煤炭进口数据拆解：12月进口量环比下降，动力煤延续增长

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the coal industry [1]. Core Insights - The coal import volume for the year 2024 reached 543 million tons, representing a year-on-year growth of 14%. In December alone, the import volume was 52.35 million tons, up 10.68% year-on-year but down 4.78% month-on-month [3][11]. - The average import price for coal in 2024 was recorded at $96 per ton, a decrease of 13.84% compared to the previous year. In December, the price was $88 per ton, down 19.64% year-on-year and 2.81% month-on-month [3][24]. - The report highlights a shift in the import structure, with an increase in the proportion of coking coal and a decrease in the proportion of anthracite coal. The demand for thermal coal has increased due to lower temperatures in November and December [4][38]. Summary by Sections Coal Import Volume Data Breakdown - The total coal import volume for 2024 was 543 million tons, with December imports at 52.35 million tons, showing a year-on-year increase of 10.68% [11]. - The import structure remained similar to 2023, with coking coal's share increasing and anthracite coal's share decreasing [4][38]. Coal Import Price Data Breakdown - The average import price for coal in 2024 was $96 per ton, down 13.84% from the previous year. December's price was $88 per ton, reflecting a year-on-year decrease of 19.64% [24][36]. - The report notes that the prices for various coal types have shown different trends, with coking coal prices increasing month-on-month while others decreased [4][31]. Commentary and Investment Recommendations - The report suggests that while there is a seasonal increase in demand for thermal coal, the overall supply is expected to recover, limiting the growth of imported coal volumes [4][39]. - Investment recommendations include focusing on high-dividend stocks such as Pingmei Shenma Group, Huabei Mining, and Yanzhou Coal Mining, among others [5][39].