煤炭进口数据拆解：11月进口量延续增长，多煤种环比转增

Investment Rating - The report maintains an investment rating of "Leading the Market" for the coal sector, indicating an expected price increase exceeding the benchmark index by over 10% [4][73]. Core Insights - The coal import volume has shown continuous growth in 2024, with a total import of 490 million tons from January to November, representing a year-on-year increase of 15%. The import volume for November alone reached 54.98 million tons, marking a year-on-year increase of 26.36% and a month-on-month increase of 18.88% [4][27]. - The average import price of coal for the same period was recorded at $97 per ton, a decrease of 13.04% compared to the previous year. In November, the price was $90 per ton, reflecting a year-on-year decline of 13.71% but a month-on-month increase of 1.48% [4][36]. - The report highlights a shift in the import structure, with an increase in the proportion of coking coal and a decrease in the proportion of anthracite coal. The demand for thermal coal has risen due to lower temperatures, leading to a month-on-month increase in import volume [4][45]. Summary by Sections 1. Coal Import Volume Data Breakdown - From January to November 2024, the total import of coal and lignite reached 490 million tons, up 15% year-on-year. November's import volume was 54.98 million tons, up 26.36% year-on-year and 18.88% month-on-month [4][27]. - The import of thermal coal during the same period was 195.78 million tons, a year-on-year increase of 14%. In November, the import volume was 21.10 million tons, up 19% year-on-year and 21% month-on-month [16][27]. 2. Coal Import Price Data Breakdown - The average import price for coal from January to November 2024 was $97 per ton, down 13.04% from the previous year. The price in November was $90 per ton, down 13.71% year-on-year but up 1.48% month-on-month [4][36]. - The average price for thermal coal was $93 per ton, down 14.89% year-on-year, with November's price at $91 per ton, down 11.02% year-on-year but up 1.50% month-on-month [38][41]. 3. Commentary and Investment Recommendations - The report suggests focusing on high-dividend stocks in a low-interest-rate environment, recommending stable high-dividend stocks such as China Shenhua, Shaanxi Coal, and China Coal Energy. It also highlights high-elasticity dividend stocks like Pingmei Shenma, Huabei Mining, and Yanzhou Coal Mining [4][82]. - The report notes that the recent increase in coal imports is supported by improved coastal shipping capacity and a release in domestic coal demand due to seasonal factors [4][45].