煤炭开采行业周报：方案落地，保持乐观，等待转变

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [6]. Core Views - The report expresses optimism regarding the recent fiscal stimulus plan, highlighting its substantial scale and potential impact on the market, suggesting a shift from "weak reality, strong expectations" to "strong reality, strong expectations" [2]. - The report anticipates limited adjustment space for thermal coal prices, with expectations for future price increases due to seasonal demand and supportive policies [3]. - The coking coal market is experiencing weak demand, with prices at yearly lows, but the report expects a gradual shift in market sentiment as macroeconomic policies take effect [4]. Summary by Sections Thermal Coal - Prices in major production areas are stable with slight increases, driven by stable downstream demand and some replenishment from chemical and residential sectors [14]. - As of November 8, the price for Q5500 thermal coal in major production areas was reported at 712 CNY/ton in Datong and 660 CNY/ton in Shaanxi, both showing year-on-year declines [14]. - Port markets are weak, with high inventory levels and limited trading activity, leading to downward pressure on prices [15][29]. Coking Coal - The coking coal market is characterized by weak demand, with prices for main coking coal types at yearly lows, and a cautious purchasing attitude from steel mills [4][31]. - As of November 8, prices for main coking coal types were reported at 1,560 CNY/ton in Lüliang and 1,550 CNY/ton in Liulin, reflecting a downward trend [31]. - Inventory levels are increasing, with total coking coal inventory at 18.98 million tons, indicating a cautious market outlook [33]. Coke - The coke market is stable, with profits showing some recovery, but demand remains primarily driven by necessity [39]. - As of the latest data, the average profit per ton of coke for sample enterprises was reported at 57 CNY, indicating a week-on-week increase [44]. - Steel mills are maintaining cautious purchasing strategies due to high inventory levels and uncertain market conditions [41].