煤炭开采行业周报：煤炭交易大会召开在即，关注2025年长协基准价

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The upcoming coal trading conference in December 2024 is expected to focus on the long-term contract benchmark price for 2025, which is crucial for industry pricing strategies [1]. - The report highlights a recent rebound in overseas natural gas prices while domestic coal prices continue to decline, with specific price changes noted for various coal types [1]. - The report indicates that coal prices are expected to remain stable with potential upward pressure due to seasonal demand and international market fluctuations [1]. Summary by Sections Market Overview - The coal trading conference is scheduled for December 4-6, 2024, in Rizhao, Shandong Province, and is anticipated to reveal further details on long-term contract volumes and compliance requirements [1]. - Recent data shows that the average price of Qinhuangdao port thermal coal is 5500 kcal at 550元/吨, reflecting a week-on-week decrease of 1.25% [1]. - The report notes that the inventory levels at Qinhuangdao port are at a record high of 685 million tons, down 1.86% week-on-week but up 12.11% year-on-year [1]. Price Trends - The report details the price trends for various coal types, including a 4% decrease in the average price of Shanxi Yulin mixed coal to 721元/吨 [1]. - International coal prices are also discussed, with Newcastle port thermal coal priced at 90 USD/ton, showing a decrease [1]. Supply and Demand Dynamics - The report indicates a decline in iron production and blast furnace utilization rates, with the average iron production rate at 68.6% [1]. - The report also tracks the operational rates of coal washing plants, which are currently at 87.80%, reflecting a slight decrease [1]. Company Performance - The report provides a forecast for key companies in the coal sector, including China Shenhua and Shanxi Coal, highlighting their expected earnings and investment potential [1]. - The dividend yields for major coal companies are also presented, with China Shenhua expected to yield 5.9% in 2024 [1].