煤炭行业周报：煤价企稳回升，关注超跌红利资产

Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1]. Core Insights - Coal prices have stabilized and are showing signs of recovery, prompting attention to undervalued assets in the sector [1]. Weekly Data Tracking - Thermal Coal: Prices have slightly increased, with inventory continuing to decline. As of January 10, the Qinhuangdao thermal coal price was 777 CNY/ton, up 2 CNY/ton week-on-week. The long-term contract price for January 2025 was 693 CNY/ton, down 0.4% month-on-month and 2.4% year-on-year [15]. - Coking Coal and Coke: Prices for both coking coal and coke have decreased, with the cost differential for coke increasing [32]. - Downstream Changes: Steel prices are fluctuating at low levels, and pig iron production continues to decline [34]. - Futures Market: Coking coal futures have been on a downward trend, with narrowing price differentials [38]. - Transportation: Both sea and land freight rates have been decreasing, with a year-on-year increase in the transportation volume on the Daqin line in December 2024 [40]. Weekly Market Review - From January 6 to January 10, 2025, the coal sector experienced a decline, with the coal index down 5.15% and thermal coal down 5.85% [43]. Weekly Perspective - The report provides a detailed analysis of various coal companies, highlighting their stock performance and earnings projections. For instance, China Shenhua Energy is rated "Increase" with a closing price of 39.18 CNY, down 6.87% for the week, and projected EPS for 2024 is 2.93 CNY [46].