煤炭行业周报：黑色产业链强势上涨，继续关注煤炭顺周期机会

Investment Rating - The report maintains an "Outperform" rating for the coal industry, indicating a positive outlook compared to the market [1]. Core Insights - The black industrial chain is experiencing strong upward momentum, and there is a continued focus on cyclical opportunities in coal [1]. - Recent policies from the Ministry of Housing and Urban-Rural Development aim to support the real estate market, particularly in first-tier cities, which is expected to stabilize market confidence and improve coal demand marginally [1]. - Geopolitical tensions have led to a rise in oil prices, which supports resource prices, including coal [1]. - The report notes that while coal's clean utilization remains a long-term goal, short-term supply and demand for coal are stable, with prices expected to maintain a high level despite some fluctuations [1]. Summary by Sections Market Conditions - As of September 30, the Qinhuangdao coal price remained at 867 RMB/ton, down 116 RMB/ton year-on-year, reflecting an 11.8% decrease [1]. - Average daily coal consumption at power plants across 25 provinces was 5.67 million tons, a 1.1% increase compared to the same period last year [1]. - Coal inventory at northern ports reached 14.19 million tons, an increase of 630,000 tons year-on-year [1]. Price Trends - The report highlights that the price of coking coal has seen significant increases, with the fourth round of price hikes resulting in an increase of 50 RMB/ton, totaling 200-220 RMB/ton over four rounds [1]. - Steel prices have rebounded significantly, with expectations for further increases in October driven by improved demand [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 also emphasizes the stability of the thermal coal sector, recommending companies like China Coal Energy, Shenhua Group, and Shaanxi Coal and Chemical Industry [1]. - Companies involved in coal machinery, such as Tiandi Technology and Zhengzhou Coal Mining Machinery, are highlighted as beneficiaries of coal capacity reserve policies and safety improvements [1].