宝城期货动力煤早报：（2025年11月6日）-20251106

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The report expects the price increase of thermal coal to slow down and may remain in a high - level shock in the future, with an overall view of "shock" [5]. Group 3: Summary by Core Logics Supply Side - Although the import volume of foreign coal is stable, more coal mines will stop production after completing their production targets at the end of the month. In addition, the Central Safety Production Assessment and Inspection Team will be stationed in the main production areas in November. The market anticipates a supply contraction at the end of the year, which supports the coal price to run strongly [5]. Demand Side - Recently, many places in the north have continued to cool down and entered the winter mode ahead of schedule. After the temperature drop in southern coastal cities in October, the demand in the off - season declined. However, the coal inventory level of coastal city power plants is low, and there is still a need for replenishment later, which will support the coal market atmosphere [5]. 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 replenishment demand of downstream users supports the port coal price [5].