Soochow Securities·2025-07-06 02:41Investment Rating - The industry investment rating is maintained as "Accumulate" [1] Core Viewpoints - The report indicates that port coal inventories are continuously decreasing, and the coal prices are expected to rise as the peak season approaches, despite current weak industrial electricity demand limiting upward momentum [1][2] - The average daily coal inflow to the four ports in the Bohai Rim increased by 4.87% week-on-week, while the average daily outflow decreased by 2.68%, indicating a mixed demand-supply scenario [1][30] - The report highlights that the current coal prices are influenced by high inventory levels and weak industrial electricity demand, but with the onset of high temperatures, there is potential for further price increases [1] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 0.81% to 3472.32 points, while the coal sector index increased by 1.26% to 2580.17 points [10] - The trading volume for the coal sector reached 37.196 billion yuan, reflecting an increase of 8.96% [10] 2. Coal Prices - Port coal prices increased by 3 yuan/ton week-on-week, reaching 623 yuan/ton [17] - The average price of coal at production sites remained stable, with specific prices reported for different grades of coal [17] 3. Inventory and Shipping - The inventory at the Bohai Rim ports decreased by 3.21% to 27.33 million tons, indicating a downward trend towards historical normal levels [1][33] - The average daily number of anchored vessels in the Bohai Rim ports decreased by 1.01% [33] 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as elastic targets in the coal sector [2][38]