宝城期货动力煤早报-20250916

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The domestic thermal coal price remained weakly stable this week. The market bearish sentiment still exists, and the opportunity for the coal price to stop falling and stabilize may lie in the winter storage and replenishment of terminal power plants [4]. 3. Summary by Related Catalogs Main Variety Price and Market Driving Logic - Commodity Futures Black Sector - Intraday and Medium - term View: The reference view for thermal coal spot is to fluctuate. The core logic is that in early September, domestic temperatures gradually dropped, and the daily coal consumption of power plants decreased seasonally. The demand for thermal coal was in line with market expectations, and the demand for non - power industries did not improve significantly, driving the coal price to operate weakly [4]. - Supply Side: The impact of the September 3rd parade on coal mine production has basically faded. After entering the new natural month, the production of thermal coal has gradually returned to the level before the parade, and the main producing area coal mines maintain normal production. The impact of "anti - involution" has not been further released [4]. - Demand Side: As of the week of September 4th, the daily coal consumption of power plants in 8 coastal provinces was 2.455 million tons, a week - on - week increase of 87,000 tons; the daily coal consumption of power plants in 17 inland provinces was 3.556 million tons, a week - on - week decrease of 103,000 tons. The demand for domestic thermal coal has significantly declined compared with the summer peak [4].