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 report maintains a positive outlook on the coal industry, suggesting that coal prices are expected to stabilize and potentially rise in the short term due to seasonal demand and favorable fiscal policies [5]. Core Insights - October coal production reached 412 million tons, showing a year-on-year increase of 4.6% and a cumulative output of 3.89 billion tons for January-October, reflecting a 1.2% increase year-on-year [2][8]. - Demand for thermal power, crude steel, and cement showed improvements in October, with thermal power output increasing by 1.8% year-on-year [2][8]. - The report highlights that the coal supply has returned to historical peak levels, with limited production increases expected in November and December [2][8]. - The average daily coal consumption in power plants rose significantly to 5.4 million tons, a 1.4% increase year-on-year, indicating a potential peak in demand as temperatures drop [3][9]. - The report notes that while steel prices are declining, the overall hot metal output remains stable, providing some support for demand in the coal sector [4][10]. Summary by Sections Production and Demand - October raw coal output was 412 million tons, with a cumulative output of 3.89 billion tons for the year, reflecting a year-on-year increase of 1.2% [2][8]. - Demand for thermal power, crude steel, and cement showed mixed results, with thermal power increasing by 1.8% year-on-year [2][8]. Price Trends - As of November 15, coal prices at Qinhuangdao port were RMB 837 per ton, with a slight decrease compared to previous weeks [3][9]. - The report anticipates that coal prices may stabilize and rise due to increased demand and limited downside from import price spreads [3][9]. Investment Recommendations - The report suggests focusing on coal companies with low valuations and high dividends, such as China Coal Energy and China Shenhua Energy, which are expected to see marginal improvements in operations and dividends [5][11]. - Companies like Inner Mongolia Dian Tou Energy and Shanxi Coal International are highlighted for their expected performance improvements and growth potential in 2025 [5][11].