Soochow Securities·2025-06-29 08:37Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - The current coal prices are influenced by high inventory levels and weak demand, limiting upward momentum. However, with the onset of high temperatures and the approaching peak season, there is potential for further price recovery [1]. - The average daily coal inflow to the four ports in the Bohai Rim increased by 2.07 million tons week-on-week, while the average daily outflow rose by 13.60 million tons, indicating a growing demand [1][25]. - The report highlights that the average coal inventory at the Bohai Rim ports decreased to 28.24 million tons, down by 0.598 million tons, approaching historical normal levels [1][29]. Summary by Sections 1. Market Review - The Shanghai Composite Index rose by 1.26% during the week, while the coal sector index fell by 1.00% [10]. - The average daily trading volume for coal stocks increased by 7.68% compared to the previous week [10]. 2. Coal Prices - Port coal prices increased by 11 CNY/ton, reaching 620 CNY/ton, while the price for various coal grades at production sites showed mixed trends [17]. - The price index for Bohai Rim coal remained stable at 663 CNY/ton [19]. 3. Supply and Demand Dynamics - Daily average coal inflow and outflow at the Bohai Rim ports both increased, reflecting a positive shift in demand [25][29]. - The number of anchored vessels in the Bohai Rim area rose by 15.83%, indicating increased shipping activity [29]. 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy due to their low valuations and potential for price elasticity [34].