煤炭行业：国内动力煤价微跌，火力发电量占比继续提升

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - Domestic thermal coal prices have slightly decreased, while the proportion of thermal power generation continues to rise [2][9] - International thermal coal prices have generally increased, with notable rises in Australia, South Africa, and Europe [2][8] - The monthly production of coal from key state-owned mines in Shaanxi, Shanxi, and Inner Mongolia has increased [2][12] - The average daily coal consumption of the six major power generation groups has decreased, while their coal inventories have risen [2][20] Summary by Sections 1. Thermal Coal 1.1 Prices - As of October 18, the price of Shanxi premium mixed thermal coal at Qinhuangdao is 852 CNY/ton, a decrease of 0.35% from the previous month [2][6] - Prices in Inner Mongolia have slightly decreased, while Shanxi has seen a minor increase [6][8] 1.2 Production - In September, the total monthly coal production reached 41,446 million tons, an increase of 4.52% month-on-month [10][12] - Key state-owned mines in Shaanxi, Shanxi, and Inner Mongolia reported varying production changes, with Shanxi showing a significant year-on-year increase [12][15] 1.3 Imports - In September, thermal coal imports reached 14,862,200 tons, a year-on-year increase of 9.04% [15][21] 1.4 Inventory - As of October 18, coal inventories at three major ports totaled 12,139,000 tons, an increase of 3.89% from the previous month [16][19] 2. Downstream Demand - The average daily coal consumption of the six major power generation groups decreased to 812,200 tons, a drop of 10.28% month-on-month [21][24] - The total power generation in September was 802.4 billion kWh, with thermal power generation accounting for 67.93% of the total, reflecting a year-on-year increase [21][24] 3. Freight Rates - Domestic shipping rates have increased, with the Qinhuangdao to Shanghai route reporting a rise of 11.07% [3][25] - International shipping rates have shown mixed trends, with some routes experiencing declines [25][29]