煤炭进口数据拆解：8月进口量价环比下降，分煤种表现结构性分化

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the coal industry [1][28]. Core Insights - The coal import data for January to August 2024 shows a year-on-year increase of 12%, with a total import volume of 342 million tons. However, August saw a month-on-month decrease of 0.80% in imports [1][24]. - The average import price for coal in the first eight months of 2024 was recorded at $100 per ton, a decrease of 10.42% compared to the previous year. In August, the price was $96 per ton, reflecting a month-on-month decline of 2.76% [1][16]. - The report highlights a structural differentiation in coal types, with coking coal's proportion increasing while the share of anthracite coal decreased. The overall coal supply in China is experiencing a structural contraction, with a slight recovery in domestic supply in August [2][25]. Summary by Sections 1. Coal Import Volume Data Breakdown - The total coal and lignite import volume from January to August 2024 reached 342 million tons, marking a 12% increase year-on-year. August's import volume was 45.84 million tons, up 3.41% year-on-year but down 0.80% month-on-month [1][7]. - The import volume of thermal coal increased year-on-year, while the price decreased. In August, thermal coal imports decreased year-on-year but increased month-on-month [1][8]. - Coking coal imports also saw a year-on-year increase, with August imports showing a similar trend. However, the price for coking coal decreased month-on-month [1][9]. 2. Coal Import Price Data Breakdown - The average import price for coal in the first eight months of 2024 was $100 per ton, down 10.42% from the previous year. In August, the price was $96 per ton, reflecting a 2.76% decrease month-on-month [1][16]. - The average price for thermal coal was $95 per ton, down 13.50% year-on-year, with August's price at $89 per ton, also showing a decline [1][16]. - Coking coal's average price was $158 per ton, down 5.94% year-on-year, with August's price at $151 per ton, reflecting a month-on-month decrease [1][18]. 3. Commentary and Investment Recommendations - The coal import data for 2024 aligns with expectations, with a notable decrease in import growth compared to 2023. The structure of coal imports has largely followed the patterns established in 2023, with coking coal's share increasing [2][25]. - The report suggests that the coal supply in the third and fourth quarters will be limited, with seasonal hydroelectric and new energy output expected to decrease. The overall coal supply-demand balance is anticipated to remain relatively stable [2][25]. - Recommended stocks include those with high certainty in performance and strong dividend expectations, such as China Coal Energy and China Shenhua Energy, among others [2][25].