宝城期货动力煤早报（2025年11月17日）-20251117

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The daily view of thermal coal spot is to maintain a mid - term view of "oscillation". It is expected that thermal coal will start to operate in a high - level oscillation in the short term [4] Group 3: Summary by Relevant Catalog Main Variety Price Market Driving Logic - Commodity Futures Black Sector - As of November 13th, the total coal inventory of 9 ports in the Bohai Rim was 2.4092 billion tons, with a weekly cumulative inventory of 568,000 tons, but still significantly lower than the same period last year by 324,400 tons [4] - Due to the approaching peak winter, low coal inventory in northern ports, and the expected contraction of coal supply at the end of the year, coal prices have been strongly rising recently. However, the National Development and Reform Commission mentioned energy supply guarantee again, which cooled the market sentiment [4]