煤炭行业周报：宏观利好带动双焦期货率先回升

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook based on macroeconomic benefits and demand recovery expectations [1]. Core Insights - The coal industry is currently experiencing a dual weak supply and demand situation, but upcoming macroeconomic policies are expected to improve demand [10]. - Metallurgical coal inventories are at historically low levels, suggesting potential price stabilization for coking coal [4]. - The report highlights that while domestic coal prices are under pressure, the decline in prices may have limited further downside due to stable demand and cost support [10]. Summary by Sections 1. Dynamic Data Tracking - Thermal Coal: Supply and demand are both increasing, but coal prices remain weak. As of February 21, the spot price for thermal coal in the Bohai Rim was 729 CNY/ton, down 2.80% week-on-week. Northern port coal inventories reached 27.5 million tons, up 4.32% week-on-week [3][23]. - Metallurgical Coal: Production has increased post-holiday, but demand remains weak. The price for main coking coal at Jingtang Port was 1430 CNY/ton, down 2.05% week-on-week. Coking coal inventories at independent coking plants decreased by 7.07% [4][31]. - Coke and Steel Industry Chain: The decline in coking coal prices has led to lower coke prices. As of February 21, the average price for metallurgical coke was 1580 CNY/ton, down 3.07% week-on-week [5][37]. - Coal Transportation: Demand recovery has tightened transportation capacity, leading to an increase in coastal coal transportation prices. The coastal coal transportation price index was 527.07 points, up 11.53% week-on-week [8][45]. 2. Coal Sector Market Review - The coal sector has experienced a pullback, underperforming the broader market. The CITIC coal index closed at 3214.06 points, down 4.35% week-on-week [9][52]. 3. Industry News Summary - The report discusses the implementation of more proactive fiscal policies to support economic recovery, which may positively impact coal demand [58][59]. - Local government meetings have outlined plans for high-quality development in the coal industry, focusing on clean and efficient utilization of coal resources [59][60]. 4. Important Announcements from Listed Companies - Shanxi Meijin Energy announced it would not adjust the conversion price of its convertible bonds, while Hebei Jizhong Energy is in the process of transferring a 90% stake in Qinglong Coal Industry [61].