行业周报：情绪有所好转，二级市场表现回升-20250526

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the coal industry [1]. Core Viewpoints - Market sentiment has improved, leading to a rebound in secondary market performance. The coal production remains normal, while the demand for coal is expected to recover as summer approaches, despite some downward pressure on prices due to seasonal factors [1][9]. - The report highlights that the domestic coal price is expected to have limited downward space, with the price of thermal coal remaining relatively stable as summer inventory demand is anticipated to rise [9]. Summary by Sections 1. Coal Industry Dynamic Data Tracking - Thermal Coal: Port inventories continue to decrease, with summer inventory demand expected to emerge. As of May 23, the spot reference price for thermal coal in the Bohai Rim was 620 CNY/ton, a weekly change of -1.43% [3][24]. - Metallurgical Coal: Demand is expected to improve from the bottom, with metallurgical coal inventories continuing to decrease. The price of metallurgical coal is expected to have limited downward space [4][37]. - Coke and Steel Industry Chain: In the off-season, coke prices continue to decline, but the profit margins for coke enterprises have improved. The average price of first-grade metallurgical coke in Tianjin Port was 1480 CNY/ton, unchanged from the previous week [5][58]. - Coal Transportation: Due to inventory reduction and port closures, coastal coal transportation prices have continued to rise. As of May 23, the coastal coal transportation price index was 717.21 points, a weekly change of +8.38% [7][69]. - Coal-related Futures: The report notes a downward trend in double coke futures prices, with the active contract for coking coal closing at 801.50 CNY/ton, a weekly change of -5.98% [71][74]. 2. Coal Sector Market Review - The coal sector has rebounded against the trend, outperforming major indices. The CITIC coal index closed at 3276.27 points, with a weekly change of +0.98% [8][76]. 3. Industry News Summary - The report includes various industry news, such as the increase in China's foreign direct investment and the completion of negotiations for the China-ASEAN Free Trade Area 3.0 version, which may impact coal trade dynamics [83][84]. 4. Important Announcements from Listed Companies - The report summarizes key announcements from companies in the coal sector, including acquisition plans and stockholder meeting notifications [86]. 5. Next Week's Viewpoints and Investment Recommendations - The report suggests that investors should focus on companies with strong performance support and undervalued stocks, particularly those with a small proportion of non-coal business. Recommended stocks include Xinjie Energy, Haohua Energy, and Zhongmei Energy [9][88].