煤炭行业周报：港口去库开启，煤价止跌企稳

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal market is expected to stabilize with potential price rebounds due to inventory reductions at ports and increased demand from power plants as summer approaches [4][5] - The report highlights a U-shaped price trend for thermal coal in 2025, with limited production growth and anticipated demand recovery driving prices upward [4] - The coal sector is seen as having confirmed its bottom, with market concerns over earnings per share (EPS) expected to gradually dissipate [5] Summary by Sections 1. Industry Data Tracking - Price Overview: As of May 23, 2025, the Qinhuangdao Q5500 thermal coal price is 611 CNY/ton, down 0.49% from the previous week [9][10] - Supply and Demand Analysis: Rail input to Qinhuangdao port increased by 3.46% to 419,000 tons, while port throughput rose by 44.34% to 599,000 tons [32][33] - Inventory Analysis: Total coal inventory at major ports decreased by 1.09% to 77.84 million tons [43][44] 2. Market Performance - The coal sector outperformed the broader market, with a 1.03% increase compared to a 0.57% decline in the Shanghai Composite Index [65] - Notable performers include Dayou Energy (+5.76%) and Jinkong Coal Industry (+5.20%) [67] 3. International Coal Market - International coal prices have declined, with Newcastle FOB thermal coal at 68 USD/ton, down 1.81% [54][56] - The price gap between domestic and international coal has widened, with thermal coal at 5.57 CNY/ton and coking coal at -306.80 CNY/ton [63]