煤炭行业周报：煤价短期震荡，静待需求释放

Investment Rating - The report maintains an investment rating of "Recommended" for the coal industry [1][30]. Core Insights - The coal market is currently experiencing short-term fluctuations, with supply remaining stable and demand yet to be fully released. The report anticipates a gradual increase in demand as temperatures drop [1][26]. - The report highlights that the majority of coal mines are operating normally, with sufficient long-term contracts in place, leading to a stable supply situation. However, the demand for coking coal is not expected to see significant improvement [1][26]. - The report emphasizes the importance of stable assets and sufficient cash flow for coal companies to maintain high dividends, suggesting a long-term value proposition in the sector [30]. Summary by Sections 1. Market Performance - From October 28 to November 1, 2024, the Shenwan Coal Index decreased by 0.59%, with various sub-sectors showing mixed performance [7]. 2. Key Industry Data 2.1 Thermal Coal - As of November 1, 2024, the price of Qinhuangdao thermal coal was 727.00 CNY/ton, a decrease of 0.14% week-on-week. Shanxi Datong thermal coal was priced at 630.00 CNY/ton, down 3.08% week-on-week [10][28]. - The inventory of thermal coal at major northern ports was 34.95 million tons, up 1.68% week-on-week [11][27]. 2.2 Coking Coal - As of November 1, 2024, the price of main coking coal at Jingtang Port was 1,740.00 CNY/ton, down 1.14% week-on-week. The price of Australian Peak Downs coking coal was 217.50 USD/ton, up 2.35% week-on-week [13][29]. 2.3 Downstream Demand - As of September 2024, the total electricity consumption in the country was 847.5 billion kWh, an increase of 8.50% year-on-year. The electricity generated from thermal power was 545.1 billion kWh, up 9.61% year-on-year [18]. 3. Industry News - Recent reports indicate a decrease in industrial producer prices in Shanxi province, with coal mining and washing industries seeing a decline of 13.2% [21][22]. 4. Key Company Announcements - Companies such as Pingmei Shenma Group and Huai Bei Mining have reported their third-quarter earnings, showing mixed results in revenue and profit [23][24][25]. 5. Weekly Outlook - The supply of thermal coal is expected to remain stable, while demand may increase as winter approaches. Coking coal demand is supported by good profit margins in the steel sector, but significant increases in demand are not anticipated [26][30].