宝城期货动力煤早报（2025年10月14日）-20251014

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The price of thermal coal may maintain a range - bound trading after the holiday, as the supply improves, demand declines, and the fundamentals weaken marginally [4]. 3. Summary by Relevant Content Supply - Anti - involution capacity verification's impact was mostly released in September. In October, coal mine production in major producing areas gradually resumed, and imported coal had good cost - effectiveness, leading to a stable and increasing overall supply of thermal coal [4]. Demand - During the National Day, temperatures in some coastal areas remained above 30°C, supporting residential electricity consumption. However, with the improvement of hydropower and wind power output, thermal power demand showed seasonal weakness [4]. Inventory - As of October 9, the total coal inventory of 9 ports in the Bohai Rim was 24.744 million tons, a significant weekly increase of 1.959 million tons and 1.121 million tons higher than the same period last year. After the peak summer season and with the improvement of new energy output, the domestic thermal coal supply - demand pattern weakened, and ports entered the inventory accumulation cycle [4].