煤炭开采行业周报：山西开展打击违法采矿“冬季百日行动”

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4]. Core Viewpoints - Shanxi Province has initiated a "Winter Hundred Days Action" to crack down on illegal mining, which is expected to reduce daily coal production and alleviate the oversupply situation in the coal market [3]. - The report anticipates that coal prices will continue to have a bottoming trend in 2025, with the coal sector maintaining high dividend characteristics [3]. - Key companies recommended for investment include China Shenhua and China Coal Energy, with a suggestion to pay attention to Shanghai Energy, which has a price-to-book ratio below 1 [3]. Summary by Sections Company Earnings Forecast and Valuation Table - China Shenhua: Price 41.34 CNY, EPS 3.00 CNY, PE 14, Rating: Overweight [2] - Shanxi Coal: Price 8.24 CNY, EPS 1.23 CNY, PE 7, Rating: Overweight [2] - China Coal Energy: Price 11.90 CNY, EPS 1.47 CNY, PE 8, Rating: Overweight [2] - Shaanxi Coal: Price 23.64 CNY, EPS 2.19 CNY, PE 11, Rating: Overweight [2] Market Overview - Shanxi's crackdown on illegal mining is expected to lead to a decrease in daily coal production, which may help balance supply and demand [3]. - Coal prices at Qinhuangdao Port averaged 780 CNY/ton, down 21 CNY/ton (-2.67%) week-on-week [3]. - The average price of mixed coal at Yulin, Shaanxi, was 649 CNY/ton, down 40 CNY/ton (-5.81%) [3]. Supply and Demand Tracking - The operating rate of 110 sample washing plants was 70.0%, up 0.5 percentage points week-on-week [3]. - The capacity utilization rate of 247 blast furnaces was 86.13%, down 1.15 percentage points week-on-week [3]. - Coal inventories at Qinhuangdao Port were at a high level of 6.76 million tons, down 1.60% week-on-week [3]. Investment Recommendations - The report suggests that the coal sector will continue to offer high dividend yields, with specific recommendations for China Shenhua and China Coal Energy [3].