海运量价齐升，静待需求回暖

Investment Rating - The industry investment rating is Neutral [1] Core Viewpoints - The coal market is experiencing a significant imbalance between supply and demand, with high inventory levels suppressing prices. However, with the arrival of the summer peak electricity demand, coal prices are expected to stabilize in the future [5][11] - The focus on cash flow and high dividend-paying coal stocks is recommended as a strategy for investors [5] Summary by Sections Market Performance - The equity market is primarily down, but the coal sector outperformed the index. The Shanghai Composite Index fell by 0.57% to 3348.37 points, while the coal sector rose by 1.03% to 2587.34 points [6][10] - The average market turnover was 1.2 trillion yuan, with daily financing buy-ins fluctuating around 90 billion yuan [5][6] Thermal Coal - Thermal coal prices continue to decline due to high inventory levels and weak demand. The average daily consumption of coal at southern power plants is 1.795 million tons, a decrease of 0.9 million tons week-on-week [10][11] - The current price for various thermal coal grades has decreased significantly compared to last year, with prices for Q5500 thermal coal at 444 yuan/ton in Shanxi, down 28 yuan/ton week-on-week [12][15] Coking Coal - Coking coal prices are stable but declining, with the average utilization rate of coking coal mines at 87.9%, a decrease of 0.8% week-on-week [26][28] - The price for various coking coal grades has also seen a decline, with Shanxi's coking coal at 1044 yuan/ton, down 20 yuan/ton week-on-week [28] Shipping Situation - The number of anchored vessels in the Bohai Rim region has increased, with an average of 61 vessels per day, up by 12 vessels week-on-week. Shipping prices have also risen, with the Qinhuangdao-Guangzhou route averaging 43.40 yuan/ton, an increase of 4.55 yuan/ton week-on-week [35][36] Industry News - The coal industry is seeing advancements in smart mining technology, with the market expected to grow at an annual rate of over 10%, reaching 67 billion yuan by 2025 [38] - Significant developments include the launch of the carbon measurement center in Shanxi, aimed at addressing the balance between resource-rich provinces and carbon reduction efforts [39]