煤炭与消费用燃料行业周报：如何看待当前时点煤炭的红利防御性？

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [7]. Core Viewpoints - The report emphasizes that the coal price center for 2025 is unlikely to experience significant declines due to cost support and supply-demand improvements, maintaining a high dividend yield. Therefore, stable coal dividend stocks are suitable for providing a solid investment return base, indicating continued allocation value in the coal sector [6][7][8]. Summary by Sections Weekly Tracking Summary - The coal index (Yangtze) fell by 0.11%, underperforming the CSI 300 index by 1.42 percentage points, ranking 30 out of 32 industries. The market price of thermal coal at Qinhuangdao port was 818 RMB/ton, a decrease of 6 RMB/ton week-on-week [16][43]. Supply and Demand Situation - As of November 28, the daily coal consumption in 25 provinces was 5.591 million tons, down 4.1% week-on-week. The total coal inventory was 136.997 million tons, an increase of 0.8% week-on-week, with a usable days supply of 24.5 days, up 1.2 days [35]. Price Trends - The report notes that the price of thermal coal continues to decline, with the market price at Qinhuangdao port at 818 RMB/ton, down 0.73% from the previous week. The price of coking coal at Jingtang port remained stable at 1640 RMB/ton [43][44]. Investment Recommendations - The report suggests focusing on companies with growth potential and cost reduction capabilities for more stable performance. It recommends selecting stocks based on the following criteria: 1) Long-term stable profit leaders: China Shenhua, Shaanxi Coal, and China Coal Energy; 2) Companies with outstanding growth: Huayang Co., Yanzhou Coal, Huaibei Mining, and Gansu Energy; 3) Transition targets: Electric Power Investment, New Collective Energy, and Huaihe Energy [8].