煤炭行业：三港口和焦化厂炼焦煤库存量下降，全样本独立焦企的产能利用率上升

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The price index for coking coal in China has increased, with a reported price of 1357.36 CNY/ton as of August 18, 2025, reflecting a month-on-month increase of 157.43 CNY/ton, or 13.12% [9][10] - Coking coal inventory at three major ports has decreased, totaling 2.5499 million tons as of August 22, 2025, down by 308,500 tons, or 10.79% from the previous month [17][20] - The production capacity utilization rate of independent coking enterprises has risen to 74.42%, an increase of 0.97 percentage points month-on-month [2][28] Summary by Sections Coking Coal Prices - The comprehensive coking coal price index in China reached 1357.36 CNY/ton, with a month-on-month increase of 157.43 CNY/ton, or 13.12% as of August 18, 2025 [9] - Prices for coking coal from major sources, including Australian coking coal, have also risen, with the price at 1530.00 CNY/ton, reflecting a 7.75% increase [12][13] Inventory Levels - The total coking coal inventory at three major ports (Qinhuangdao, Huanghua, and Caofeidian) has decreased to 2.5499 million tons, a reduction of 308,500 tons, or 10.79% month-on-month [17][20] - Independent coking plants have reported a total coking coal inventory of 8.2394 million tons, down by 172,700 tons, or 2.05% month-on-month [2][20] Production Metrics - The average available days of coking coal for independent coking plants decreased to 11.80 days, down by 0.40 days, or 3.28% month-on-month [2][20] - Coking enterprises' production capacity utilization rate increased to 74.42%, up by 0.97 percentage points month-on-month [2][28] - Coking production in July reached 41.855 million tons, a month-on-month increase of 15,200 tons, or 0.36% [28][32]