动力煤基本面持稳，看好冬储行情

Investment Rating - The report provides a "Buy" rating for Guohui Energy and Huai Bei Mining, and a "Hold" rating for China Shenhua, Shaanxi Coal, Zhongmei Energy, and Xinji Energy [1]. Core Viewpoints - The report indicates that the thermal coal fundamentals remain stable, with a positive outlook for winter storage [1]. - The coal market is experiencing a slight price adjustment, with limited coal consumption demand during the off-season and high inventory levels at power plants [2]. - The report suggests that the coal price decline is not expected to continue, as the fundamentals remain stable [2]. Summary by Sections Section 1: Market Performance - The coal sector underperformed the broader market, with a decline of 0.91% compared to the Shanghai Composite Index's increase of 1.36% [10]. - The top-performing stocks in the coal sector included Xinji Energy (+2.36%), Anyuan Coal Industry (+2.25%), and Jinkong Coal Industry (+2.06%) [14]. Section 2: Coal Prices - Domestic thermal coal prices have seen slight adjustments, with prices for various grades reported as follows: - Shanxi's 6000 kcal thermal coal at 762 RMB/ton, down 5 RMB [17]. - Inner Mongolia's 5500 kcal thermal coal at 705 RMB/ton, down 11 RMB [17]. - International thermal coal prices remained stable, with Guangzhou port's Indonesian 4800 kcal thermal coal at 760 RMB/ton [19]. Section 3: Supply and Demand - Key power plant coal inventories increased to 11,763 million tons, with a daily consumption of 4.22 million tons [25]. - The report notes a stable supply-demand balance, with power plants maintaining high inventory levels and limited urgency for replenishment [2]. Section 4: Coal Inventory and Transportation - The total coal inventory at ports in the Bohai Rim reached 24.14 million tons, reflecting a week-on-week increase [38]. - The report highlights an increase in railway coal transport, with a total of 3.147 million tons delivered to Qinhuangdao port [53]. Section 5: Weather Conditions - The report mentions that the water level at the Three Gorges Reservoir has risen, while most regions are experiencing below-average rainfall [60]. Section 6: Industry News - Shandong Province has revised its coal consumption control targets, aiming for a 10% reduction by 2025 compared to 2020 levels [64][65].