煤炭行业动态点评：权威协会全方位倡议，助力煤炭供需平衡

Investment Rating - The coal industry is rated as "in line with the market" [1][11]. Core Viewpoints - The report emphasizes the importance of long-term contracts for electricity coal to ensure stable coal consumption. The requirement for power generation companies to sign long-term contracts is set at a minimum of 80% of their coal demand for 2025, while coal companies are required to fulfill 75% of their own resource commitments [3][4]. - The report highlights the need for a balanced supply and demand in the coal market, with a focus on safety, environmental protection, and the regulation of coal imports [4]. Summary by Sections Market Performance - The coal sector has shown a stable supply side, with port inventories declining and a focus on non-electric demand [2]. Policy Initiatives - A recent initiative from the China Coal Industry Association calls for strict adherence to long-term contracts, controlled production rates, and improved coal washing processes to enhance environmental standards [2][4]. Price Dynamics - As of the end of February, the reference price for 5500 kcal thermal coal in the Bohai Rim was 701 RMB/ton, while the annual long-term contract price at Qinhuangdao Port was 691 RMB/ton, indicating a significant narrowing of the price gap [3]. Investment Recommendations - The report suggests that after recent price adjustments, the coal sector's valuation and dividend yield have become more attractive. It recommends focusing on high-dividend stocks such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as undervalued companies with strong performance support [5][6].