宝城期货动力煤早报（2025年11月18日）-20251118

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The short - term, medium - term, and intraday views on thermal coal spot are all "oscillation". The increase in wait - and - see sentiment has led to the temporary stability of port coal prices. Due to factors such as the approaching peak winter season, low coal stocks in northern ports, and the expected contraction of coal supply at the end of the year, coal prices have been strongly rising recently. However, after the National Development and Reform Commission mentioned energy supply guarantee again, market sentiment cooled down, and it is expected that thermal coal will start to oscillate at a high level in the short term [1][4]. 3. Summary by Relevant Catalog 3.1 Price and Inventory Data - As of November 13, the total coal inventory of 9 ports in the Bohai Rim was 24.092 million tons, with a weekly cumulative increase of 568,000 tons, but still significantly lower than the same period last year by 3.244 million tons [4]. 3.2 Market Driving Factors - Previously, the approaching peak winter season, low coal stocks in northern ports, and the expected contraction of coal supply at the end of the year drove the recent strong operation of coal prices. Today, the National Development and Reform Commission's mention of energy supply guarantee cooled down the market sentiment [4].