宝城期货动力煤早报-20250908

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The reference view for thermal coal spot is "oscillation". The core logic is that as of September 4, the total coal inventory at 9 ports in the Bohai Rim was 22.552 million tons, with a weekly de - stocking of 32,500 tons and 52,700 tons lower than the same period last year. The rapid de - stocking of coal at northern ports during the peak summer demand period this year was one of the main factors supporting the previous rise in coal prices. With the subsequent weakening of demand, the port de - stocking speed will gradually slow down and start to accumulate inventory. The off - season expectation drives the price to run weakly, but there was positive news about "anti - involution" in the market this Friday. Although the coal industry is not in the scope of the nine "anti - involution" industries in the rumor, it is still necessary to pay attention to whether the coal industry association and coal enterprises will introduce new policies or self - discipline measures to cooperate with the "anti - involution" work [5] Group 3: Summary by Relevant Catalog Variety View Reference - Time cycle definition: Short - term is within one week, and medium - term is from two weeks to one month [1] Main Variety Price Market Driving Logic - Commodity Futures Black Sector - For thermal coal spot, the intraday and medium - term reference view is "oscillation". The core logic is related to port coal inventory changes and market news about "anti - involution" [5]