煤炭行业周报：日耗大幅提升+进口倒挂加大，港口煤价有望企稳

Investment Rating - The industry investment rating is "Outperform the Market" and maintains "Market Performance" [1]. Core Viewpoints - The report indicates a significant increase in daily coal consumption, which is expected to stabilize. The import price gap is widening, affecting port coal prices [1]. - October coal production has recovered to near historical peak levels, with expectations of strong supply and demand for the remainder of the year. The report notes that the national raw coal production reached 412 million tons in October, with a year-on-year increase of 1.2% [1]. - The report highlights that the demand for coal has shown resilience, with a 5.3% growth in electricity consumption in October, and cumulative demand from January to October showing a year-on-year increase of 1.9% [1]. Summary by Relevant Sections Production - In October, national coal production reached 389.2 million tons, with a year-on-year increase of 1.9%. The production of thermal power, pig iron, and cement showed year-on-year changes of +1.9%, -4%, and -10.3% respectively [1]. - The report states that the supply side has returned to historical peak levels, with expectations of continued strong production in November and December [1]. Demand - Daily coal consumption at power plants has significantly increased, with an average of 5.4 million tons per day, reflecting a year-on-year increase of 1.4% [1]. - The report notes that as winter approaches, coal demand is expected to peak, driven by seasonal factors and policy support for the real estate market [1]. Price Trends - The report anticipates that coal prices at ports are likely to stabilize and recover due to the widening import price gap and increased domestic demand [1]. - As of November 15, the average coal price at Qinhuangdao port was 837 yuan per ton, with a week-on-week decrease of 10 yuan [1]. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and growth potential, such as China Shenhua Energy and Shaanxi Coal and Chemical Industry, which are expected to benefit from the stable coal market and policy support [1].