ZHESHANG SECURITIES·2025-07-26 14:02Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - Coal prices have rebounded significantly, with the central price level continuing to rise. Domestic power plants have increased daily coal consumption, leading to further price increases for both coking coal and thermal coal. The report emphasizes that the industry is supported by both policy and fundamental factors, maintaining a "Positive" rating for the coal sector [6][41]. Summary by Sections Coal Market Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 8% compared to a 1.69% rise in the index, resulting in a 6.31 percentage point outperformance. A total of 37 stocks in the sector saw price increases, with Lu'an Huanneng showing the highest weekly gain of 31.22% [2]. Key Data on Coal Sales and Inventory - The average daily coal sales for monitored enterprises from July 18 to July 24, 2025, were 7.14 million tons, a week-on-week decrease of 2.4% but a year-on-year increase of 3.4%. The total coal inventory (including port storage) was 30.55 million tons, down 2.3% week-on-week but up 20.5% year-on-year [2][8]. Thermal Coal Industry Chain - As of July 25, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 664 CNY/ton, reflecting a week-on-week increase of 0.15%. The inventory at Qinhuangdao port was 5.85 million tons, with a week-on-week increase of 70,000 tons [3]. Coking Coal Industry Chain - The main coking coal price at Jingtang Port was 1,650 CNY/ton, up 16.2% week-on-week. The inventory at Jingtang Port decreased by 11.16% week-on-week, while the total inventory at independent coking plants increased by 56.27% [4]. Coal Chemical Industry Chain - The price of Yanquan anthracite coal remained stable at 820 CNY/ton. The methanol market price in East China rose to 2,476.14 CNY/ton, an increase of 100.91 CNY/ton week-on-week [5]. Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies undergoing turnaround. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Huainan Mining for thermal coal, and Huai Bei Mining and Shanxi Coking Coal for coking coal [6][41].