煤炭行业周报：煤炭市场平稳运行，继续关注红利投资机会

Investment Rating - The industry investment rating is Neutral [1] Core Viewpoints - The coal market is operating steadily, with a focus on dividend investment opportunities. The report suggests that while the coal supply is tightening due to increased safety inspections and the holiday season, the demand remains weak, primarily driven by just-in-time needs. The report anticipates stable low prices for electricity coal during the Spring Festival, supported by cold weather demand [5][44] - The report highlights that the equity market is experiencing mixed performance, with the coal sector showing significant declines. Despite this, there is a strong interest in dividend assets from medium to long-term funds, indicating a potential for investment in high-quality coal stocks with strong cash flow and dividend capabilities [5][44] Summary by Sections Market Performance - The equity market showed mixed results, with the coal sector experiencing a notable decline of 1.93%, underperforming against the indices. The Shanghai Composite Index rose by 0.33%, while the CSI 300 Index increased by 0.54% [6][8] Thermal Coal - Thermal coal prices continue to decline due to weak supply and demand. The report notes that as the Spring Festival approaches, supply is tightening, but demand remains weak, leading to a downward trend in prices. The report expects electricity coal prices to stabilize at low levels during the holiday period [9][10][14] Coking Coal - Coking coal prices are also under pressure, with the report indicating that the seventh round of price reductions for coke has been implemented. The market sentiment is pessimistic due to high inventory levels and low consumption, although some speculative buying may provide slight support to prices [28][29] Shipping Situation - The shipping market is experiencing a decline in both volume and price. The number of anchored vessels in the Bohai Rim ports has decreased, and freight rates have continued to fall, reflecting weak demand expectations [37] Industry News - The report mentions significant developments in the coal industry, including the approval of a coal mine expansion project in Shanxi and plans for the construction of 130 intelligent coal mines in the province. These initiatives are expected to enhance production capacity and efficiency in the sector [40][41]