能源局政策催化板块情绪，板块震荡向上格局或已现

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the coal industry, indicating an expected increase in stock prices relative to the benchmark index [2][14]. Core Insights - The report highlights that the coal sector is experiencing a positive sentiment driven by government policies, with a potential upward trend in the market [1][7]. - It emphasizes the importance of monitoring supply and demand dynamics, particularly in light of recent policy changes aimed at stabilizing coal prices and production [9][10]. Summary by Sections Market Dynamics - The National Energy Administration has initiated checks on coal production to ensure stable supply, addressing issues of overproduction that disrupt market order [7]. - Recent rainfall patterns are expected to impact hydropower generation, which may lead to increased reliance on coal-fired power generation [7]. Price Trends - As of July 25, coal prices at Qinhuangdao port were reported at 645 RMB/ton, showing a week-on-week increase of 1.7% and a year-on-year decrease of 24.2% [7]. - The report notes that the average daily coal consumption by power plants has decreased by 6.5% year-on-year, while coal inventories have also seen a decline [7]. Production and Demand - The report indicates that the iron and steel sector maintains high production levels, with daily average pig iron output at 2.42 million tons, reflecting a year-on-year increase of 1.1% [8]. - The coking coal price has rebounded significantly, with prices at 1680 RMB/ton as of July 25, marking a 16.7% increase from the previous week [8]. Investment Opportunities - The report suggests focusing on specific coal stocks that are expected to benefit from the current market conditions, including companies like Lu'an Huanneng and Shanxi Coking Coal [9]. - It also highlights the potential for continued growth in companies like Shenhuo Co. and Electric Power Investment, which are expected to see performance improvements in the coming years [9].