宝城期货动力煤早报（2025年9月22日）-20250922

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The report believes that the domestic thermal coal price has rebounded this week. As of September 17, the quotation of 5500K thermal coal at Qinhuangdao Port was 689 yuan/ton, with a week-on-week increase. After the "anti-involution" production capacity verification, the supply of thermal coal in China has gradually stabilized, and the pressure on the supply side has been significantly alleviated compared with the previous two years. Coupled with the good fundamentals of thermal coal before the National Day, it is expected that the coal price will remain strong in the short term [4]. Group 3: Summary According to the Catalog Variety View Reference - For thermal coal spot, the short - term, mid - term, and intraday views are all "oscillation", and the core logic is that the supply - demand expectation is good, and the coal price is expected to run strongly before the festival [1]. Main Variety Price Market Driving Logic - Commodity Futures Black Sector - The reference view of thermal coal spot is "oscillation". The core logic is that the domestic thermal coal price has rebounded this week. After the "anti - involution" production capacity verification, the supply has gradually stabilized, and the supply - side pressure has been alleviated. With the good fundamentals before the National Day, the short - term coal price is expected to be strong [4].