煤炭行业：国内动力煤价上涨，三大港口煤炭库存环比同比均下降明显

Investment Rating - The coal industry is rated as "Positive" for the next 3-6 months [4] Core Insights - Domestic thermal coal prices have increased month-on-month, while international prices from Australia, South Africa, and Europe have decreased [3] - The monthly production of coal from key state-owned mines in Shaanxi, Shanxi, and Inner Mongolia has shown a mixed trend, with increases in Shaanxi and Shanxi, but a decrease in Inner Mongolia [2] - Coal inventories at three major ports have decreased significantly both month-on-month and year-on-year, alongside a decline in daily coal consumption by major power generation groups [2][3] - Domestic shipping costs have decreased, while international shipping rates have shown mixed trends [3] Summary by Sections 1. Thermal Coal 1.1 Prices - As of September 30, the price of Shanxi mixed thermal coal at Qinhuangdao is 701.00 CNY/ton, up 9 CNY/ton, a rise of 1.30% month-on-month [8][11] - Prices in Inner Mongolia and Shanxi have also increased month-on-month [8] 1.2 Production - In August, coal production from key state-owned mines in Shaanxi was 21.12 million tons, up 0.67% year-on-year and 2.26% month-on-month [21] - Shanxi produced 46.33 million tons, down 13.25% year-on-year but up 2.17% month-on-month [21] - Inner Mongolia's production was 18.21 million tons, down 0.18% year-on-year but up 2.12% month-on-month [21] 1.3 Imports - In August, coal and lignite imports reached 42.74 million tons, up 20.02% month-on-month but down 6.76% year-on-year [23] - Thermal coal imports were 10.24 million tons, up 19.36% month-on-month but down 17.41% year-on-year [25] 1.4 Inventory - Total coal inventory at the three ports was 12.19 million tons as of September 29, down 17.32% month-on-month and 18.84% year-on-year [31] - The number of coal vessels at anchor has also decreased significantly [31] 1.5 Downstream Demand - Daily coal consumption by major power generation groups was 839,800 tons, down 11.15% month-on-month and 2.87% year-on-year [40] - National electricity generation increased by 3.18% year-on-year in August, with thermal power generation rising by 2.04% [40] 1.6 Shipping Costs - Domestic shipping costs have decreased, with the Qinhuangdao to Shanghai route at 23.10 CNY/ton, down 10.12% month-on-month [3] - International shipping rates have varied, with some routes increasing while others decreased [3]