煤炭行业周报：火电降幅收窄叠加进口减量，否极泰来重视煤炭配置行业周报

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of coal allocation due to the narrowing decline in thermal power and reduced imports, indicating a potential recovery in the coal market [1][3] - The coal market is expected to enter a "Golden Era 2.0," with core value assets likely to rise again, supported by stable domestic production and improving supply-demand fundamentals [4][12] Summary by Sections Investment Logic - The current weak domestic economic performance and external pressures from tariff policies are leading to a favorable environment for coal as a stable dividend investment [4][12] - The cyclical elasticity of coal stocks is highlighted, with both thermal and coking coal prices at low levels, suggesting potential for rebound as supply-demand conditions improve [4][12] Key Indicators Overview - The coal sector saw a small increase of 2.71%, outperforming the CSI 300 index by 2.12 percentage points [7][9] - The current PE ratio for the coal sector is 10.5, and the PB ratio is 1.2, indicating relatively low valuations compared to other sectors [9][13] Coal Price Trends - Port coal prices have stabilized, with CCTD Q5500 pricing at 674 CNY/ton, a slight decrease of 2 CNY/ton [3][15] - Domestic coal production remains stable, with a reported industrial raw coal output of 440 million tons in March, a year-on-year increase of 9.6% [3][12] Supply and Demand Dynamics - As of April 18, the inventory at ports in the Bohai Rim reached 31.948 million tons, an increase of 2.07 million tons (6.9%) [3][15] - Daily coal consumption at coastal power plants totaled 1.774 million tons, a decrease of 83,000 tons (4.47%) compared to the previous period [3][15] Company Performance and Recommendations - Selected coal stocks are expected to benefit from the current market conditions, with recommendations for companies such as China Shenhua, Shaanxi Coal, and China Coal Energy based on their dividend potential [4][12][13] - The report indicates a trend of increasing dividends among coal companies, enhancing their attractiveness as investment options [4][12]