煤炭进口数据拆解：10月进口量延续增长，分煤种结构性分化

Investment Rating - The report maintains an investment rating of "Leading the Market" for the coal industry, indicating an expected performance that exceeds the benchmark index by more than 10% [2][70]. Core Insights - The coal import data for January to October 2024 shows a total import volume of 435 million tons, representing a year-on-year increase of 14%. In October alone, the import volume reached 46.25 million tons, a year-on-year increase of 28.51% but a month-on-month decrease of 2.82% [24][67]. - The average import price for coal during the same period was recorded at $98 per ton, a decrease of 12.28% compared to the previous year. In October, the price was $89 per ton, reflecting a year-on-year decline of 10.03% and a month-on-month decrease of 2.83% [50][52]. - The report highlights a structural differentiation in coal types, with coking coal's proportion increasing while anthracite's share decreased. The demand for thermal coal remains weak due to higher temperatures in southern regions, leading to a month-on-month decline in imports [67][69]. Summary by Sections 1. Coal Import Volume Data Breakdown - The total coal and lignite import volume from January to October 2024 was 435 million tons, up 14% year-on-year. October's imports were 46.25 million tons, up 28.51% year-on-year but down 2.82% month-on-month [24][67]. 2. Coal Import Price Data Breakdown - The average import price for coal from January to October 2024 was $98 per ton, down 12.28% year-on-year. In October, the price was $89 per ton, down 10.03% year-on-year and 2.83% month-on-month [50][52]. 3. Commentary and Investment Recommendations - The coal import data for 2024 aligns with expectations, with a slight month-on-month decline in October due to thermal coal. The report suggests that supply is normal, and demand may improve in the future, with winter prices expected to remain high. Investment recommendations include focusing on high-dividend stocks such as Guanghui Energy and Pingmei Shenma Energy [67][70].