煤炭行业周报：动煤价格触底回升，焦煤25Q1长协落地

Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1]. Core Insights - The report highlights that thermal coal prices have bottomed out and are beginning to recover, while coking coal long-term contracts for Q1 2025 have been established [2]. Summary by Sections 1. Weekly Data Tracking - Thermal Coal: As of January 3, the Qinhuangdao thermal coal price is 775 CNY/ton, a week-on-week increase of 5 CNY/ton. The long-term contract price for thermal coal (Q5500) in December 2024 is 696 CNY/ton, down 0.4% month-on-month and 2.0% year-on-year [16]. - Coking Coal and Coke: Coking coal prices show a mixed trend, with the cost premium for coke narrowing [31]. - Downstream Changes: Steel prices are fluctuating at low levels, and pig iron production has slightly decreased [35]. - Futures: The price spread for dual coking coal futures has decreased [40]. - Transportation: Both sea and land transportation prices continue to decline [41]. 2. Weekly Market Review (December 30, 2024 - January 3, 2025) - The report provides a performance overview of major indices and coal-related stocks, indicating a mixed performance with some stocks showing significant gains while others have declined [43]. 3. Weekly Outlook (December 29, 2024 - January 4, 2025) - The report lists various coal companies along with their ratings, closing prices, and weekly performance, indicating a generally positive outlook for several companies despite some fluctuations [45].