宝城期货动力煤早报（2025年12月22日）-20251222

Report Summary 1. Report Industry Investment Rating - No information provided 2. Report's Core View - The short - term, medium - term, and intraday views on thermal coal spot are all "oscillation". The warm temperature in southern regions and the weak demand compared to stable supply are the main factors dragging down coal prices. Coal price stabilization is expected to wait for the improvement of coal demand in coastal cities and the release of terminal replenishment demand [1][4] 3. Summary by Related Content Price and Market Situation - As of December 18, 2025, the quotation of 5500K thermal coal at Qinhuangdao Port was 719 yuan/ton, a week - on - week decrease of 42 yuan/ton. The total coal inventory of 9 ports in the Bohai Rim was 2934.7 million tons, a week - on - week increase of 63.2 million tons and 180.6 million tons higher than the same period last year [4] Supply Aspect - Near the end of the year, some private coal mines stop production after completing their annual targets, while state - owned large mines maintain normal production. Under the framework of heating - season supply guarantee, the domestic thermal coal production runs stably [4] Demand Aspect - In mid - December, the temperature in southern coastal cities in China remained high, with the maximum temperature in some areas still exceeding 20°C. Although the daily coal consumption of power plants in eight coastal provinces increased seasonally, the increase was moderate [4]