煤炭行业周报：“金三银四”旺季将至，关注煤焦钢弹性

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The report highlights the upcoming peak season for coal and coke steel, suggesting a focus on the elasticity of these commodities [4] - It emphasizes the potential for price rebounds in coking coal due to improved macroeconomic expectations and government policies aimed at boosting domestic demand [6][8] - The report identifies three key investment directions: coking coal elasticity, quality dividends, and long-term growth [8] Industry Data Tracking - Price Analysis: The report notes a decline in thermal coal prices, with Qinhuangdao Q5500 thermal coal price at 741 RMB/ton, down 11 RMB/ton (-1.46%) [14][19] - Supply and Demand: There is an increase in railway coal inflow to Qinhuangdao port, with a total of 489,000 tons, up 39.71% from the previous week [40][44] - Inventory Analysis: Total coal inventory at major ports increased by 443,200 tons (+6.45%), with Qinhuangdao inventory rising by 51,000 tons (+8.04%) [47][49] Market Performance - The coal sector underperformed the market, with a decline of 1.50% compared to a 1.30% increase in the Shanghai Composite Index [59][62] Important Events Review - The report includes significant industry news and company announcements, such as the increase in coal exports from Russia to China and production updates from Shaanxi Coal and Chemical Industry Group [67][69]