Datong Securities·2025-04-21 11:34Investment Rating - The industry investment rating is Neutral [2] Core Viewpoints - Rising temperatures are expected to release demand, while reduced risk appetite highlights dividend value [6][12] - The coal market is experiencing a mixed performance, with the coal sector outperforming the broader market due to high dividend yields [7][12] - Short-term coal prices are expected to remain weak and fluctuate within a narrow range, while long-term demand may increase with rising temperatures [12][13] Summary by Sections Market Performance - The equity market saw more gains than losses, with the coal sector leading in performance, up 2.71% [7] - The Shanghai Composite Index rose by 1.19%, while the CSI 300 Index increased by 0.59% [7] - The average daily trading volume was 1.1 trillion yuan, indicating a decrease in trading enthusiasm [7] Thermal Coal - Thermal coal prices have slightly declined, with increased port inventories due to weather disruptions [12][20] - The average daily thermal coal consumption in southern power plants decreased to 1.765 million tons, down 9.1% week-on-week [12] - The utilization rate of 100 thermal coal mines reached 90.2%, up 0.3% from the previous week [12][20] Coking Coal - Coking coal prices are stable with a slight upward trend, supported by stable upstream supply and improved downstream demand [29][30] - The average operating rate of 247 blast furnaces is 83.58%, indicating stable demand from the steel industry [29][34] - The price of Australian hard coking coal increased by 6.0% week-on-week, reflecting supply constraints [29][30] Shipping Situation - The number of vessels at the Bohai Rim ports increased, with daily average shipping rates continuing to rise [37] - The average shipping rate from Qinhuangdao to Guangzhou rose to 46 yuan/ton, up 2 yuan/ton week-on-week [37] Industry News - Significant progress has been made on the coal transportation railway project in Jincheng City [40] - The National Energy Administration plans to develop more virtual power plants, aiming for a capacity of over 50 million kilowatts by 2030 [40][41] - In March 2025, coal imports decreased by 6.4% year-on-year, totaling 38.732 million tons [41]