煤炭行业周报：协会倡议书出台，静待需求发力

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Views - The coal industry is expected to benefit from improving macroeconomic conditions and demand recovery, particularly in the context of the upcoming "Two Sessions" and government policies aimed at stabilizing the economy [4][5] - The report highlights the potential for price rebounds in both coking and thermal coal due to anticipated demand recovery and supportive fiscal policies [4][5] Summary by Sections 1. Industry Data Tracking - Price Overview: Thermal coal prices have decreased, with Qinhuangdao Q5500 thermal coal price at 690 CNY/ton, down 29 CNY/ton (-4.03%) [11][12] - Supply and Demand Analysis: Increased railway input and differentiated domestic and international freight rates noted [36][39] - Inventory Analysis: Southern and northern port inventories show divergence, with total inventory decreasing [44][46] - International Coal Market: International coal prices have declined, with Newcastle FOB thermal coal price at 76 USD/ton, down 1.75 USD/ton (-2.25%) [53][55] 2. Market Performance - The coal sector has outperformed the broader market, with a decline of 1.11% compared to the Shanghai Composite Index's decline of 1.72% [58] 3. Recent Important Events - The National Energy Administration released guidelines for 2025 energy work, emphasizing the construction of a new power system and coal power upgrades [61] - Shanxi Province government issued a notice for safety production in 2025, focusing on enhancing mining safety and technology [63]