煤炭行业周报：迎峰度冬煤炭需求在即，关注煤价表现

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 report highlights that coal demand is expected to increase as winter approaches, with a focus on coal price performance. The supply of coal is expected to be stable due to government policies aimed at economic stability and heating demand [1][5]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - Thermal Coal: Seasonal demand has decreased, with port prices showing weak fluctuations. As of November 1, the spot reference price for thermal coal in the Bohai Rim is 855 CNY/ton, a weekly change of -0.35%. The total coal inventory at northern ports is 24.17 million tons, an increase of 2.5% week-on-week [1][15]. - Metallurgical Coal: The spot market shows weak demand, with prices adjusting at high levels. As of November 1, the main coking coal price at Jingtang Port is 1,740 CNY/ton, a decrease of 1.14% week-on-week. The average price of Australian hard coking coal is 217.5 USD/ton, an increase of 2.35% [1][20]. - Coking and Steel Industry Chain: Demand remains, but prices are fluctuating. The average price of first-grade metallurgical coke at Tianjin Port is 1,960 CNY/ton, unchanged week-on-week. The total inventory of coke at independent coking plants is 441,100 tons, an increase of 10.52% [1][31]. - Coal Transportation: Coastal shipping turnover is limited, leading to an increase in coal transportation prices. As of November 1, the coastal coal transportation price index is 819.96 points, a weekly change of +4.42% [1][39]. 2. Coal Sector Market Review - The coal sector has shown a slight increase, with the CITIC coal index closing at 3,741.57 points, a weekly change of +0.12%. The coal mining sub-sector has seen a decrease of 0.54%, while the coal chemical sub-sector has increased by 8.26% [4]. 3. Industry News Summary - The report emphasizes the limited increase in supply and the expected demand, forecasting that winter coal prices will remain at a relatively high level. It suggests focusing on stable high-dividend stocks and those with high elasticity in dividends, recommending companies like China Shenhua and Shaanxi Coal and Chemical Industry [5].