煤炭行业周报：旺季日耗有望提升，预计煤价将止跌企稳

Investment Rating - The report maintains a positive outlook on the coal industry, indicating a "Look Favorably" rating [2]. Core Insights - The report highlights that the demand for thermal coal is expected to increase due to the arrival of cold weather, which may stabilize coal prices after recent declines [6][2]. - The report emphasizes the importance of high inventory levels and sufficient supply from imports, which are currently exerting pressure on coal prices [6][2]. - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and China Coal Energy for their stable operations and high dividends, while also suggesting Yanzhou Coal and Guanghui Energy for their growth potential [2]. Summary by Sections 1. Recent Industry Policies and Dynamics - The National Development and Reform Commission issued a notice regarding the signing and performance of long-term coal contracts for 2025, emphasizing market-driven approaches and performance requirements [26]. - Jin City is leveraging energy reform policies to enhance coal production capabilities, with a focus on intelligent mining technologies [27]. - Guizhou province is accelerating the construction of coal storage and distribution bases to enhance its coal supply capacity [27]. - The successful ignition of an underground coal gasification project by Shandong Energy Group marks a significant development in utilizing hard-to-extract coal resources [27]. 2. Price Trends of Coal - As of November 22, the price of thermal coal at Qinhuangdao port was reported at 824 CNY/ton, a decrease of 13 CNY/ton from the previous week [2]. - The report notes that the average price of thermal coal in major production areas remained stable, while coking coal prices showed slight declines [31][33]. 3. Inventory and Supply Dynamics - The report indicates that the inventory at the four ports in the Bohai Rim region increased to 29.234 million tons, up 110,700 tons from the previous week [40]. - Daily average coal inflow to the Bohai Rim ports increased by 2.38% week-on-week, while outflow also saw a rise [40]. 4. Shipping Costs - Domestic shipping costs increased by 2.75 CNY/ton, reaching 41.88 CNY/ton, reflecting a 7.03% rise [44]. - International shipping costs from Newcastle, Australia to Qingdao, China also saw an increase of 1.7 USD/ton [44]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings projections [50].