煤炭开采行业周报：国际动力煤价走强，煤炭板块依旧攻守兼备

Investment Rating - The report maintains a "Buy" rating for the coal mining industry [1] Core Views - The international thermal coal prices are strengthening, while domestic prices have seen a slight decline due to seasonal factors. However, the outlook for winter prices remains positive due to expected demand for replenishment [3][8] - The coking coal market is experiencing price increases, driven by rising iron and steel production, which has improved profitability for coking enterprises [27][36] - The report highlights key companies with significant investment potential, including Yanzhou Coal Mining Company, Shaanxi Coal and Chemical Industry, and China Shenhua Energy [5] Summary by Sections Thermal Coal - Domestic thermal coal prices have slightly decreased, with Qinhuangdao port price at 850 RMB/ton, down 17 RMB/ton week-on-week [9] - The supply-demand dynamics show a slight increase in daily consumption, with coastal power plants' daily consumption rising to 1.827 million tons, up 234,000 tons week-on-week [14] - The report anticipates a narrow fluctuation in port thermal coal prices in the short term, with a positive outlook for winter prices [8][3] Coking Coal - Coking coal prices have continued to rise, with the price at Jing Tang port reaching 2010 RMB/ton, up 140 RMB/ton week-on-week [27] - The demand for coking coal is supported by a recovery in iron and steel production, leading to increased procurement by coking enterprises [27][36] - The report notes a decrease in coking coal inventory at production enterprises, indicating a tightening supply [30] Coking Coke - The coking coke industry has turned profitable, with the average profit per ton of coke at approximately 30 RMB, up 11 RMB week-on-week [37] - The production rate of independent coking plants has increased to 73.09%, reflecting improved operational efficiency [40] - The report indicates a strong short-term outlook for the coking coke market due to rising prices and improved profitability [36][37]