煤炭行业：北方寒潮预警来临，日耗爬坡有望加速

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2] Core Viewpoints - The coal industry is expected to maintain high prosperity due to the capacity cycle driven by supply-side reforms, which have effectively reduced excess capacity [15][16] - The report highlights the impact of the upcoming cold wave, which is anticipated to increase daily coal consumption [16] - The report recommends investing in leading companies with strong dividend attributes and integrated assets, such as China Shenhua and Shaanxi Coal, as well as companies like Xinjie Energy and Huaihe Energy [16] Summary by Sections 1. Core Viewpoints and Operational Tracking - The coal industry is experiencing a high level of prosperity, driven by significant reductions in excess capacity through supply-side reforms [15] - The report emphasizes that the actual release of new coal production capacity will be limited in the near future, despite the government's approval of new projects [15] - The demand for coal is expected to remain stable or increase, reinforcing its role in the energy system [15] 2. Coal Price Trends - The report provides insights into coal price indices and highlights the stability of coal prices at major ports [8] - It notes that the price of main coking coal at the port remains unchanged compared to the previous week, while year-on-year prices have decreased significantly [5] 3. Coal Inventory Tracking - The report tracks coal production levels and inventories, indicating a decrease in coal inventories at major ports [8] - It highlights the production levels of various coal companies, showing mixed results in production and sales figures [17][20] 4. Downstream Performance of the Coal Industry - The report discusses the performance of downstream sectors, including steel and cement, which are closely linked to coal demand [8] - It notes the profitability of steel production and the operational rates of blast furnaces, which are critical for coal consumption [8] 5. Weekly Performance of the Coal Sector and Individual Stocks - The report summarizes the weekly performance of the coal sector, indicating a decline in stock prices [8] - It provides forecasts for key companies in the coal industry, reflecting their expected profitability [8]