EBSCN·2025-05-25 13:43Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Viewpoints - The pace of coal price decline is slowing, with attention on the seasonal demand increase due to the upcoming summer electricity peak [1][4]. - As of May 22, coal inventory at ports in the Bohai Rim was 32.106 million tons, down 1.31% week-on-week but up 25.22% year-on-year, indicating a high level but a declining trend [1][4]. - The average closing price of thermal coal at Qinhuangdao port was 611 RMB/ton, a decrease of 8 RMB/ton (-1.23%) compared to the previous week, with the decline rate less than the previous week [2][4]. - The summer electricity peak is approaching, which is expected to seasonally boost coal demand and support a rebound in coal prices [4]. Summary by Sections Coal Price Trends - The average closing price of thermal coal at Qinhuangdao port was 611 RMB/ton, down 8 RMB/ton (-1.23%) for the week of May 19-23 [2]. - The average price of mixed thermal coal at Yulin, Shaanxi was 475 RMB/ton, down 16 RMB/ton (-3.26%) [2]. Inventory Levels - As of May 22, coal inventory at Qinhuangdao port was 7.48 million tons, down 1.71% week-on-week but up 44.40% year-on-year [4]. - The coal inventory at Bohai Rim ports was 32.106 million tons, down 1.31% week-on-week but up 25.22% year-on-year [4]. Production and Utilization Rates - The operating rate of 110 sample coal washing plants was 62.4%, up 0.3 percentage points week-on-week but down 6.0 percentage points year-on-year [3]. - The capacity utilization rate of 247 blast furnaces was 91.32%, down 0.44 percentage points week-on-week but up 2.78 percentage points year-on-year [3]. Investment Recommendations - The report recommends companies with high long-term contract ratios and stable profitability, specifically China Shenhua and China Coal Energy [4].