煤炭开采行业周报：港口库存阶段性承压，但煤价仍有韧性

Investment Rating - The report maintains a "Buy" rating for the coal mining industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - Port coal inventories are under short-term pressure, but coal prices remain resilient. As of November 15, 2024, coal inventory at Qinhuangdao Port reached 6.95 million tons, up 5.30% week-on-week and 8.93% year-on-year, marking a new high for the same period [1]. - The average closing price for Qinhuangdao Port's thermal coal (5500 kcal) was 844 CNY per ton, showing a slight decrease of 0.44% week-on-week. The report also notes that the demand for electricity generation may increase due to a forecasted drop in temperatures across eastern and central regions [1]. - International natural gas prices have rebounded, while coal prices continue to show stability. The report highlights that the average price for thermal coal in Yulin, Shaanxi, was 725 CNY per ton, reflecting a week-on-week increase of 0.00% [1]. - The report emphasizes that the current fundamentals of the coal industry are stable in the short term, with potential upward pressure on coal prices due to seasonal demand and overseas disturbances [1]. Summary by Sections Coal Price Trends - The report indicates that coal prices have maintained a stable trend, with the average price for Newcastle thermal coal (5500 kcal) at 91 USD per ton, down 1.17% week-on-week [1][8]. - The report also notes fluctuations in international energy prices, with Brent crude oil settling at 71.04 USD per barrel, down 3.83% [1]. Supply and Demand Tracking - Iron output has rebounded slightly, with the average temperature in major cities remaining high for the season. The operating rate of 110 sample washing plants is at a low level of 68.3% [1][18]. - The report highlights that the daily average iron output from 247 steel mills is currently at 236,000 tons, indicating a recovery trend [21]. Inventory Tracking - Port coal inventories are at a high level compared to previous years, with the report noting that the coal inventory at Bohai Rim ports was 2,797.4 million tons, up 5.36% week-on-week [1][25]. - The report also mentions that independent coking plants have a coking coal inventory of 753.27 million tons, reflecting a week-on-week increase of 0.87% [1]. Key Company Dividend Yields - The report provides insights into key companies in the coal sector, highlighting their dividend yields and profit forecasts. For instance, China Shenhua has a dividend yield of 5.9% for 2024, while Shaanxi Coal has a yield of 5.6% [29].