煤炭行业周报：煤价短期小幅波动，静待政策刺激落地于用煤需求

Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1][2]. Core Viewpoints - Short-term fluctuations in coal prices are expected, with a focus on policy stimuli impacting coal demand [1]. - The supply of thermal coal remains stable, while coking coal supply has slightly contracted due to safety inspections and maintenance [1][35]. - Demand for thermal coal is limited due to seasonal factors, with a decrease in residential and industrial electricity consumption [1][35]. - Inventory levels for thermal coal are increasing, indicating weak market demand [1][35]. - Coking coal prices are expected to remain under pressure in the short term due to cautious purchasing behavior [2][37]. Summary by Sections 1. Weekly Market Performance - The Shenwan Coal Index decreased by 0.91% from October 14 to October 18, 2024, while the Shanghai Composite Index increased by 1.36% [9]. 2. Key Industry Data 2.1 Thermal Coal - As of October 18, 2024, Qinhuangdao thermal coal price was 728.00 CNY/ton, down 0.27% week-on-week; Shanxi Datong price was 670.00 CNY/ton, down 10.67% [13][36]. - Northern main port thermal coal inventory reached 33.76 million tons, up 3.96% week-on-week [26][35]. 2.2 Coking Coal - As of October 18, 2024, main coking coal price at Jing Tang Port was 1,910.00 CNY/ton, down 4.98% week-on-week [19][37]. - Coking coal inventory at three ports totaled 4.076 million tons, up 0.51% week-on-week [19][37]. 2.3 Downstream Demand - National electricity consumption reached 847.5 billion kWh, up 8.50% year-on-year; thermal power generation was 545.1 billion kWh, up 9.61% [26][31]. 3. Industry News - The National Bureau of Statistics reported a coal mining capacity utilization rate of 72.7%, down 1.1 percentage points year-on-year [31]. - In September 2024, coal production increased by 4.4% year-on-year, with imports rising by 13.0% [31]. 4. Key Company Announcements - China Shenhua reported a coal production of 26.6 million tons in September 2024, a decrease of 2.2% year-on-year [34][33]. - Yancoal announced a 9.81% increase in coal production for Q3 2024 [33]. 5. Weekly Outlook - The report anticipates continued pressure on coal prices due to increased inventories and weak demand [35][36].