煤炭开采行业周报：冬季旺季即将启动，关注下周会议改善宏观情绪

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is expected to maintain a tight balance in the coming years, with high asset quality, abundant cash flow, and characteristics of high profitability, high cash flow, high barriers, high dividends, and high safety margins [1] - The report highlights the potential for coal prices to stabilize and improve due to seasonal demand for heating and macroeconomic policy support [1][2] - Key companies to focus on include: - For thermal coal: Yanzhou Coal Mining, Guanghui Energy, and Jinkong Coal Industry - For coking coal: Huaibei Mining, Pingmei Shenma, Lu'an Environmental Energy, and Shanxi Coking Coal - For stable companies: China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [1] Summary by Sections 1. Thermal Coal - Supply in the Sanxi region has slightly decreased, leading to a marginal increase in pit prices in some areas [10] - Port prices are under pressure due to high inventory levels despite increased port inflows after maintenance [10][12] - The demand for thermal coal is expected to recover as winter approaches, with heating needs and chemical coal demand supporting prices [10][15] 2. Coking Coal - The import volume of Mongolian coal continues to rise, adding supply pressure, while demand remains weak as coking companies focus on depleting existing inventories [36] - Port inventories of coking coal have increased, and prices are generally weak, but the downward space for prices is limited due to steady downstream demand [36][39] 3. Coke - The profitability of coking companies remains acceptable, but overall production has slightly decreased [51] - The price of coke has remained stable, with the price of first-grade metallurgical coke at Rizhao Port holding steady at 1900 RMB/ton [51]