Soochow Securities·2025-04-20 00:25Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The current coal prices are primarily influenced by the seasonal decline in demand and the stable increase in hydropower during the flood season, limiting upward momentum [1] - Short-term demand remains reliant on long-term contracts and essential purchases by power plants, while non-electric enterprises show weak demand due to warmer weather and high inventory levels, making significant price increases unlikely in the short term [1][2] Summary by Sections Industry Overview - During the week of April 14 to April 18, the spot price of thermal coal at ports decreased by 27 yuan/ton, closing at 663 yuan/ton [1] - The average daily inflow of coal to the four ports in the Bohai Rim was 1.7611 million tons, a decrease of 75,300 tons week-on-week, down 4.10% [1] - The average daily outflow from the same ports was 1.4799 million tons, a decrease of 371,000 tons week-on-week, down 20.04% [1] - The inventory at the Bohai Rim ports increased to 31.948 million tons, up 2.07 million tons week-on-week, an increase of 6.93% [1] Price Trends - The price of thermal coal at the production site showed a slight decline, with the price for 5500 kcal thermal coal in Datong at 555 yuan/ton, down 27 yuan/ton [18] - The price for 6000 kcal thermal block coal in Yanzhou decreased by 90 yuan/ton, closing at 800 yuan/ton [18] - The Bohai Rim thermal coal price index remained stable at 678 yuan/ton [21] Market Dynamics - The report highlights a continued focus on the influx of insurance capital, with premium income maintaining positive growth concentrated towards leading insurance companies [2][37] - The report recommends focusing on elastic stocks in thermal coal, particularly those with low valuations such as Guanghui Energy and Haohua Energy [2][37] Shipping and Logistics - Domestic shipping costs increased by 2.45 yuan/ton, closing at 37.45 yuan/ton, a rise of 6.95% [35]