煤炭开采行业跟踪周报：冷空气来袭促需求修复，叠加环渤海港口库存逐步去化有利于煤价企稳

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The demand for coal is expected to recover due to the arrival of cold air, coupled with the gradual reduction of inventory at ports in the Bohai Rim, which is favorable for stabilizing coal prices [2][3] - Despite a slight decrease in coal prices during the off-season in September and October, the traditional peak season starting from late October is expected to drive prices up, supported by economic stimulus policies that enhance market expectations for economic stabilization and recovery [2][3] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index closed at 3391.88 points, down 0.36% from the previous week, while the coal sector index closed at 2991.11 points, down 1.02% [26] - The trading volume for the coal sector increased by 46.71% to 879.75 billion yuan [26] 2. Domestic Coal Prices - The average price of domestic thermal coal decreased, with the Qinhuangdao port price for 5500 kcal thermal coal dropping by 22 yuan/ton to 790 yuan/ton [34] - The price index for thermal coal in the Bohai Rim region fell by 1 yuan/ton to 707 yuan/ton [35] 3. Inventory and Supply - The average daily coal inflow at the Bohai Rim ports was 1.8203 million tons, a decrease of 0.48% from the previous week, while the outflow decreased by 1.99% to 2.0214 million tons [50][56] - The total inventory at the Bohai Rim ports was 27.93 million tons, down 4.71% from the previous week [56] 4. International Market Trends - International coal prices showed mixed trends, with the Newcastle coal price index down by 5.76 USD/ton to 133.07 USD/ton [35] - Brent crude oil prices increased by 4.74% to 74.49 USD/barrel [48] 5. Recommendations - The report suggests focusing on resource stocks, particularly recommending thermal coal stocks such as Guanghui Energy and Haohua Energy due to their low valuations and strong price elasticity [61]