煤炭行业周报（2025年第3期）：节前煤炭供需两弱，商品市场情绪改善

Investment Rating - The coal industry is rated as "Buy" in the report [1] Core Insights - The coal supply and demand are weak before the Spring Festival, but market sentiment is improving [5][60] - The report indicates that coal prices are expected to stabilize due to easing inventory pressures, despite a slight decline in demand [5][61] - The report highlights the importance of long-term contracts in supporting coal prices, with a slight adjustment in contract requirements for 2025 [64][65] Market Dynamics - Recent market dynamics show a slight decline in thermal coal prices, with the CCI5500 thermal coal price index dropping by 7 RMB/ton to 765 RMB/ton [5][10] - The coal mining capacity utilization rate is at 92.5%, a decrease of 0.7 percentage points week-on-week [13] - Inventory levels for thermal coal are decreasing, with a 1.4% drop in coal mine inventories [13] Industry Outlook - The report suggests that coal prices may gradually stabilize and rise in 2025 due to supply constraints and ongoing macroeconomic growth policies [5][60] - Key companies in the industry are expected to maintain stable profits despite falling coal prices, benefiting from high long-term contract ratios [5][60] - The report identifies several companies with strong dividends and low valuations as potential investment opportunities [5][6] Key Companies - Notable companies include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, all rated as "Buy" with reasonable valuations [6] - The report emphasizes the dividend yield and valuation advantages of companies like Shaanxi Coal and China Shenhua [5][6]