煤炭周报：政策与基本面共振，看好板块投资机会

Investment Rating - The report maintains an "Outperform" rating for the coal mining sector, indicating a positive outlook for investment opportunities in this area [1]. Core Viewpoints - The report emphasizes that the coal sector is experiencing a resonance between policy support and fundamental market conditions, which enhances the attractiveness of investments in this sector [1]. - It highlights that coal prices are expected to stabilize and rebound, driven by factors such as reduced hydropower output and seasonal demand increases in the non-electric sector [1][2]. - The report also notes that the overall coal production in China has slightly decreased, which may provide strong support for prices in the medium to long term [1]. Summary by Relevant Sections Market Performance - The coal mining sector has underperformed the broader market, with a reported decline of 5.7% compared to a 3.6% drop in the Shanghai Composite Index [50]. Price Analysis - As of October 11, 2024, the price of Qinhuangdao Q5500 thermal coal is 852 CNY/ton, reflecting a decrease of 1.73% week-on-week [11]. - The price of coking coal at Jingtang Port has risen to 2010 CNY/ton, an increase of 7.49% [14]. - The report indicates a divergence in coal prices, with thermal coal prices declining while coking coal prices are on the rise [11][23]. Supply and Demand Analysis - The report notes a decrease in railway coal input to Qinhuangdao Port, with a reduction of 20.65% week-on-week [29]. - The total inventory at Qinhuangdao Port has decreased by 5.32%, indicating a tightening supply [34]. - The report also highlights that the operating rates of coking enterprises have improved, suggesting a recovery in demand for coking coal [29]. International Market Insights - The report mentions that international coal prices are showing mixed trends, with Newcastle FOB thermal coal price at 90.5 USD/ton, reflecting a 3.43% increase [41]. - The price gap between domestic and international coal has widened, with the domestic thermal coal price gap at 69.19 CNY/ton [47]. Investment Recommendations - The report recommends focusing on companies with strong dividend yields, such as Shaanxi Coal and China Shenhua, and suggests monitoring companies like Yancoal and Huainan Mining for potential investment opportunities [4].