财政发力，煤炭套息

Investment Rating - The report maintains an "A" rating for the coal industry, indicating a positive outlook based on improving economic fundamentals and increased risk appetite [2]. Core Insights - The coal market is experiencing slight fluctuations in prices due to various factors, including seasonal demand changes and macroeconomic policies aimed at stabilizing the economy [1][6]. - Metallurgical coal prices are on the rise, driven by improved demand from the steel sector and supportive macroeconomic policies [1][6]. - The report highlights a potential increase in industrial electricity and non-electric coal demand, supported by ongoing economic policies [1][6]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - Thermal Coal: As of October 11, the spot price for thermal coal in the Bohai Rim was 868 CNY/ton, with a weekly change of -0.34%. The inventory at northern ports was 22.66 million tons, down 5.47% week-on-week [1][12]. - Metallurgical Coal: The price for main coking coal at Jingtang Port was 2010 CNY/ton, up 7.49% week-on-week. The demand for metallurgical coal is expected to continue improving due to favorable policies in the real estate sector [1][19]. - Coking and Steel Industry Chain: The average price of metallurgical coke at Tianjin Port was 1960 CNY/ton, with a weekly increase of 2.62%. The report anticipates increased demand for coke due to recovering steel prices [1][29]. 2. Coal Transportation - After the holiday, coal transportation has decreased, leading to a decline in coastal shipping prices. The comprehensive transportation price index for coal on the Yangtze River was 729.54 points, up 0.86% week-on-week [1][34]. 3. Coal Sector Market Review - The coal sector index fell by 5.73% this week, underperforming the broader market. The report notes that most coal stocks experienced declines, with only a few exceptions [5]. 4. Industry News Summary - The report emphasizes the positive impact of multiple supportive policies on the coal sector, which may enhance investment risk appetite [6]. 5. Investment Recommendations - The report suggests focusing on high-dividend stocks, low price-to-book ratio stocks, and flexible metallurgical coal stocks. Specific companies highlighted include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining [6].