煤炭行业：国内和澳洲动力煤价上涨，三大港口煤炭库存下降明显

Investment Rating - The industry investment rating is "Positive" for the coal sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% over the next 6 months [5]. Core Insights - Domestic and Australian thermal coal prices have increased month-on-month, while South African and European thermal coal offshore prices have decreased. As of August 8, the price of Shanxi premium mixed thermal coal at Qinhuangdao is 678.00 CNY/ton, up 60 CNY/ton, a rise of 9.71% [1][18]. - The monthly production of key state-owned coal mines in Shaanxi, Shanxi, and Inner Mongolia showed a decline in Shaanxi both year-on-year and month-on-month, while Shanxi and Inner Mongolia saw year-on-year declines but month-on-month increases [2][22]. - Coal inventories at the three major ports have significantly decreased month-on-month, while the average daily coal consumption of the six major power generation groups has increased [2][35]. - Domestic and international shipping costs have risen month-on-month, with domestic shipping from Qinhuangdao to Shanghai at 30.10 CNY/ton, reflecting a 9.06% increase [3][46]. Summary by Sections 1. Thermal Coal 1.1 Price - The price of thermal coal has increased month-on-month, with Shanxi premium mixed thermal coal at 678.00 CNY/ton, up 60 CNY/ton, a rise of 9.71% as of August 8 [9][12]. - Prices in Inner Mongolia and Shanxi have also risen, with Inner Mongolia's Q5500 coal at 550.00 CNY/ton, up 74 CNY/ton (15.5%) and Shanxi's Q5500 coal at 598.00 CNY/ton, up 83 CNY/ton (16.12%) [9][18]. 1.2 Production - The monthly production of raw coal in June was 42,107.40 million tons, a year-on-year increase of 1,569.20 million tons (3.87%) [19]. - In June, the production from key state-owned coal mines showed a decline in Shaanxi, while Shanxi and Inner Mongolia experienced increases month-on-month [22]. 1.3 Imports - The monthly import volume of coal and lignite in July reached 35.6093 million tons, a month-on-month increase of 2.5693 million tons (7.78%), but a year-on-year decrease of 10.6007 million tons (22.94%) [24]. 1.4 Inventory - As of August 8, coal inventories at the three major ports totaled 11.959 million tons, a month-on-month decrease of 1.186 million tons (9.02%) [28][30]. - The average available days of coal inventory for the six major power generation groups decreased to 14.70 days, down 1.10 days (6.96%) month-on-month [34]. 1.5 Downstream Demand - The average daily coal consumption of the six major power generation groups increased to 934,500 tons, a month-on-month rise of 32,900 tons (3.65%) [35][39]. - National electricity generation in June increased by 3.61% year-on-year to 796.29 billion kWh, with thermal power generation rising by 1.42% [35][44]. 1.6 Shipping Costs - Domestic shipping costs have risen, with the Qinhuangdao to Shanghai route at 30.10 CNY/ton, a 9.06% increase month-on-month [3][46]. - International shipping costs also increased, with the Newcastle to China coal shipping rate at 15.80 USD/ton, up 2.30 USD/ton (17.04%) [3][46].