宝城期货动力煤早报（2025年11月5日）-20251105

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The price of domestic thermal coal has stabilized recently, but the optimistic atmosphere in the coal market has not reversed. The price of thermal coal is expected to slow down its upward trend and may maintain a high - level volatile operation [4] Group 3: Summary According to the Directory 1. Main Variety Price Market Driving Logic - Commodity Futures Black Sector (Thermal Coal Spot) 1.1 Core Logic - Supply: Although the import volume of foreign - trade coal is stable, more coal mines stop production after completing their production targets at the end of the month. With the central safety production inspection team to be stationed in the main production areas in November, there is an expectation of supply contraction at the end of the year, which supports the coal price [4] - Demand: In the north, many places have entered winter due to continuous cooling. In southern coastal cities, the demand declined in the off - season after the cooling in October, but the coal inventory of coastal power plants is low, and there is still restocking demand, which supports the coal market [4] - Inventory: As of October 31, the total coal inventory of 9 ports in the Bohai Rim was 23.169 million tons, a week - on - week decrease of 80,000 tons and 2.729 million tons lower than the same period last year. The potential restocking demand of downstream users supports the port coal price [4]