宝城期货动力煤早报-20250808

Group 1: Investment Rating - No investment rating is provided in the report [1][4] Group 2: Core View - The reference view for the intraday and medium - term of thermal coal is "oscillation". The overall thermal coal price is expected to run strongly due to good support from peak - season demand and rapid inventory reduction at northern ports [4] Group 3: Summary by Related Content Supply - At the end of July, some coal mines temporarily stopped production after achieving their production targets, leading to a short - term decline in coal output. However, it is expected to recover rapidly in August. The coal mine over - production rectification by the National Energy Administration has not significantly tightened safety supervision in production areas, and the coal mines in major production areas are fulfilling their responsibility of ensuring supply during the peak season with stable output [4] Demand - The National Climate Center's climate trend forecast for August shows that the temperature in most parts of the country will be close to or higher than the same period of the year. The electricity consumption of the tertiary industry and residents' daily lives will have certain support this summer [4] Inventory - As of July 31, the total coal inventory of 9 ports in the Bohai Rim was 24.847 million tons, with a significant weekly de - stocking of 2.25 million tons, and slightly higher than the same period last year by 235,000 tons [4]