煤炭行业周报：供暖范围即将扩大，价格有望震荡探涨

Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1][2]. Core Insights - The coal supply remains stable with normal production rhythms, and the demand for thermal coal is expected to increase as heating needs expand in northern regions [1][2]. - The report highlights that while the market for coking coal is expected to remain weak in the short term, the overall coal inventory is high and on the rise, indicating a cautious market outlook [1][2]. - The report emphasizes the importance of stable cash flow and high dividends for coal companies, suggesting a long-term investment strategy focused on quality companies [2]. Summary by Sections 1. Weekly Market Performance - From October 21 to October 25, 2024, the coal index increased by 0.32%, with coking coal and coal chemical sectors performing well [8]. 2. Key Industry Data 2.1 Thermal Coal - As of October 25, 2024, the price of thermal coal in Qinhuangdao was 728.00 CNY/ton, remaining stable week-on-week [11]. - Inventory levels for thermal coal at northern ports reached 34.375 million tons, up 1.81% week-on-week [13]. 2.2 Coking Coal - The price of main coking coal at Jingtang Port was 1,760.00 CNY/ton, down 7.85% week-on-week [15]. - Coking coal inventory at three ports totaled 4.077 million tons, up 0.02% week-on-week [15]. 2.3 Downstream Demand - National electricity consumption reached 847.5 billion kWh, up 8.5% year-on-year, indicating strong demand for coal [21]. - The price of rebar was 3,614.00 CNY/ton, down 2.95% week-on-week, reflecting fluctuations in the construction sector [21]. 3. Industry News - The National Development and Reform Commission held a meeting to ensure energy supply for the upcoming heating season, indicating a stable coal production outlook [25]. - The report notes significant coal production increases in Inner Mongolia, with a 4.6% year-on-year rise in raw coal output [25]. 4. Key Company Announcements - China Shenhua reported a revenue of 253.899 billion CNY for the first three quarters of 2024, a slight increase year-on-year [30]. - Yanzhou Coal Mining Company announced an investment in a new chemical project, indicating a strategic shift towards value-added products [29].