煤炭行业周报：电煤价格持续反弹，关注板块低位布局机会

Investment Rating - The industry rating is "Positive" indicating that the industry index is expected to outperform the market benchmark index in the next 6 to 12 months [43]. Core Viewpoints - The coal market is experiencing a rebound in electricity coal prices, with short-term price increases expected due to supply constraints and seasonal demand from downstream power plants [4][10]. - The coal sector is recommended for low-position investment as the dividend yield of coal indices exceeds 6.4%, making it attractive compared to the 1.6% yield of ten-year government bonds [5][41]. - The focus is on high cash flow and high return coal stocks, especially those influenced by dividend guidance and market capitalization management [41]. Summary by Sections Market Performance - The coal industry showed a good fundamental performance with tightening supply expectations as the year-end approaches, while demand was supported by cold weather in southern regions [5]. - The overall equity market performed poorly, with the coal sector experiencing a significant decline of 5.17% [5]. Supply and Demand Structure - The supply of thermal coal is expected to contract due to seasonal factors and safety inspections, leading to a continued price rebound [10]. - Downstream demand remains weak, with power plants showing stable coal consumption but high inventory levels [16]. Price Trends - The price of thermal coal has seen a slight increase, with specific prices reported for various regions, such as Inner Mongolia at 583 CNY/ton and Shanxi at 647 CNY/ton [11][25]. - The focus on price stability is evident as traders exhibit strong price support ahead of the Spring Festival [10]. Coking Coal - Coking coal prices are under pressure, with the sixth round of price reductions for coke fully implemented, and further declines in coking coal prices are anticipated [24]. - The demand for coking coal is weak due to reduced steel production and construction activity [24]. Shipping Situation - The number of vessels at anchor in the Bohai Rim ports has increased slightly, but shipping rates continue to decline, indicating a weak shipping market [33]. Industry News - Several coal enterprises have been recognized for their smart factory projects, and there are ongoing efforts to combat illegal mining activities [36]. - The National Development and Reform Commission is working on establishing a unified energy market system [36].