宝城期货动力煤早报-20251016

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The post - holiday price of thermal coal may maintain range - bound trading as the supply improves, demand declines, and the fundamentals weaken marginally [4] Group 3: Summary by Related Content Supply - The impact of anti - involution capacity verification on supply 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 steady increase in overall thermal coal supply [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 seasonal weakness [4] Inventory - As of October 9, the total coal inventory at 9 ports in the Bohai Rim was 24.744 million tons, a significant week - on - week 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]