煤炭行业周报：财政政策或持续发力，煤价中枢高位逻辑或进一步强化

Investment Rating - The investment rating for the coal industry is "Outperform the Market" and maintains a "Market Performance" outlook [1]. Core Viewpoints - The report emphasizes that fiscal policies are expected to continue to strengthen, which will support high coal prices. The expectation is that a series of targeted fiscal policies will be introduced to boost coal demand, leading to a further reinforcement of the high price logic for coal [1][1]. Summary by Sections Investment Highlights - The report indicates that the coal price has shown resilience during the off-season, with a slight decrease in port coal prices post-holiday, expected to maintain small fluctuations in the short term. The average coal price at Qinhuangdao port was reported at 852 RMB per ton, down 176 RMB per ton year-on-year, reflecting a 17.1% decrease [1]. - The report notes that the average daily consumption of coal by power plants has decreased significantly but remains higher than the same period last year, indicating a slight decline in downstream purchasing demand [1]. - The report suggests that despite short-term fluctuations, coal prices are likely to remain high due to improving economic expectations and recovery in non-electric demand, alongside inventory depletion and maintenance on major rail lines [1]. Recommendations - The report recommends focusing on companies that are well-positioned to benefit from the cyclical nature of the coal market, including Huabei Mining, Pingmei Shenma, China Shenhua, Shaanxi Coal, and Huayang Co. It also highlights the potential of coal machinery companies like Tiandi Technology and Zhengzhou Coal Mining Machinery due to policy support and the Belt and Road Initiative [1][1].