煤炭行业周报（2024年第39期）：宏观利好政策频出，煤价预期稳中向好，板块价值与弹性兼备

Investment Rating - The coal mining industry is rated as "Buy" in the report [2]. Core Viewpoints - The report highlights that macroeconomic policies are favorable, leading to a stable and positive outlook for coal prices, with the sector exhibiting both value and elasticity [2][52]. - Recent market dynamics show a slight increase in thermal coal prices, with the CCI5500 thermal coal price reported at 870 RMB/ton, reflecting a week-on-week increase of 2 RMB/ton [8][52]. - The report anticipates that coal prices will maintain a stable upward trend due to improving macroeconomic expectations, seasonal increases in non-electric demand, and low inventory levels across various segments [52][54]. Market Dynamics - Thermal coal prices have continued to rise slightly, with domestic port prices increasing by 2 RMB/ton, and cumulative increases of 37 RMB/ton (+4.4%) since late August [8][25]. - The average capacity utilization rate of 100 sample thermal coal mines was reported at 87.5%, with a week-on-week increase of 0.4 percentage points [13]. - Inventory levels at major ports have decreased, with a reported 6,413,000 tons at mainstream ports, down 1.7% week-on-week [13]. Industry Outlook - The coal industry index has risen by 13.5% this week, underperforming the CSI 300 index by 2.2 percentage points, while year-to-date, the coal index has increased by 11.1%, outperforming the CSI 300 by 3.2 percentage points [52]. - The report emphasizes that the overall coal price is expected to rise slightly due to seasonal demand increases and low inventory levels, despite some supply constraints from safety inspections and maintenance [54][55]. - Key companies recommended for investment include China Shenhua, Shaanxi Coal and Chemical Industry, and others that are expected to benefit from improved demand and production recovery [2].