煤炭周报：长协韧性凸显，关注板块底部机遇

Investment Rating - The report maintains a "Buy" rating for key companies in the coal sector, highlighting their strong defensive value and potential for bottom opportunities [3][4]. Core Viewpoints - The coal price is expected to stabilize before the Spring Festival due to weak supply and demand, with current port spot coal prices reported at 767 RMB/ton [1][8]. - The report emphasizes the resilience of long-term contracts, with a notable decrease in contract prices being less than the drop in spot prices, indicating a strong support for coal prices [2][9]. - The coal sector is characterized by stable profitability, low debt, high cash reserves, and high dividends, making it attractive in a volatile market environment [2][9]. Summary by Sections Weekly Market Review - The coal sector experienced a weekly decline of 5.2%, underperforming compared to the broader market indices [15][18]. - Key companies such as Jinrui Mining and Yunwei Co. saw gains, while companies like Hengyuan Coal and China Shenhua faced significant declines [22][23]. Industry Dynamics - The report notes a slight increase in coal exports from Australia and India, indicating a potential for increased global demand [27][29]. - Domestic coal production in China is projected to remain stable, with significant production increases reported by companies like Shaanxi Coal and New Energy [42][45]. Company Recommendations - Recommended companies include industry leaders such as China Shenhua, Shaanxi Coal, and Zhongmei Energy for their stable performance [3][4]. - Companies with high dividend yields and growth potential, such as Shanxi Coal International and Yanzhou Coal Mining, are also highlighted [3][4].