煤炭周报：红利催化行情，支撑估值上行

Investment Rating - The report maintains an "Outperform" rating for the coal mining sector [2] Core Views - The coal sector is expected to experience a rebound supported by winter demand and favorable policies, with a price floor for thermal coal around 800 RMB/ton [4][8] - The report highlights the potential for significant upside in coal stock valuations due to improved economic policies and market conditions [8] Summary by Sections 1. Industry Data Tracking - Price Analysis: Thermal coal prices have decreased, with Qinhuangdao Q5500 coal priced at 812 RMB/ton, down 0.73% from the previous week [4][46] - Supply and Demand Analysis: Rail input to Qinhuangdao port decreased by 11.46%, indicating a reduction in supply [80] - Inventory Analysis: Qinhuangdao coal inventory increased by 0.29% to 6.87 million tons [86] - International Coal Market: Newcastle coal price is at 87.55 USD/ton, showing a slight increase [98] 2. Market Review - The coal sector outperformed the market with a 5.4% increase, compared to the Shanghai Composite Index's 2.3% rise [109] - Notable stock performances include Baotailong with a 27.14% increase and Yongtai Energy with a 17.09% increase [110] 3. Key Events of the Week - The report discusses various industry news and company announcements that may impact the coal sector [112]