煤炭行业周报：动力煤价格回落，静待冬储需求释放

Investment Rating - The industry investment rating is maintained at "Overweight" [3][6][36] Core Viewpoints - The coal sector experienced a decline of 0.9% last week, underperforming the benchmark index (CSI 300) by 1.9 percentage points [3] - Domestic thermal coal prices have decreased, with the Qinhuangdao Q5500 thermal coal market price at 865 RMB/ton, down 1.7% week-on-week [4] - The supply of thermal coal remains stable, while seasonal declines in power plant coal consumption are anticipated [4] - The demand for coking coal continues to recover, with domestic prices remaining stable [5] - Short-term coal prices are expected to fluctuate within a narrow range, while long-term prices may rise due to heating demand and weak peak capacity of renewable energy sources in winter [6][36] Summary by Sections Market Review - The coal sector's PE valuation is at 12 times, at the 63.3 percentile over the past decade, while the PB valuation is at 1.4 times, at the 54.6 percentile [3] - The coal sector underperformed the CSI 300 index, with relative returns of -18% over the past 12 months [3] Thermal Coal Market - Domestic thermal coal prices have decreased, while international prices remain stable [4] - Power plant coal inventories in southern provinces increased by 1.84% week-on-week, with daily consumption rising by 3.23% [4] - Seasonal declines in daily consumption are expected as temperatures drop, but winter storage demand in northern regions may offset this decline [4] Coking Coal Market - Domestic coking coal prices remain stable, while international prices have decreased [5] - The supply of coking coal is stable, and downstream demand continues to recover, supporting coking coal prices [5] Investment Recommendations - The report suggests focusing on leading coal companies with strong resource endowments and undervalued coking coal companies with improving operational conditions [6][36]