宝城期货动力煤早报-20250902

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - The reference view for power coal is to oscillate. The coal price is expected to run weakly in the near future, but the callback space may be limited due to the supply - side support from the "anti - involution" policy [5]. Group 3: Summary by Related Catalog Price and Market Analysis of Power Coal - In late August, the safety supervision in the main producing areas remained strict, especially with the approaching of the September 3rd parade, which inhibited coal mine production. Although the daily consumption of thermal coal remained high in the short term, the approaching of the off - season made terminal enterprises more wait - and - see, putting pressure on the coal price [5]. - As of August 22nd, the total coal inventory of 9 ports in the Bohai Rim was 23.264 million tons, with a significant monthly de - stocking of 3.705 million tons and 766,000 tons lower than the same period last year. The high - inventory advantage in the first half of the year has been basically digested [5]. - Due to the lack of support from the non - power end and the approaching end of the thermal coal peak season, the market atmosphere has weakened again [5].