Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is experiencing a supply-demand match, leading to a continuous increase in coal prices. As of August 8, 2025, the spot price of thermal coal at ports rose by 19 CNY/ton to 682 CNY/ton. The average daily inflow to the four ports in the Bohai Rim increased by 79,900 tons week-on-week, a growth of 5.19%. However, the average daily outflow decreased by 258,000 tons, a decline of 13.92%, indicating a stable supply with rising demand due to high temperatures [1][2][28] - The report suggests that the coal industry has entered a peak season due to sustained high temperatures, with continued growth in residential and industrial electricity consumption. It is anticipated that with stable supply and rising demand, coal prices may further increase [1][2] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 1.45% to 3635.13 points during the week of August 4 to August 8, 2025. The coal sector index increased by 3.02% to 2699.31 points, with a trading volume of 39.022 billion CNY, down 30.02% from the previous week [10][12] 2. Domestic Coal Prices - As of August 8, 2025, the price of thermal coal in major production areas showed a steady increase. For instance, the price of 5500 kcal thermal coal in Datong rose by 13 CNY/ton to 585 CNY/ton, while the price of 6000 kcal thermal coal in Yanzhou increased by 20 CNY/ton to 970 CNY/ton [17][22] 3. Inventory and Shipping - The average daily coal inflow to the Bohai Rim ports was 1.6194 million tons, up 5.19% week-on-week, while the outflow was 1.5951 million tons, down 13.92%. The total inventory at the ports decreased by 0.28% to 24.659 million tons [28][32] 4. Recommendations - The report emphasizes the importance of monitoring the influx of insurance funds and suggests focusing on resource stocks. It recommends specific coal companies such as Haohua Energy and Guanghui Energy as potential investment targets due to their low valuations and elasticity [2][37]
煤炭开采行业跟踪周报:供需较为匹配,煤价持续上行-20250810