煤炭开采行业动态研究：原煤日产量环比提升，火力发电加速

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing an increase in raw coal production and imports, with September's output reaching 410 million tons, a year-on-year growth of 4.4% [4][12] - The average daily production of raw coal in September was 13.82 million tons, an increase of 1.02 million tons per day compared to the previous month [4][12] - The overall supply growth of coal is estimated at 1.6% for the first nine months of 2024, considering a 0.6% increase in domestic production and an 11.9% increase in imports [18] Summary by Sections Supply - In September, the production of raw coal increased, with a year-on-year growth of 4.4% and a month-on-month increase of 1.6% [4][12] - The total raw coal production from January to September was 3.48 billion tons, reflecting a 0.6% year-on-year increase [12][18] Demand - The industrial electricity production accelerated, with September's generation reaching 802.4 billion kWh, a 6.0% year-on-year increase [5][12] - The growth rate of thermal power generation in September was 8.9%, up 5.2 percentage points from August [5][21] - The steel sector saw a decline in coke production, with September's output at 39.32 million tons, down 5.3% year-on-year [25] Inventory - In September, the inventory of thermal coal at production enterprises decreased by 127,000 tons, while the inventory at northern ports increased by 177,000 tons [7][34] - The overall inventory situation indicates a trend of destocking in the thermal coal market [34] Investment Opportunities - The report highlights several companies with strong investment potential, including Yanzhou Coal Mining Company, Shaanxi Coal and Chemical Industry, and China Shenhua Energy [8][9] - The focus is on companies with high profitability, cash flow, and dividend yields, suggesting a favorable investment environment in the coal sector [8][9]