宝城期货动力煤早报（2025年10月9日）-20251009

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The power coal fundamentals are weakening, and the inventory at northern ports has started to stabilize and rebound, which exerts certain pressure on coal prices. It is expected that the power coal price will maintain a weak operation after the holiday [4]. Group 3: Summary by Related Catalogs Price and Market Atmosphere - During the National Day holiday, port coal prices basically stabilized, while coal prices at production areas were under pressure and declined. The market atmosphere was generally dull during the transition between winter and summer [4]. Supply - The impact of the anti - involution production capacity verification was basically released in September. In October, coal mine production in major producing areas gradually resumed. Coupled with the good cost - effectiveness of imported coal, the overall supply of power coal increased steadily [4]. Demand - During the National Day holiday, the temperature in some coastal areas remained above 30°C, providing some support for residential electricity consumption. However, with the improvement of hydropower and wind power output, thermal power demand showed a seasonal weakening trend [4]. Inventory - As of September 26, the total coal inventory of 9 ports in the Bohai Rim was 2.2789 billion tons, a week - on - week increase of 7300 tons, and 220,000 tons lower than the inventory of the same period last year [4].