煤炭开采行业周报：红利驱动占优，“看似慢、实则快”

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [1]. Core Views - The coal mining sector is experiencing a "slow but steady" recovery driven by dividends, despite a backdrop of weak demand and price pressures [4][12]. - The report highlights that the coal price is currently under pressure due to high supply and weak demand, with a cumulative decline of 53 CNY/ton since November [4][38]. - The focus on high dividend strategies is emphasized as a potentially lucrative investment approach in the current market environment [4][12]. Summary by Sections Market Overview - The coal market has shown a slight decline in prices, with the main production areas experiencing weak performance [12]. - As of December 6, the price of Q5500 coal in major production areas is reported at 674 CNY/ton in Datong and 650 CNY/ton in Yulin, both showing a week-on-week decrease [16][18]. Supply and Demand Dynamics - Supply is slightly tightening, but demand remains primarily driven by essential needs [12][41]. - Port inventories are high, with the total inventory at the nine ports in the Bohai Rim at 29.31 million tons, reflecting a decrease of 1.78 million tons week-on-week [18]. Price Trends - The report notes that coal prices are expected to remain weak in the short term, with the Qinhuangdao port Q5500 coal price averaging around 818 CNY/ton, down 9 CNY/ton from the previous week [36][38]. - The report anticipates that prices may stabilize as supply begins to contract due to seasonal factors and safety inspections [4][38]. Focus on Key Companies - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal and Chemical Industry, and others, highlighting their strong performance and potential for growth [9]. - The report also notes that Pingmei Shenma Group has initiated a share buyback program, which is expected to attract investor attention [4][9]. Future Outlook - The coal industry is expected to maintain its critical role in China's energy system, with a stable supply-demand balance anticipated in the long term [38]. - The report suggests that the focus on shareholder returns and free cash flow will reshape the valuation of cyclical stocks in the coal sector [4][12].