宝城期货动力煤早报（2025年10月22日）-20251022

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The domestic thermal coal price is accelerating upward this week. Although October is the traditional off - season for thermal coal, the price is strong due to multiple factors. However, the impact of weather and other factors is mainly short - term. [5] 3. Summary by Related Content Price and Inventory - As of October 16, the quotation of 5500K thermal coal at Qinhuangdao Port was 732 yuan/ton, a week - on - week increase of 29 yuan/ton. [5] - As of October 16, the total coal inventory of 9 ports in the Bohai Rim was 23.907 million tons, a week - on - week decrease of 837,000 tons, and 566,000 tons lower than the same period last year. [5] Driving Factors - Demand side: The cooling in the north and the rare high - temperature weather in southern coastal cities have made the coal demand of power plants show certain resilience. The daily coal consumption of 8 coastal provinces is significantly higher than that of the same period last year, supporting the demand for thermal coal. [5] - Supply side: Rain and snow in major production areas such as Shaanxi and Inner Mongolia have affected coal production and transportation, and the expectation of anti - involution still exists, boosting market sentiment. [5] - Transportation: The autumn inspection of the Datong - Qinhuangdao Railway and the closure of some northern ports due to strong winds have hindered the coal turnover at ports, reducing the supply of goods and keeping the market atmosphere optimistic. [5]