煤炭开采行业月报：产量、进口延续高位，火电同比增长，保持乐观，等待转变

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is experiencing high production and import levels, with optimism for future developments despite anticipated slowdowns in growth [4][21] - The focus on energy production safety remains a priority, which may limit future capacity increases [4][16] - The shift in market dynamics is expected to transition from "weak reality, strong expectations" to "strong reality, strong expectations," positively impacting coal prices [38][45] Summary by Sections Production - In October 2024, the industrial raw coal output reached 410 million tons, a year-on-year increase of 4.6%, with an average daily output of 13.284 million tons [4][18] - From January to October 2024, the total industrial raw coal output was 3.889 billion tons, up 1.2% year-on-year [16] Imports - Coal imports in October 2024 were 46.25 million tons, a 28.5% increase year-on-year, with total imports from January to October reaching 440 million tons, up 13.5% [21][4] Demand - In October 2024, the total industrial power generation was 731 billion kWh, a 2.1% year-on-year increase, with thermal power generation growing by 1.8% [25][26] - The growth rates for various power generation types showed mixed results, with wind power increasing by 34% and hydropower decreasing by 14.9% [25][28] Investment Recommendations - The report suggests a focus on companies with strong performance and potential for recovery, recommending stocks such as China Qinfa, China Shenhua, and Shanxi Coal [45] - The report highlights the importance of shareholder returns and free cash flow in the evolving investment landscape [45]