煤炭行业周报：港库持续下降，寒冷天气使得电厂日耗高位运行，将对煤价形成支撑

Investment Rating - The report maintains a positive outlook on the coal industry, rating it as "Overweight" [41]. Core Insights - The report highlights a supply-demand imbalance with international oil prices rising, which has implications for coal pricing dynamics [2][4]. - International coal demand has significantly declined, leading to unexpected drops in international coal prices, which may further increase import volumes and create downward pressure on domestic prices [16]. - The report notes a decrease in coal inventory at the Bohai Rim ports, indicating a potential tightening of supply [41][78]. Summary by Sections International Coal Prices - As of December 20, the Brent crude oil futures price increased by $0.11 per barrel to $73.26, reflecting a 0.15% rise [68]. - The international coal price index from Newcastle fell by $4.72 per ton to $128.35 as of December 13 [48]. Domestic Coal Prices - The report indicates a decrease in domestic thermal coal prices, with the Qinhuangdao port thermal coal price dropping to 767 RMB per ton, down 23 RMB from the previous week [34]. - The average price of thermal coal in the Bohai Rim region fell by 2 RMB per ton to 705 RMB per ton as of December 18 [20]. Inventory and Shipping - Bohai Rim port coal inventory decreased to 27.384 million tons, down 54.6 thousand tons or 1.95% from the previous week [41][78]. - The average shipping cost for domestic routes fell by 4.48 RMB per ton to 35.11 RMB, a decline of 11.32% [57]. Company Valuations - Key companies in the coal sector, such as China Shenhua and Shaanxi Coal, are highlighted for their stable operations and high dividend yields, making them attractive investment options [34]. - The report provides a valuation table for major coal companies, indicating their earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for the upcoming years [15]. Market Dynamics - The report emphasizes that while high inventory levels and mild weather have pressured coal prices, colder temperatures are expected to increase demand from power plants, potentially supporting prices [43][55]. - The report also discusses the impact of government policies aimed at boosting domestic demand and stabilizing growth, which may benefit certain coal companies [34].