煤炭周报：红利价值不改，把握低位布局

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal industry is expected to benefit from a recovery in demand and price stabilization, with a focus on the coal-coke-steel value chain as high furnace production resumes [4][5] - The report highlights the potential for price rebounds in coal and coke due to improved macroeconomic expectations and government policies aimed at boosting domestic demand [4] - The coal market is currently experiencing a phase of price differentiation, with thermal coal prices declining while coking coal prices remain stable [9][14] Summary by Sections 1. Industry Data Tracking - Price Analysis: As of March 28, 2025, the Qinhuangdao Q5500 thermal coal price is 665 CNY/ton, down 6 CNY/ton (-0.89%) from the previous week, while the Q5000 price is 592 CNY/ton, up 4 CNY/ton (+0.7%) [9][10] - Supply and Demand Analysis: The railway input to Qinhuangdao port increased by 7.44% to 524,000 tons, and port throughput rose by 15.38% to 570,000 tons [36][38] - Inventory Analysis: Total coal inventory at major ports decreased by 1.94% to 73.69 million tons, with Qinhuangdao's inventory down 4.66% to 6.95 million tons [44][47] 2. Market Review - The coal sector outperformed the broader market, with a decline of only 0.1% compared to a 0.4% drop in the Shanghai Composite Index [59] 3. Important Events Review - The report notes significant developments, including the Indian government's auction of 28 coal mines aimed at enhancing coal production and infrastructure development [68]