煤炭行业周报（2024年第48期）：秦港煤价趋稳，电厂日耗回升，北港库存压力正在缓解

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - Recent market dynamics indicate that port thermal coal prices are stabilizing, while the coking coal market continues to show weakness. The CCI5500 thermal coal price index has decreased by 7 RMB/ton to 818 RMB/ton. The market is expected to improve as temperatures drop in December, leading to increased demand for electricity coal, supported by favorable macro policies [5][54] - Key focus areas include: (1) Policy developments such as the National Development and Reform Commission's notice on long-term contracts for electricity coal; (2) Domestic supply and demand trends showing a slight decrease in coal production and imports; (3) International supply and demand with a 2.3% year-on-year increase in coal trade [5] Market Dynamics - Thermal Coal: The port thermal coal price has shown a slight decline, with the CCI5500 price at 812 RMB/ton, down 6 RMB/ton week-on-week. Production area prices have also decreased, with Shanxi region prices down by 13 RMB/ton [54][61] - Coking Coal: The main coking coal price at Jing Tang Port has decreased by 20 RMB/ton to 1620 RMB/ton. The market is mixed, with some areas seeing price increases while others decline [79] - Coke: The price of coke at Tianjin Port remains stable at 1780 RMB/ton. The market sentiment is weak, with a seasonal decline in iron and steel production affecting demand [101][110] Key Companies - Companies with stable profits and high dividends in thermal coal include Shaanxi Coal and China Shenhua [6] - Companies with low valuations and long-term growth potential include Yancoal Energy and China Coal Energy [6] - Companies benefiting from improved demand expectations and low PB ratios include Huabei Mining, Pingmei Shenma, and Shanxi Coking Coal [6]