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 safety inspections and the holiday season, demand remains weak, primarily driven by just-in-time needs. The report anticipates stable low prices for electricity coal during the holiday period, supported by cold weather [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 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% during the week, underperforming 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 continued to decline due to weak supply and demand. The report notes that as the holiday approaches, supply is tightening, but demand remains weak, with electric coal demand supported by cold weather. The report expects stable low prices for electricity coal during the holiday [9][10][14] Coking Coal - Coking coal prices are under pressure due to high inventory and low consumption. The report indicates that the market sentiment is pessimistic, but some speculative demand may provide slight support for prices. The report anticipates that prices will remain stable through the holiday period [28][29] Shipping Situation - The report indicates a decline in both shipping volume and prices, with the average number of anchored vessels in the Bohai Rim ports decreasing. Freight rates have also dropped across major shipping routes, reflecting weak demand expectations [37][39] 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 2025. These initiatives are expected to enhance production capacity and efficiency in the sector [40][41]