煤炭行业周报：港口库存下行，关注非电需求成色

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook for the sector [1]. Core Insights - The report highlights a decline in port inventories and emphasizes the importance of non-electricity demand recovery. It suggests that while coal prices remain weak, there is potential for recovery in non-electric coal demand due to economic stabilization policies [1][8]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - Thermal Coal: Prices remain weak with a reference price of 701 CNY/ton as of February 28, showing a weekly change of -3.84%. Port inventories decreased to 26.74 million tons, down 2.76% week-on-week [3][19]. - Metallurgical Coal: Prices are stable with the main coking coal price at 1390 CNY/ton, a weekly change of -2.80%. The total inventory for independent coking plants is 6.71 million tons, reflecting a decrease of 2.24% [4][27]. - Coke and Steel Industry Chain: The average price of metallurgical coke is 1530 CNY/ton, down 3.16%. The total inventory of coke in independent coking plants is 97040 tons, down 5.58% [5][34]. - Coal Transportation: The coastal coal transportation price index increased to 573.23 points, up 8.76%. The transportation price for long-distance coal transport is 0.20 CNY/ton-km, down 4.76% [6][37]. 2. Coal Sector Market Review - The coal sector experienced a pullback but outperformed major indices, with the CITIC coal index at 3179.22 points, down 1.08% [7][46]. 3. Industry News Summary - The report notes that Shanxi Province plans to establish 130 intelligent coal mines by the end of 2025, enhancing safety and efficiency in coal production [51]. - Indonesia will implement a new pricing mechanism for coal starting March 1, which may impact global coal pricing dynamics [52].