煤炭开采行业跟踪周报：需求略显疲弱，库存绝对值较高，煤价持续承压

Investment Rating - The industry investment rating is maintained as "Accumulate" [18][81]. Core Viewpoints - The report indicates that coal prices have not experienced significant declines during the off-season in September and October, and there is strong upward momentum in coal prices as the traditional peak season approaches, despite economic sluggishness [6]. - The report highlights that the international standard coal price has risen to $153, which corresponds to approximately 930 CNY per ton for domestic 5500 kcal thermal coal, while current domestic coal prices are around 800 CNY, indicating strong upward momentum [6]. - Economic stimulus policies are expected to enhance market expectations for macroeconomic stabilization and recovery, which will benefit overall demand recovery and strengthen the logic of coal supply tightness, leading to sustained upward momentum in coal prices [6][89]. Summary by Sections Weekly Market Review - The Shanghai Composite Index closed at 3368.07 points, down 23.81 points or 0.70% from the previous week, with a trading volume of 2.96 trillion CNY, a decrease of 0.83 trillion CNY or 21.96% [2]. - The coal sector index closed at 2897.37 points, down 93.74 points or 3.13%, with a trading volume of 59.091 billion CNY, a decrease of 28.884 billion CNY or 32.83% [2]. Domestic Coal Prices - As of December 20, the price of 5500 kcal thermal coal at Qinhuangdao port decreased by 23 CNY/ton, closing at 767 CNY/ton [57]. - The report notes that the average daily coal inflow to the four ports in the Bohai Rim decreased by 9.99 million tons, a decline of 5.49% [18][42]. International Coal Prices - The report states that the price of Australian hard coking coal has decreased by 5 CNY/ton, quoted at $213/ton, while the price of Australian premium coking coal has decreased by 90 CNY/ton, quoted at $1460/ton [4]. Recommendations - The report recommends focusing on elastic thermal coal stocks, particularly those with low valuations, such as Guanghui Energy and Haohua Energy [19][69].