煤炭开采行业跟踪周报：库存显著下行，煤价持续上涨-20250817

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The coal industry is currently experiencing a peak season due to sustained high temperatures, leading to increased electricity consumption from both residential and industrial sectors. It is anticipated that with stable supply and rising demand, coal prices may continue to rise [1] - The report highlights a significant decrease in inventory levels, with the average daily coal inventory in the Bohai Rim region dropping to 23.685 million tons, a reduction of 974,000 tons or 3.95% compared to the previous week [1][29] - The average daily coal inflow to the Bohai Rim ports increased by 30,600 tons, or 1.89%, to 1.65 million tons, while the average daily outflow rose by 175,300 tons, or 10.99%, to 1.7704 million tons [1][26] Summary by Sections 1. Market Review - The Shanghai Composite Index rose by 1.35% to 3,696.77 points during the week of August 11 to August 15, with a trading volume of 4.33 trillion yuan, an increase of 24.81% [10] - The coal sector index decreased by 0.52% to 2,675.94 points, with a trading volume of 35.982 billion yuan, down 7.79% [10] 2. Coal Prices - The port price of thermal coal increased by 16 yuan/ton to 698 yuan/ton as of August 15 [15] - The average price of thermal coal in major production areas showed a mixed trend, with prices in Datong and Yanzhou increasing, while prices in Inner Mongolia remained stable [15][19] 3. Inventory and Shipping - The number of anchored vessels in the Bohai Rim region increased by 35% to 93 ships, indicating heightened shipping activity [29] - Domestic shipping costs rose by 6.78% to 39.24 yuan/ton, reflecting increased transportation demand [31] 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as potential investment opportunities due to their low valuations and elasticity in coal production [2][33]