宝城期货动力煤早报-20250905

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoint - The power coal market is expected to maintain a weak operation in the near term, but the callback space of coal prices may be limited due to supply - side support from the "anti - involution" policy [4]. 3. Summary by Relevant Content Price and Market Logic - Supply: In late August, safety supervision in major coal - producing areas remained strict. With the approaching of the September 3rd military parade, the frequency and thoroughness of coal mine safety inspections increased, which continued to suppress coal production [4]. - Demand: Although the daily consumption of thermal coal remained high in the short term, as the off - season approached, terminal enterprises became more hesitant, putting downward pressure on coal prices [4]. - Inventory: As of August 22nd, the total coal inventory at 9 ports in the Bohai Rim was 2.3264 billion tons, with a significant monthly de - stocking of 370.5 million tons. The inventory was 76.6 million tons lower than the same period last year, and the high - inventory advantage in the first half of the year had been basically eliminated [4].