煤炭行业周报：气温降低库存下降，年底存宏观利好预期

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook compared to the broader market [1]. Core Insights - The coal industry is experiencing a decrease in inventory due to lower temperatures and increased demand for heating coal, with expectations of continued macroeconomic support policies [1][6]. - The report highlights that while the demand for thermal coal is expected to grow, metallurgical coal remains under pressure due to seasonal demand fluctuations [1][31]. - The overall coal prices are projected to remain stable, supported by high international coal prices and limited room for domestic price declines [1][6]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - Thermal Coal: As of December 6, the spot reference price for thermal coal in the Bohai Rim is 818 CNY/ton, with a weekly change of -1.09%. Inventory at northern ports decreased by 5.64% to 26.78 million tons [1][16]. - Metallurgical Coal: The price for main coking coal at Jingtang Port is 1620 CNY/ton, with a weekly change of -1.22%. The average inventory for independent coking plants is 8.43 million tons, reflecting a weekly increase of 2.54% [1][31]. - Coking Steel Chain: The average price for metallurgical coke is stable at 1880 CNY/ton, with total inventory across independent coking plants at 449,100 tons, showing a weekly increase of 1.56% [1][50]. - Coal Transportation: The coastal coal transportation price index is at 904.78 points, with a weekly increase of 1.56%. The average daily net outflow of coal at Bohai Rim ports is 233,400 tons [1][56]. 2. Coal Sector Market Review - The coal sector has outperformed the broader market, with the CITIC Coal Index rising by 5.55% [5]. - Key stocks in the coal mining sector, such as Yongtai Energy and Anyuan Coal Industry, have shown significant gains [5]. 3. Industry News Summary - The report notes that the demand for coal is expected to increase as the winter heating season progresses, supported by government policies aimed at stabilizing the economy [1][6]. 4. Important Announcements from Listed Companies - The report emphasizes the potential for recovery in valuations for coal companies, particularly those in Shanxi province, due to recent production cuts and favorable market conditions [6]. 5. Outlook and Investment Recommendations - The report suggests focusing on high-dividend stocks and those with high elasticity, recommending companies like Guohui Energy and Pingmei Shenma Energy [6].