煤炭开采行业周报：旺季来临，保持乐观，静待转变

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [1]. Core Views - The coal market is expected to remain stable with limited downward price adjustments, while a potential upward trend is anticipated due to seasonal demand and policy support [4][39]. - The focus is on the transition from "weak reality, strong expectations" to "strong reality, strong expectations," which may positively impact coal prices [9][52]. Summary by Sections 1. Core Views of the Week - Thermal Coal: Prices are stable but slightly weak, with supply tightening and downstream demand primarily driven by essential needs [17][19]. - Coking Coal: Prices are under pressure, with the market awaiting a recovery in terminal demand [39][51]. - Coke: Profit margins have slightly improved, with demand primarily from essential procurement [56][71]. 2. Market Review - The market indices showed a decline, with the coal index down 3.34%, underperforming the broader market [74]. 3. Industry News - The report highlights the ongoing challenges in the coal market, including price pressures and inventory accumulation, while also noting the potential for recovery driven by policy changes and seasonal demand [4][9][52]. 4. Key Companies - The report recommends several companies based on their performance and market positioning, including China Shenhua, Shaanxi Coal, and others, emphasizing their growth potential and resilience in the current market environment [10].