煤炭行业周报：煤价利空钝化，左侧布局正当时-2025-03-10

Investment Rating - The industry rating is "Positive" (maintained) [4] Core Views - The coal price downturn is nearing its end, with expectations of a subsequent rebound [1][4] - The market has recognized the bottom of coal prices, indicating a favorable time for left-side positioning [1] - The overall coal market is experiencing a slight recovery in prices, while leading companies are showing significant rebounds [1] Weekly Market Review - As of March 7, the coal sector's weekly increase was 0.4%, underperforming the CSI 300 index by 1 percentage point [7] - Among coal stocks, 12 companies increased, 5 remained flat, and 19 declined [10] - Key coal prices showed slight recovery, with major companies like China Shenhua rebounding significantly [1][4] Coal Price Analysis Thermal Coal - Domestic thermal coal prices are experiencing a slight decline, with the Qinhuangdao Q5500 price at 688 CNY/ton, down 2 CNY week-on-week [4] - Inventory levels at major ports are decreasing, indicating a potential recovery in demand [17] - Daily coal consumption at power plants has shown a slight increase, driven by industrial recovery [21][23] Coking Coal - Coking coal prices are also slightly down, with the main coking coal price at 1390 CNY/ton [29] - Inventory levels at major ports and coking plants are decreasing, suggesting a tightening supply [36] - Demand from downstream steel companies remains cautious, with a focus on just-in-time purchasing strategies [3][46] Investment Strategy - The coal industry is characterized by high dividends, high ROE, and low PB, indicating a favorable valuation for recovery [3] - Recommended stocks include cyclical elastic stocks such as Pingmei Energy, Huabei Mining, and Shanxi Coking Coal for coking coal; and Jinkong Coal and Shanmei International for thermal coal [3]