宝城期货动力煤早报-20250904

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The report believes that the spot price of thermal coal is expected to remain weakly running in the near - term, and the callback space of coal prices in this round may be relatively limited due to the supply - side support brought by the "anti - involution" policy [4]. Group 3: Summary by Relevant Content 1. Price and Market Situation - The reference view for the spot price of thermal coal is "oscillation" in the short - term and medium - term. The market atmosphere has turned weak again as the peak season for thermal coal is coming to an end, but the price decline space is limited [4]. 2. Supply - side Factors - In late August, safety supervision in major production areas remained strict. With the approaching of the September 3rd parade, the frequency and thoroughness of coal mine safety supervision increased, suppressing coal mine production [4]. 3. Demand - side Factors - Although the daily consumption of thermal coal remains high in the short - term, as the off - season approaches, terminal enterprises are becoming more and more hesitant, putting downward pressure on coal prices [4]. 4. Inventory Factors - As of August 22, the total coal inventory of 9 ports in the Bohai Rim was 2.3264 million tons, with a significant monthly destocking of 370,500 tons. The inventory was 76,600 tons lower than the same period last year, and the high - inventory advantage in the first half of the year has been basically digested [4].