煤炭周度数据点评

Investment Rating - The report assigns a neutral investment rating to the coal industry [1] Core Insights - The coal industry index increased by 13.39% in the week ending October 9, 2024, while the Shanghai and Shenzhen 300 index rose by 15.70%, indicating that the coal sector underperformed the broader market by 2.31 percentage points [2] - Among sub-sectors, thermal coal rose by 11.85%, coking coal increased by 16.99%, and coke prices went up by 16.15% [2] - The report highlights that all coal sector stocks experienced gains, with the top three performers being Shanghai Energy (+23.57%), Hengyuan Coal Power (+20.67%), and Gansu Energy Chemical (+20.43%) [2] - The report anticipates that as high temperatures recede, demand for non-electric coal is expected to gradually release, providing some support for thermal coal prices, which are projected to remain stable to slightly increase [2] Summary by Sections Weekly Coal Industry Observation - As of September 27, the Qinhuangdao port Q5500 thermal coal closing price was 867 RMB/ton, unchanged from the previous week [2] - The European ARA port thermal coal spot price was 119.25 USD/ton, remaining stable; Richard RB thermal coal spot price increased by 2.75 USD/ton to 106.15 USD/ton; Newcastle NEWC thermal coal spot price rose by 4.08 USD/ton to 140.56 USD/ton [2] - The price of main coking coal at Jingtang Port was 1780 RMB/ton, up by 10 RMB/ton; the average import price of Russian main coking coal at major domestic ports was 1387 RMB/ton, unchanged [2] - The report notes a rebound in coking coal port prices and production rates, with independent coking plants showing a production rate of 73.72% for capacities over 2 million tons, an increase of 0.79 percentage points [2]