煤炭开采行业周报：煤价季节性回落，关注库存回落节奏

Investment Rating - The coal mining industry is rated as "Accumulate" [4] Core Viewpoints - Seasonal decline in coal prices is expected, with attention on inventory reduction pace [3] - The report anticipates that coal prices will continue to have a downward trend in December, aligning with historical patterns [3] - The coal sector is expected to maintain high dividend characteristics, with recommendations for specific companies [3] Summary by Sections Company Earnings Forecast and Valuation Table - China Shenhua (601088.SH): Price: 42.60 CNY, EPS: 3.00 CNY, PE: 14, Rating: Accumulate [2] - Shanxi Coking Coal (000983.SZ): Price: 8.28 CNY, EPS: 1.19 CNY, PE: 7, Rating: Accumulate [2] - China Coal Energy (601898.SH): Price: 12.62 CNY, EPS: 1.47 CNY, PE: 9, Rating: Accumulate [2] - Shaanxi Coal and Chemical Industry (601225.SH): Price: 24.61 CNY, EPS: 2.19 CNY, PE: 11, Rating: Accumulate [2] Industry Research - Coal prices have shown a seasonal decline, with port coal inventories beginning to decrease [3] - As of December 13, 2024, Qinhuangdao port coal inventory was 6.87 million tons, unchanged from the previous week, while the inventory in the Bohai Rim ports decreased by 4.71% [3] - The average price of Qinhuangdao port thermal coal was 802 CNY/ton, down 1.63% week-on-week [3] Investment Recommendations - The report suggests focusing on companies with low price-to-book ratios, such as Shanghai Energy, and recommends China Shenhua and China Coal Energy for their high dividend yields [3]