煤炭行业：动力煤价格继续下跌，六大发电集团日均耗煤量明显下降

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The price of thermal coal continues to decline, with the domestic price at 743 RMB/ton, down 2.88% month-on-month as of February 14 [12][14] - Coal inventory at three major ports has increased by 10.20% month-on-month, totaling 14.478 million tons [2][25] - The average daily coal consumption of the six major power generation groups has decreased by 10.01% month-on-month, amounting to 751,500 tons [2][30] Summary by Sections 1. Price - As of February 14, the price of Shanxi premium mixed thermal coal is 743 RMB/ton, down 22 RMB/ton from the previous month [12][14] - International thermal coal prices have also decreased, with Newcastle coal at 108.00 USD/ton, down 7.69% month-on-month [14] 2. Production - In December, the total monthly coal production reached 43.8848 million tons, a month-on-month increase of 2.54% [16] - Key coal mines in Shaanxi, Shanxi, and Inner Mongolia showed mixed production trends, with Shaanxi and Inner Mongolia increasing while Shanxi decreased [18] 3. Imports - In December, thermal coal imports totaled 15.1462 million tons, a month-on-month decrease of 10.31% [20] - Overall coal and lignite imports reached 52.35 million tons, a year-on-year increase of 10.68% despite a month-on-month decline [20] 4. Inventory - The total coal inventory at the three major ports reached 14.478 million tons, up 10.20% month-on-month [2][25] - The six major power generation groups' coal inventory increased by 0.50% month-on-month, totaling 13.948 million tons [29] 5. Downstream Demand - The average daily coal consumption of the six major power generation groups decreased by 10.01% month-on-month but increased by 22.37% year-on-year [30] - National electricity generation increased by 12.91% month-on-month, with thermal power generation showing a month-on-month increase [30][34] 6. Freight Rates - Domestic shipping rates have continued to decline, with the rate from Qinhuangdao to Shanghai at 16.80 RMB/ton, down 6.15% month-on-month [35] - International shipping rates showed mixed trends, with Australian coal freight rates increasing by 7.21% [35]