煤价理性回落，关注全球能源格局下煤炭资产价值重估

Investment Rating - The report maintains a positive investment outlook for the coal sector, recommending a focus on key players such as China Shenhua Energy, Shaanxi Coal and Chemical Industry, and China Coal Energy, while also keeping an eye on Yanzhou Coal Mining and Jinneng Holding [3]. Core Insights - The coal sector has reached a cyclical bottom in Q2 2025, with supply-demand dynamics showing signs of reversal and downward risks being fully released [1]. - Domestic coal prices have transitioned from an upward trend to a rational decline, with a focus on whether winter demand will exceed expectations [3]. - The introduction of a new long-term coal contract mechanism for 2026 is expected to support industry profitability at the bottom of the cycle [3]. - The report highlights the ongoing importance of coal in the global energy landscape, particularly in light of electricity supply issues in the U.S. [3]. Summary by Sections Coal Price Trends - As of December 5, 2025, the price of Q5500 coal at Huanghua Port is 801 RMB/ton, down 27 RMB/ton (-3.3%) from the previous week [6][12]. - The report notes a significant improvement in demand during the off-season, with Q3 profits expected to rebound [3]. Supply and Demand Analysis - Domestic coal supply remains stable, with imports continuing to decline; total supply is expected to maintain a steady decline throughout the year [3]. - The report indicates that if temperatures drop significantly in December and January, residential electricity demand may rise, potentially halting the decline in coal prices [3]. Long-term Contract Mechanism - The 2026 long-term coal contract mechanism has been clarified, allowing for more market-driven pricing adjustments, which is expected to enhance the industry's valuation [3]. Inventory and Market Dynamics - As of December 5, 2025, Qinhuangdao's coal inventory is 6.82 million tons, an increase of 820,000 tons (13.7%) from the previous week [24]. - The report notes that the average price of primary metallurgical coke at major domestic ports has decreased by 43 RMB/ton (-2.41%) [70]. Focus on Key Companies - The report emphasizes the importance of monitoring the performance of major coal companies, particularly in light of changing market conditions and pricing mechanisms [3].