煤炭行业周报：高库存下煤价承压下跌，但冷空气来临，煤价有望企稳

Investment Rating - The report rates the coal industry as "Overweight" indicating a positive outlook for the sector [2]. Core Insights - High inventory levels are pressuring coal prices down, but the arrival of cold weather is expected to stabilize prices [2]. - The report highlights that while supply remains stable and imports are sufficient, the upcoming cold weather is anticipated to boost demand [5]. - The report recommends stable, high-dividend companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as growth-oriented companies like Yanzhou Coal and Guanghui Energy [2]. Summary by Sections 1. Recent Industry Policies and Dynamics - The Energy Law of the People's Republic of China was passed, aiming to promote high-quality energy development and ensure energy security starting January 1, 2025 [26]. - A new logistics park in Inner Mongolia is set to enhance coal transportation capabilities, with a designed annual transport capacity of 10 million tons [27]. 2. Price Trends of Coal - As of November 15, 2024, the price of thermal coal at Qinhuangdao port was reported at 837 CNY/ton, down 10 CNY/ton week-on-week and down 99 CNY/ton year-on-year [2]. - The average price of coking coal remained stable, with Shanxi's main coking coal priced at 1640 CNY/ton as of November 15, 2024 [2][30]. 3. International Oil Price Trends - Brent crude oil futures fell by 3.09 USD/barrel to 71.92 USD/barrel, a decrease of 4.11% as of November 15, 2024 [37]. 4. Inventory Levels at Ports - The inventory at the four ports in the Bohai Rim reached 28.086 million tons, an increase of 1.146 million tons week-on-week, reflecting a growth of 4.25% [39]. 5. Domestic Shipping Costs - Domestic shipping costs decreased by 1.11 CNY/ton to 39.13 CNY/ton, a drop of 2.75% as of November 15, 2024 [45].