煤炭行业周报：港库持续下降，冷空气来袭，预计煤价将止跌企稳

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating expectations for price stabilization and potential recovery in the near future [2]. Core Insights - The report highlights that the current coal prices are under pressure due to high inventory levels and increased imports, but anticipates a stabilization in prices due to rising demand from colder weather and potential production cuts from some coal mines as the year-end approaches [2][6]. - The report recommends specific companies that are expected to benefit from market conditions, including China Shenhua, Shaanxi Coal, and China Coal Energy, as well as those with undervalued potential like Huabei Mining and Pingmei Shenma Energy [2]. Summary by Sections Recent Industry Policies and Dynamics - The report discusses a meeting held by the Anhui Provincial Energy Bureau regarding coal supply security and long-term contracts for 2025, emphasizing the need for energy security and stable supply [25]. - It also mentions the establishment of intelligent coal mines in Xinjiang, which are seen as benchmarks for future developments in the industry [27]. Price Trends - As of December 13, 2024, the price of thermal coal at Qinhuangdao port was reported at 790 RMB/ton, a decrease of 22 RMB/ton from the previous week and a year-on-year drop of 158 RMB/ton [2]. - The report notes that coking coal prices have remained stable, with Shanxi's main coking coal priced at 1620 RMB/ton, unchanged from the previous week but down 1090 RMB/ton year-on-year [2]. Inventory and Shipping - The report indicates that coal inventory at the four ports in the Bohai Rim decreased to 27.93 million tons, down 1.38 million tons from the previous week, a decline of 4.71% [4][40]. - Domestic shipping costs have also decreased, with average shipping rates dropping by 4.48 RMB/ton to 39.59 RMB/ton, a decline of 10.16% [45]. International Oil Prices - Brent crude oil prices increased by 0.96 USD/barrel to 73.15 USD/barrel, reflecting a rise of 1.32% [38]. - The report notes that the ratio of international oil prices to domestic coal prices has shown slight increases, indicating a potential shift in market dynamics [38]. Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings per share forecasts for 2023 to 2026 [48].