煤炭行业周报：主要公司三季报业绩改善

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook compared to the market [1]. Core Insights - The coal industry is experiencing improved performance in Q3 2024, with major companies reporting better earnings [1]. - Demand for thermal coal is expected to grow due to seasonal heating needs and economic stabilization policies, while metallurgical coal prices are adjusting due to fluctuating demand [1][2]. - The report highlights limited supply growth and anticipates that coal prices will remain at a relatively high level during the winter [2]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - Thermal Coal: As of October 25, the spot price for thermal coal in the Bohai Rim is 858 CNY/ton, with a weekly change of +0.23%. The inventory at northern ports is 23.58 million tons, up 4.06% week-on-week [1][12]. - Metallurgical Coal: The price for main coking coal at Jingtang Port is 1,760 CNY/ton, down 7.85% week-on-week. The average price for Australian hard coking coal is 212.5 USD/ton, down 2.97% [1][17]. - Coking and Steel Industry Chain: The average price for metallurgical coke is 1,960 CNY/ton, with a weekly change of -2.49%. The operating rate of sample steel mills is 82.16%, up 0.46 percentage points [1][29]. - Coal Transportation: The coastal coal transportation price index is 785.28 points, with a weekly change of +13.47%. The shipping price from South Kalimantan to Lianyungang is 12.97 USD/ton, down 1.07% [1][35]. 2. Coal Sector Market Review - The coal sector has seen a slight increase, with the CITIC coal index at 3,741.57 points, up 0.12% week-on-week. The coal mining sub-sector has shown a decrease of 0.54%, while the coal chemical sub-sector has increased by 8.26% [2][3]. 3. Industry News Summary - The report emphasizes the potential for increased investment in the coal sector due to favorable policies and the expectation of stable high dividend stocks and low price-to-book ratio stocks [2].