煤炭开采行业周报：煤价窄幅波动，关注冬储补库与宏观预期变化

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is expected to remain in a tight balance for the coming years, characterized by high asset quality, abundant cash flow, and strong profitability among listed companies [1] - The report highlights the importance of winter stockpiling and macroeconomic expectations in influencing coal prices, particularly for thermal coal [1][7] - The report suggests focusing on undervalued coal sector stocks, with specific recommendations for both thermal and coking coal companies [1] Summary by Sections 1. Thermal Coal - Domestic thermal coal prices have shown a slight decline, with the Qinhuangdao port price at 840 CNY/ton, down 10 CNY/ton week-on-week [8] - The production capacity utilization in the Sanxi region has increased by 0.17 percentage points, reaching 89.59% [11] - Despite weak demand from non-electric sectors, power plants maintain rigid procurement, leading to a stable production environment [7] 2. Coking Coal - The coking coal market has cooled slightly, with prices decreasing; for instance, the main coking coal price at Jing Tang port fell to 1910 CNY/ton, down 100 CNY/ton week-on-week [27] - The average customs clearance volume at Ganqingmaodou port has increased, indicating a potential rise in supply [31] - Coking coal inventories at independent coking plants have risen slightly, reflecting a stable supply-demand balance [34] 3. Coke - The coke industry continues to see profitability improvements, with average profit per ton of coke rising to approximately 51 CNY/ton, an increase of 21 CNY/ton week-on-week [38] - Domestic coke prices have increased, with Tianjin port's first-grade metallurgical coke price at 1950 CNY/ton, up 50 CNY/ton week-on-week [38] - The report notes a slight increase in production rates among coking plants, driven by improved demand from steel production [38]