宝城期货动力煤早报（2025年11月25日）-20251125

Group 1 - Report industry investment rating: Not mentioned Group 2 - The core view of the report: The power coal supply improvement is limited, while the demand may seasonally strengthen from mid - December. With a neutral port inventory, the terminal users' procurement demand will support the coal price, and it is expected that the price of 5500K coal will maintain a strong - side oscillatory operation [4] Group 3 Price行情驱动逻辑 - The main driver of the power coal price is that in mid - November, affected by the cold wave, the temperature dropped sharply in China, and the cumulative cooling amplitude in some coastal areas reached 20°C. The daily consumption of thermal coal will gradually strengthen in December. As of November 20, the total inventory of power coal in 9 ports around the Bohai Sea was 25.883 million tons, with a monthly cumulative increase of 1.775 million tons and a decrease of 2.916 million tons compared with the same period last year. Previously, the replenishment demand of coastal terminals and low port inventory supported the coal price, but now with port inventory accumulation, downstream resistance to high - price coal has increased, and market competition has intensified, leading to a stable port coal price [4]