Soochow Securities·2025-08-02 13:47Investment 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 Viewpoints - The report highlights that coal prices are on the rise due to inventory depletion and increased demand driven by high temperatures, suggesting a potential for further price increases [1]. - The average daily coal inflow to the four ports in the Bohai Rim decreased by 14.26% week-on-week, while the average daily outflow increased by 4.88%, indicating a tightening supply situation [1][25]. - The report emphasizes the importance of monitoring insurance capital inflows and suggests that resource stocks, particularly in the coal sector, are likely to be favored due to ongoing solid premium income growth [2][33]. Summary by Sections 1. Market Review - The Shanghai Composite Index fell by 1.06% during the week, while the coal sector index decreased by 2.13% [10]. - The average daily coal price at Qinhuangdao port rose by 10 CNY/ton to 663 CNY/ton [1][16]. 2. Supply and Demand Dynamics - Daily coal inflow to the Bohai Rim ports was 1.5396 million tons, down 25.61 tons week-on-week, while daily outflow was 1.8531 million tons, up 8.61 tons [25][28]. - The total coal inventory at the Bohai Rim ports decreased by 8.22% to 24.727 million tons [28]. 3. Price Trends - The report notes that the price of 5500 kcal thermal coal in Datong increased by 32 CNY/ton to 572 CNY/ton, while the price of 6000 kcal coal in Yanzhou rose by 20 CNY/ton to 950 CNY/ton [16]. - The coal price index for the Bohai Rim region increased by 1 CNY/ton to 665 CNY/ton [18]. 4. Recommendations - The report recommends focusing on elastic coal stocks, particularly Haohua Energy and Guanghui Energy, which are considered undervalued [2][33].