煤炭行业周报：需求预期好转获政策加持，煤价稳中上涨

Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1]. Core Viewpoints - The coal market is expected to see a gradual increase in prices supported by improved demand expectations and favorable policies. The supply of thermal coal is tightening due to production halts and safety inspections, while coking coal supply remains relatively stable. Demand for thermal coal is supported by winter stockpiling needs despite entering a traditional low-consumption season [1][2]. - The report highlights that the recent government policies aimed at reducing financing costs for enterprises and households are likely to boost investment and consumption, thereby enhancing market confidence and potentially improving coal procurement demand [1][2]. - Coking coal prices are expected to continue a stable upward trend due to improved profitability in downstream steel mills and a strong market sentiment [2]. Summary by Sections 1. Weekly Market Performance - From September 23 to September 27, 2024, the Shenwan Coal Index rose by 13.40%, with coking coal and coke prices increasing by 16.99% and 16.15%, respectively [8]. 2. Key Industry Data 2.1 Thermal Coal - As of September 27, 2024, the price of thermal coal in Qinhuangdao was 728.00 CNY/ton, up 0.14% week-on-week. The prices in Shanxi and Shaanxi also saw increases of 1.35% and 5.41%, respectively [11][18]. - The inventory of thermal coal at northern ports was 31.39 million tons, up 1.98% week-on-week, while southern ports saw a decrease of 4.91% [14][35]. 2.2 Coking Coal - The price of main coking coal at Jing Tang Port was 1,780.00 CNY/ton, up 0.56% week-on-week. The inventory of coking coal at three ports totaled 3.95 million tons, down 1.49% week-on-week [18][22]. 2.3 Downstream Demand - National electricity consumption reached 964.9 billion kWh, up 8.89% year-on-year, while thermal power generation was 614.88 billion kWh, up 4.39% year-on-year [25]. 3. Industry News - The report discusses the government's efforts to optimize the coal industry, including the elimination of outdated production capacity and the promotion of clean energy initiatives [31][32]. 4. Key Company Announcements - Yancoal announced plans to acquire Highfield Resources, aiming to become the largest shareholder and control the board [33][34]. 5. Weekly Outlook - The report anticipates a tightening supply of thermal coal and a slight increase in demand for coking coal due to improved market conditions in the steel sector [35].