煤炭行业周报：煤价有望否极泰来，煤炭红利与周期属性攻守兼备

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [11]. Core Viewpoints - The coal market is expected to stabilize and rebound due to improvements in supply and demand dynamics, alongside enhanced market value management by state-owned enterprises [4][19]. - The report highlights the dual logic of coal price recovery and cyclical attributes, suggesting that coal stocks are positioned for a resurgence in value [4][19]. - The report emphasizes the importance of high dividend yields and the potential for capital inflows into the coal sector, particularly in a low-interest-rate environment [19]. Summary by Sections Investment Insights - The coal sector is entering a "Golden Era 2.0," with core value assets expected to rise again [19]. - The current economic environment favors defensive investments, making coal stocks attractive due to their high dividend yields and stable returns [19]. Market Performance - The coal index experienced a slight decline of 3.13%, underperforming the CSI 300 index by 3 percentage points [25]. - The average PE ratio for the coal sector is reported at 11.8, with a PB ratio of 1.36, indicating potential undervaluation [28]. Coal and Power Industry Chain - The report notes a slight decrease in coal prices, with the CCTD price at 777 CNY and Qinhuangdao's closing price at 767 CNY, nearing the annual contract limit of 770 CNY [4][23]. - Daily coal consumption in coastal provinces increased by 0.54% to 2.22 million tons, while coal inventory decreased by 0.38% to 35.345 million tons [4][23]. Policy and Market Dynamics - Recent government policies aimed at stabilizing the economy and supporting state-owned enterprises are expected to bolster coal prices and market confidence [4][19]. - The report highlights the significance of maintaining the annual contract system for coal pricing, which has proven effective since its implementation in 2017 [4]. Stock Recommendations - The report identifies key stocks to watch, including those with high dividend yields and potential for recovery, such as China Shenhua, Yancoal, and Shanxi Coking Coal [19][21].