煤炭行业周报：政策&基本面共振，看好煤焦钢估值修复

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The report highlights the resilience of the coal and coke-steel sectors, suggesting a positive feedback loop in profitability as demand recovers and macroeconomic expectations improve [4][5] - It emphasizes the potential for price rebounds in coking coal and thermal coal due to supportive macroeconomic policies and demand recovery [4][5] Summary by Sections 1. Industry Data Tracking - Price Analysis: Thermal coal prices have decreased, with Qinhuangdao Q5500 thermal coal at 719 RMB/ton, down 22 RMB/ton (-2.97%) [12][14]. Coking coal prices also fell, with the main coking coal at 1430 RMB/ton, down 30 RMB/ton (-2.05%) [18][19]. - Supply and Demand Analysis: Rail input to Qinhuangdao port decreased by 5.93%, while port throughput increased by 18.04% [34]. The overall coal inventory at major ports rose by 3.36% [40]. - International Market: International coal prices have declined, with Newcastle FOB thermal coal at 77.75 USD/ton, down 1.2 USD/ton (-1.52%) [47][50]. The price gap between domestic and international coal has widened [51]. 2. Market Performance - The coal sector underperformed the broader market, with a decline of 4.31% compared to a 0.97% increase in the Shanghai Composite Index [53]. 3. Recent Important Events - The report notes regulatory developments in Hebei province aimed at enhancing safety in coal mining operations [56]. Additionally, it mentions operational updates from major companies like China Shenhua and Shanxi Coking Coal regarding production and safety compliance [59].