煤炭行业周报：政策加码，增配红利

Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1] Core Viewpoints - The coal industry is experiencing policy enhancements that are expected to provide additional benefits to investors [1] Weekly Data Tracking - Thermal Coal: Daily consumption continues to decline, and coal prices have shown narrowed fluctuations ahead of the holiday [8] - Coking Coal and Coke: Coking coal prices have slightly decreased, while coke prices remain stable [22] - Downstream Changes: Steel prices are stabilizing at low levels, with a slight increase in pig iron production [28] - Futures: Both coking coal futures have declined, leading to an expanded price difference [36] - Transportation: Both sea and land freight rates have continued to decrease [37] Weekly Market Review (2025.1.20-2025.1.24) - The Shanghai Composite Index increased by 0.33%, while the coal sector (CITIC) decreased by 1.88% [41] - Notable stock performances include: - Shaanxi Coal and Chemical Industry: -1.64% - China Shenhua: -1.34% - Yanzhou Coal Mining: -0.74% [41] Weekly Insights (2025.1.19-2025.1.25) - The report provides a detailed analysis of various coal companies, including their ratings, closing prices, and earnings per share (EPS) forecasts for 2023A, 2024E, and 2025E [43] - Companies such as China Shenhua and Yanzhou Coal Mining are rated as "Increase" with respective closing prices of 39.08 and 13.36 [43]