煤炭行业周报：供强需弱，煤价探底

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Viewpoints - The coal price is under pressure due to strong supply and weak demand, with domestic thermal coal prices hitting a low of 750 RMB/ton, down 1.32% week-on-week [6] - The overall market for coal is characterized by recovering supply and low demand, particularly in the downstream construction sector, which is still sluggish [6][7] - Short-term outlook for thermal coal remains weak due to high inventory levels at power plants, while coking coal prices may stabilize as temperatures rise and operations resume post-holiday [8] Market Performance - The coal sector has underperformed, with a relative return of -10% over the past month and an absolute return of -23% [4][5] - The sector's PE valuation stands at 10.8 times, at the 53.5 percentile of the past decade, while the PB valuation is at 1.2 times, at the 29.5 percentile [5] Supply and Demand Analysis - Domestic thermal coal supply is gradually recovering, but demand remains low due to high inventory levels and limited construction activity [6] - Coking coal supply recovery is limited, with weak downstream demand as steel prices decline and many steel mills maintain reasonable inventory levels [7] Investment Recommendations - Focus on coking coal companies with low valuations and potential for marginal improvement in operations, while maintaining an "Overweight" rating for the industry [8]