煤炭周报：对美煤炭加征关税支撑煤价，持续看好煤焦钢春季行情

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The report highlights the potential for coal prices to stabilize and rebound due to improved macroeconomic expectations and government policies aimed at boosting domestic demand [4][6] - The introduction of tariffs on U.S. coal imports is expected to support coal prices and reduce the volume of imported coal from the U.S. [4] Summary by Sections 1. Industry Data Tracking - Price Analysis: The price of Qinhuangdao Q5500 thermal coal remains stable at 753 RMB/ton, while the main coking coal price at Jingtang Port is also stable at 1460 RMB/ton [12][18] - Supply and Demand Analysis: Rail input to Qinhuangdao Port increased by 28.46% to 334,000 tons, and port throughput rose by 15.14% to 426,000 tons [34] - Inventory Analysis: Qinhuangdao's coal inventory increased by 4.89% to 6.43 million tons, while key power plant inventories decreased by 1.39% [41][46] - International Coal Market: International coal prices have decreased, with Newcastle coal at 79 USD/ton, down 1.25% [49] 2. Market Performance - The coal sector underperformed the broader market, with a decline of 0.86% compared to a 1.63% increase in the Shanghai Composite Index [54] 3. Important Events Review - The report notes significant cold weather impacting coal demand and transportation logistics, with daily coal transport averaging 424,000 tons during the recent cold snap [59] - Company announcements include safety approvals for new coal projects and share buybacks by coal companies [61]