煤炭行业：化债方案公布，需求回暖可期

Investment Rating - The report maintains an "Overweight" rating for the coal industry [1] Core Viewpoints - The report highlights the announcement of a debt reduction plan, which is expected to stimulate demand in the coal sector [10] - The coal industry is experiencing a high level of prosperity driven by the capacity cycle, with significant reductions in excess capacity achieved through supply-side reforms [9] - The report emphasizes the importance of buying leading companies with integrated assets and strong dividend characteristics, such as China Shenhua and Shaanxi Coal, as well as coal-electricity integrated firms like Xinjie Energy and Huaihe Energy [10] Summary by Sections 1. Core Viewpoints and Operational Tracking - The coal industry is expected to maintain high prosperity due to successful supply-side reforms that have significantly reduced excess capacity [9] - The report suggests that the demand for coal will continue to grow, supported by fiscal policies and improvements in the real estate and infrastructure sectors [10] 2. Coal Price Tracking - The report provides detailed tracking of coal prices, indicating fluctuations in various coal types, including thermal and coking coal, with specific price points noted for different regions and types [15] 3. Operational Performance of Key Companies - China Shenhua reported a slight decrease in coal production and sales in September 2024, but a significant increase in electricity generation [11] - Shaanxi Coal's coal production decreased in October 2024, while cumulative production for the year showed a slight increase [12] - Other companies like Zhongmei Energy and Yanzhou Coal also reported varying production and sales figures, reflecting the overall trends in the coal market [13][14]