宝城期货动力煤早报（2025年11月10日）-20251110

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core Viewpoints of the Report - The short - term, medium - term, and intraday views on thermal coal spot are all "oscillation". The optimistic sentiment continues, and port coal prices are operating strongly. The supply contraction expectation and downstream replenishment expectation support the coal price to run strongly. Attention should be paid to the strength of the peak season of thermal coal from this winter to next spring [1][4]. 3) Summary by Related Catalogs - Price and Market Conditions: As of November 6, the quotation of 5500K thermal coal at Qinhuangdao Port was 799 yuan/ton, with a week - on - week increase of 31 yuan. The domestic thermal coal price strengthened again after a brief stabilization [4]. - Supply Side: In the first week of November, the production of main - producing area coal mines was generally stable, and the supply was still lower than the same period last year. After the safety production inspection team entered in November, there was still some pressure on the recovery of thermal coal supply. In October, China imported 4173.7 million tons of coal and lignite, a decrease of 426.6 million tons from the previous month [4]. - Demand Side: As of the period of October 30, the daily coal consumption of power plants in 8 coastal provinces was 1.806 million tons, basically flat week - on - week; the daily coal consumption of power plants in 17 inland provinces was 3.335 million tons, a week - on - week decrease of 192000 tons per day. The peak season of thermal coal demand has not started [4].