煤炭行业：动力煤价格继续下跌，但下游需求继续提升

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [2] Core Viewpoints - The price of thermal coal continues to decline, with domestic prices at 767 RMB/ton, down 4.72% month-on-month as of January 10 [3][13] - Downstream demand is increasing despite the falling prices, with significant growth in coal imports and consumption by major power generation groups [6][21][32] Summary by Sections 1. Price - Domestic thermal coal prices have decreased, with Shanxi's coal at 661 RMB/ton, down 6.90% month-on-month [13][15] - International thermal coal prices also fell, with Australian coal at 122.00 USD/ton, down 8.27% month-on-month [16] 2. Production - The total monthly coal production reached 42,798.40 million tons in November, a month-on-month increase of 3.93% [17] - Key state-owned coal mines in Shaanxi saw a decrease in production, while Shanxi and Inner Mongolia reported increases [19] 3. Imports - Coal imports in November reached 54,980,000 tons, a year-on-year increase of 26.36% and a month-on-month increase of 18.88% [21] - Thermal coal imports specifically were 16,887,400 tons, up 15.25% year-on-year and 24.79% month-on-month [21] 4. Inventory - Coal inventory at major ports decreased to 13,085,000 tons, down 8.25% month-on-month [26] - The average available days of coal inventory for major power generation groups decreased to 15.90 days, down 10.17% month-on-month [31] 5. Downstream Demand - Daily coal consumption by major power generation groups increased to 862,900 tons, up 6.12% month-on-month [32] - National electricity generation increased by 2.54% year-on-year, with thermal power generation accounting for 69.04% of total generation [32][37] 6. Freight Rates - Domestic shipping rates have significantly decreased, with rates from Qinhuangdao to Shanghai dropping by 46.61% month-on-month [38] - International shipping rates also fell, with Australian coal freight to China at 11.10 USD/ton, down 21.28% month-on-month [38]