煤炭行业周报：供给有所收缩，煤价止跌，旺季高日耗下，节前煤价有望持续上涨

Investment Rating - The report rates the coal industry as "Overweight" [1] Core Viewpoints - The supply of coal is contracting, leading to a stabilization and slight increase in coal prices ahead of the peak demand season [1] - As of December 27, the spot price of thermal coal at Qinhuangdao port was reported at 758 RMB/ton, a decrease of 9 RMB/ton from the previous week and a year-on-year decline of 163 RMB/ton [1] - The average daily coal inflow to the four ports in the Bohai Rim region decreased to 1.6397 million tons, down 4.83% week-on-week [1][3] - The report highlights the potential for thermal coal prices to rise due to increased demand from power plants as they prepare for the upcoming holiday season [1] - Coking coal prices are under short-term pressure but are expected to stabilize and rebound in the medium term due to government policies aimed at boosting domestic demand [1] Summary by Sections Recent Industry Policies and Dynamics - The opening of a new coal transportation route from Australia to Yantai and Weifang is expected to enhance logistics efficiency in the Bohai Rim area [25] - The capacity of the "North Coal South Transport" project has been improved, facilitating coal transportation from Inner Mongolia [26] Price Trends - The price of thermal coal at various production sites has seen a decline, with Dazhong South District reporting a price of 580 RMB/ton, down 35 RMB/ton [30] - International coal price indices have also shown a downward trend, with Newcastle coal prices dropping by 5.51 USD/ton [31] Inventory and Shipping - Coal inventories at Bohai Rim ports decreased to 26.496 million tons, down 3.24% from the previous week [46] - Domestic shipping costs have fallen, with average freight rates down by 2.41 RMB/ton [51] Key Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices and projected earnings per share [57]