煤炭行业周报：9月原煤日均产量与进口煤量均创历史新高，火力发电增速加快

Investment Rating - The coal industry is rated as "Leading the Market - A" [6] Core Viewpoints - In September, the average daily output of raw coal and imported coal reached historical highs, with significant growth in thermal power generation [2][22] - The average daily output of industrial raw coal in September was 13.815 million tons, a year-on-year increase of 4.4%, marking the second-highest output in history [2][22] - The total coal import volume in September was 47.59 million tons, a month-on-month increase of 3.8% and a year-on-year increase of 12.9%, also a historical monthly high [2][26] - The increase in thermal power generation is attributed to high temperatures and reduced rainfall, leading to increased electricity demand [2][27] Summary by Sections 1. Weekly Insights - The coal industry saw a significant increase in both domestic production and imports, with September's raw coal output reaching 410 million tons [2][22] - The top three coal-producing provinces in the first nine months of 2024 were Inner Mongolia, Shanxi, and Shaanxi [2][22] 2. Market Review - The Shanghai Composite Index rose by 1.17%, while the coal industry index increased by 0.12% [30] - The top five performing stocks in the coal sector included Meijin Energy and Huaihe Energy, while the worst performers included Xinjie Energy and China Shenhua [30][31] 3. Coal Market Information Tracking - As of October 26, 2024, coal prices showed slight declines, with Shanxi's Datong thermal coal price at 758 RMB/ton [7] - Coal inventory levels increased, with total port inventories reaching 67.112 million tons [7] - The coal transportation price index rose significantly, indicating increased demand for coal transport [7] 4. Investment Strategy - The report suggests focusing on stable, high-dividend stocks such as China Shenhua and Shaanxi Coal, given the current economic environment [6][29] - Recommendations include companies with strong financial indicators and growth potential, particularly in the coal-electricity integration sector [6][29]