宝城期货动力煤早报-20250912

Group 1: Investment Rating - No investment rating information provided in the report. Group 2: Core View - The reference view for the day and medium - term of thermal coal spot is "oscillation". With the weakening of subsequent demand, the port destocking speed will gradually slow down and start to accumulate inventory. The off - season expectation drives the price to run weakly, but there are "anti - involution" related positive news in the market, and attention should be paid to whether the coal industry association and coal enterprises will introduce new policies or self - discipline measures [4]. Group 3: Summary According to the Catalog Price and Inventory - As of September 4, the total coal inventory of 9 ports in the Bohai Rim was 22.552 million tons, with a weekly destocking of 325,000 tons, and 527,000 tons lower than the same period last year. The rapid destocking of coal in northern ports during the peak summer period this year was one of the main factors supporting the previous coal price increase [4]. Market Driving Factors - The off - season expectation drives the price to run weakly. The market spread "anti - involution" related positive news this Friday. Although the coal industry is not within the scope of the nine "anti - involution" industries in the rumor, attention should be paid to whether the coal industry association and coal enterprises will introduce new policies or self - discipline measures to cooperate with the "anti - involution" work [4].