宝城期货动力煤早报（2025年11月19日）-20251119

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The short - term, medium - term, and intraday views on thermal coal spot are all "oscillation". Coastal city temperature drops and port coal prices are temporarily stable. Due to factors such as approaching peak - winter season, low coal inventory in northern ports, and expected supply contraction at the end of the year, coal prices have been strongly running recently. However, the National Development and Reform Commission mentioned energy supply guarantee again, cooling market sentiment. It is expected that thermal coal will start high - level oscillation in the short term [1][4] Group 3: Summary by Related Content Price and Inventory - 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 56,800 tons, but still significantly lower than the same period last year by 3.244 million tons [4] Market Driving Factors - Multiple factors such as approaching peak - winter season, low coal inventory in northern ports, and expected supply contraction at the end of the year drove the recent strong operation of coal prices. The mention of energy supply guarantee by the National Development and Reform Commission cooled market sentiment [4]