煤炭开采行业跟踪周报：受节前补库影响，港口煤价有所上涨-20250921

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [1] Core Viewpoints - The port coal price has increased due to pre-holiday stockpiling, with the current price at 704 RMB/ton, up by 24 RMB/ton week-on-week [1] - Supply from the four ports in the Bohai Rim has decreased, with an average daily inflow of 1.4861 million tons, down by 127,400 tons or 7.90% from the previous week [1] - Demand has also weakened, with a daily outflow of 1.5383 million tons, down by 45,100 tons or 2.85% week-on-week [1] - The total inventory in the Bohai Rim ports has decreased to 20.61 million tons, down by 207,700 tons or 9.16% from the previous week [1] - The report anticipates that coal prices will maintain a volatile trend in the short term due to seasonal demand fluctuations and decreasing temperatures [1] Summary by Sections Weekly Market Review - The Shanghai Composite Index closed at 3,820.09 points, down 1.05% week-on-week, while the coal sector index rose by 2.16% to 2,735.68 points [10] - The total transaction amount for the coal sector reached 73.185 billion RMB, an increase of 91.54% from the previous week [10] Production and Pricing - Domestic coal prices have shown stability with slight increases; for instance, the price of 5500 kcal coal in Datong rose by 37 RMB/ton to 597 RMB/ton [18] - The international coal price index has shown a slight decline, with the Newcastle coal price down by 6.67 USD/ton to 101.11 USD/ton [20] Inventory and Shipping - The average daily shipping volume in the Bohai Rim has decreased, with a total inventory reduction indicating a tightening supply situation [28][31] - Domestic shipping costs have increased by 19.91%, now averaging 35.53 RMB/ton [33] Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as potential investment opportunities due to their low valuations and market elasticity [35]