宝城期货动力煤早报-20250901

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core View - The report predicts that thermal coal will maintain a weak operation in the near term. Although the decline space of coal prices in this round may be limited due to the supply - side support brought by the "anti - involution" policy [5]. 3. Summary by Related Contents Market Situation - As of August 22, the total coal inventory of 9 ports in the Bohai Rim was 2.3264 billion tons, with a significant monthly destocking of 370.5 million tons, and the inventory was 76.6 million tons lower than the same period last year. The high - inventory advantage in the first half of the year has been basically digested [5]. Supply - side Factors - In late August, safety supervision in the main production areas remained strict. Especially with the approaching of the September 3rd parade, the frequency and thoroughness of coal mine safety supervision increased, and coal mine production was still restricted [5]. Demand - side Factors - Although the daily consumption of thermal power coal remained at a high level in the short term, with the approaching of the off - season, the wait - and - see sentiment of terminal enterprises became stronger, and coal prices were under downward pressure. As the peak season of thermal coal is coming to an end and the non - power end lacks support, the market atmosphere has turned weak again [5].