Soochow Securities·2025-11-02 13:22Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The current market for thermal coal is stable, with port prices holding steady at 770 RMB/ton. The supply side shows an increase in daily average inflow to 1.9057 million tons, up 11.79% week-on-week, while daily average outflow rose to 2.0233 million tons, an increase of 18.40% [1][2] - As the northern regions enter the heating season, electricity consumption is expected to rise, while southern regions see a decline in power load. With sufficient inventory, coal prices are anticipated to remain volatile [2] - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy due to their low valuations and elasticity in thermal coal production [3][37] Summary by Sections 1. Market Review - The Shanghai Composite Index closed at 3,954.79 points, down 1.05% week-on-week, while the coal sector index fell by 0.78% to 2,943.60 points [11] 2. Thermal Coal Prices - The price of thermal coal at Qinhuangdao port remained stable at 770 RMB/ton. Prices for different grades of thermal coal varied, with some regions experiencing price increases [17][19] 3. Inventory and Shipping - The inventory at the four ports in the Bohai Rim decreased to 23.169 million tons, down 3.34% week-on-week. The number of anchored vessels increased to 109, reflecting a 17.00% rise [32][27] 4. International Prices - International thermal coal prices showed slight increases, with the Newcastle coal price index rising by 0.59 USD/ton to 103.74 USD/ton [19] 5. Recommendations - The report emphasizes the importance of monitoring insurance capital inflows and suggests a preference for resource stocks in the current market environment [37]