宝城期货动力煤早报（2025年11月14日）-20251114

Group 1: Report's Industry Investment Rating - No information provided Group 2: Core View of the Report - The reference view for the day and medium - term of thermal coal spot is "oscillation". The domestic thermal coal price strengthened again after a short - term stabilization. As of November 6, the quotation of 5500K at Qinhuangdao Port was 799 yuan/ton, with a week - on - week increase of 31 yuan. Supply contraction expectations and downstream replenishment expectations 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 [4] Group 3: Summary by Relevant Catalogs Supply - side - In the first week of November, the production of main - producing area coal mines was generally stable, but 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 terms of imports, 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 192,000 tons/day. The peak season of thermal coal demand has not started [4]