煤炭开采行业跟踪周报：高温天气延续，煤价持续上涨-20250824

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The coal industry is currently in a peak season due to sustained high temperatures, leading to high electricity consumption from both residential and industrial sectors, which supports coal prices in the short term [1] - The report highlights a significant decrease in coal inventory at the ports, indicating strong demand and supply dynamics [1][30] - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as elastic targets in the coal sector [2][35] Summary by Sections Industry Overview - During the week of August 18 to August 22, the spot price of thermal coal at ports increased by 16 CNY/ton, reaching 698 CNY/ton [1] - Daily average coal inflow to the four ports in the Bohai Rim was 1.7273 million tons, a week-on-week increase of 77,300 tons, or 4.69% [1] - Daily average coal outflow from the ports was 1.7891 million tons, up by 18,700 tons, or 1.06% [1] - The inventory at the Bohai Rim ports decreased to 23.264 million tons, down by 421,000 tons, or 1.78% [1][30] Price Trends - The report notes that the price of thermal coal at the Qinhuangdao port increased by 6 CNY/ton, reaching 704 CNY/ton [16] - The thermal coal price index in the Bohai Rim rose by 1 CNY/ton to 671 CNY/ton [19] - International thermal coal prices showed a decline, with the Newcastle coal price index dropping by 3.98 USD/ton to 110.18 USD/ton [19] Recommendations - The report emphasizes the importance of monitoring the influx of insurance capital and suggests that the focus will shift towards equity allocations, particularly in resource stocks [2][35] - The report recommends specific companies in the coal sector, highlighting their undervaluation and potential for growth [2][35]