煤炭开采行业周报：煤炭市场维稳运行，迎峰度夏或迎反弹行情-20250608

Investment Rating - The report maintains a "Recommended" rating for the coal industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [3]. Core Insights - The coal market is expected to maintain a stable and narrow fluctuation pattern in the short term, with potential for a rebound in prices as electricity demand from power plants is fully released [9][10]. - As of June 6, 2025, the price of thermal coal showed mixed trends, with the Yulin 5800 kcal index at 479.0 CNY/ton (up 1.0 CNY/ton week-on-week), while the Ordos 5500 kcal index decreased to 425.0 CNY/ton (down 1.0 CNY/ton) [9][10]. - The report highlights that coal still accounts for over 53.2% of China's total energy consumption, emphasizing its role as a fundamental energy source [13][14]. Summary by Sections Investment Viewpoint - The thermal coal market has shown mixed price movements, with a slight increase in some indices and a decrease in others, indicating a balanced supply-demand situation [9][10]. - The report anticipates that the market will continue to experience a de-stocking trend until electricity demand increases significantly, which could lead to a price rebound [9]. Coal Sector Performance and Stock Review - The coal mining and washing index decreased by 0.62%, while the broader CSI 300 index increased by 0.88% [10]. - Major coal companies showed varied performance, with Daya Energy increasing by 10.51% and Shanxi Coal falling by 9.35% [10][11]. Coal Industry Dynamic Data Tracking - As of June 6, 2025, the daily coal consumption of six major coastal power plants was 736,000 tons, a decrease of 39,000 tons week-on-week, with total inventory at 14.103 million tons, up 9,000 tons week-on-week [2][9]. - The report notes that the "Meng Coal Transportation" artery, the Tangbao Railway, has undergone upgrades to enhance energy transport capacity [15]. Key Company Valuations - The report provides valuations for key coal companies, with China Shenhua's total market value at 756.59 billion CNY and a projected PE ratio of 12.9 for 2024 [46]. - Other notable companies include Shaanxi Coal with a market value of 194.19 billion CNY and a PE ratio of 8.7 for 2024 [46].