煤炭行业周报：供需两弱，但非电需求环比改善，预计煤价震荡

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating expectations for price support due to improving non-electric demand despite weak supply and demand overall [2]. Core Insights - The report highlights that the current coal prices are experiencing fluctuations, with thermal coal prices decreasing slightly while coking coal prices are on the rise. The demand for thermal coal is expected to decline as the weather cools, but non-electric demand is showing signs of improvement, which may support coal prices [2][3]. - The report emphasizes the importance of monitoring international oil prices, which have increased, affecting the coal price dynamics. The ratio of international oil prices to coal prices has also risen, indicating a potential shift in market conditions [14]. - The report recommends several companies for investment, including stable operators with high dividends like China Shenhua and Shaanxi Coal, as well as growth-oriented companies like Yanzhou Coal and Guanghui Energy [2]. Summary by Sections Supply and Demand Dynamics - As of October 12, the spot price for thermal coal at Qinhuangdao port was reported at 850 CNY/ton, down 17 CNY/ton week-on-week and down 170 CNY/ton year-on-year. The average daily coal inflow to the four ports in the Bohai Rim was 1.8504 million tons, a decrease of 4.01 million tons week-on-week [2][17]. - The average daily coal outflow was 1.8411 million tons, down 19.26 million tons week-on-week, indicating a significant drop in demand [2][17]. Price Trends - The report notes that the price of thermal coal at major production sites has remained stable, while coking coal prices have seen an increase. For instance, the price of Shanxi's main coking coal rose to 2010 CNY/ton, up 140 CNY/ton week-on-week [2][11]. - The international coal price indices have shown mixed trends, with Australian Newcastle coal prices slightly increasing while South African prices have also risen [9][11]. Inventory and Shipping Costs - The coal inventory at the Bohai Rim ports was reported at 24.04 million tons, a slight increase of 20.9 thousand tons week-on-week. The average number of anchored vessels decreased by 27.57% [17][20]. - Domestic shipping costs have decreased, with average freight rates dropping to 31.50 CNY/ton, a decline of 4.98% week-on-week [20]. Company Valuations - The report includes a valuation table for key companies in the coal sector, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios for the upcoming years, indicating potential investment opportunities [24].