煤炭报告：动力煤月度进口量下降明显，国内海运费显著上涨

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [2][11]. Core Insights - Domestic thermal coal prices have decreased, while European thermal coal prices have increased. As of November 18, the price of Shanxi premium mixed thermal coal at Qinhuangdao was 839 CNY/ton, down 1.53% month-on-month. In contrast, the offshore price of Australian thermal coal was 140.00 USD/ton, down 4.76% month-on-month, while European prices rose by 2.50% to 123.00 USD/ton [11][12][24]. - The monthly import volume of thermal coal has significantly decreased, with October imports at 13.48 million tons, down 9.29% from the previous month. This decline is attributed to rising domestic shipping costs [12][34]. - Coal inventory at major ports has increased significantly, with a total of 14.52 million tons at Qinhuangdao, Huanghua, and Caofeidian ports, up 19.62% month-on-month. Conversely, the inventory of the six major power generation groups decreased by 1.90% to 14.50 million tons [12][38][44]. Summary by Sections 1. Price - As of November 18, the price of Shanxi premium mixed thermal coal was 839 CNY/ton, reflecting a month-on-month decrease of 1.53% [11][20]. - The price of thermal coal in Inner Mongolia remained unchanged, while Shanxi saw a decrease [18][24]. 2. Production - In October, the monthly production of coal from key state-owned mines in Shanxi, Shaanxi, and Inner Mongolia showed mixed results, with Shanxi's production increasing by 0.49% to 53.59 million tons, while Shaanxi and Inner Mongolia saw declines [12][30]. 3. Imports - The total monthly import of coal and thermal coal reached 46.25 million tons in October, a year-on-year increase of 28.51%, but a month-on-month decrease of 2.82%. The thermal coal imports specifically were 13.48 million tons, up 11.53% year-on-year but down 9.29% month-on-month [34][45]. 4. Inventory - As of November 18, coal inventory at the three major ports increased by 19.62% month-on-month to 14.52 million tons, while the inventory of the six major power generation groups decreased by 1.90% to 14.50 million tons [38][44]. 5. Downstream Demand - The average daily coal consumption of the six major power generation groups decreased by 0.41% month-on-month to 809,300 tons, while total electricity generation in October was 731 billion kWh, down 8.89% month-on-month [45][51]. 6. Shipping Costs - Domestic shipping costs have risen significantly, with the CBCFI from Qinhuangdao to Shanghai reported at 33.70 CNY/ton, a month-on-month increase of 24.35% [13][56].