煤炭行业周报：政治局会议释放积极有为信号，煤炭顺周期属性显现

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1]. Core Viewpoints - The report indicates that the recent Politburo meeting has released positive signals, suggesting that the coal industry is expected to benefit from a recovering economy [1]. - The coal price remains resilient during the off-season, and the Federal Reserve's interest rate cuts are favorable for the coal sector [1]. - The report highlights that the coal demand is likely to increase due to economic recovery, driven by government policies aimed at stabilizing growth and enhancing market confidence [1]. Summary by Relevant Sections Market Performance - The coal market has shown a performance of -10.61% in October 2023, with a projected recovery in the following months [1]. - The average daily consumption of coal in power plants has increased by 5.3% compared to the previous year, indicating a positive trend in demand [1]. Price Trends - As of September 27, the coal price at Qinhuangdao port has slightly increased by 0.1% year-on-year, reflecting a stable pricing environment [1]. - The report notes that the average coal price is 1,867 RMB per ton, with a week-on-week change of +1/-116 RMB per ton [1]. Investment Recommendations - The report suggests focusing on cyclical trading opportunities in coking coal, recommending companies such as Huabei Mining and Pingmei Shenma [1]. - It emphasizes the stability of the thermal coal sector's performance, recommending companies like China Coal Energy, Shenhua Group, and Shaanxi Coal and Chemical Industry for long-term investment [1]. - Companies benefiting from coal capacity reserve policies and intelligent safety upgrades are also highlighted, including Tiandi Technology and Zhengzhou Coal Mining Machinery [1].