-on-week [20]. - International shipping costs from Newcastle to Qingdao have also risen, with a reported increase of 0.24 USD/ton [20]. 5. Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting firms such as China Shenhua and Yanzhou Coal Mining Company, with respective stock prices and earnings projections [24].