煤炭行业周报（12月第3周）：政策开始转向，逢低左侧布局-20251220

Investment Rating - The industry rating is "Positive" [1] Core Views - The coal sector has shown resilience, outperforming the CSI 300 index with a weekly increase of 0.6% compared to a 0.28% decline in the index, resulting in a 0.88 percentage point outperformance [2] - Key coal mining companies reported a decrease in average daily sales and production, with average daily sales at 6.74 million tons, down 10.2% week-on-week and 10.9% year-on-year [2] - The report highlights a significant drop in coal prices, with the Q5500K index at 699 RMB/ton, down 0.57% week-on-week, indicating a bearish price trend in the market [3] Summary by Sections Supply Side - The average daily coal sales from monitored enterprises were 6.74 million tons, a decrease of 10.2% week-on-week and 10.9% year-on-year [2] - The total coal inventory (including port storage) reached 25.71 million tons, an increase of 2% week-on-week but a decrease of 14% year-on-year [2][8] Demand Side - The report indicates a decline in coal consumption in the power and chemical industries, with power generation coal consumption down 2.8% year-on-year, while chemical industry consumption increased by 13.8% [2] Price Trends - The report notes a downward trend in coal prices, with various coal types experiencing price drops, including a 2.28% decrease in imported coal prices [3][4] - The average price of coking coal at Jing Tang Port was reported at 1,700 RMB/ton, reflecting a 3% increase week-on-week, while other prices remained stable [4] Investment Recommendations - The report suggests a focus on high-dividend coal companies, particularly in the thermal coal sector, recommending companies such as China Shenhua, Shaanxi Coal and Energy, and Yancoal [6][32] - It emphasizes the potential for policy support as coal prices remain low, advising investors to adopt a patient approach while waiting for policy developments [6][32]