宝城期货动力煤早报（2025年12月29日）-20251229

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The domestic thermal coal price has been continuously weakening in December 2025, with the decline exceeding expectations. As of December 25, the FOB price of 5500K thermal coal at Qinhuangdao Port was 682 yuan/ton, a week-on-week decrease of 37 yuan, and it continued to weaken after falling below 700 yuan/ton. The slump in the coal market is mainly dragged down by unexpectedly weak demand. Under the pattern of stable supply and weak demand, the coal inventory in the industrial chain remains at a high level, and the thermal coal price is running weakly. Subsequent stabilization is expected to wait for the improvement of coal demand in coastal cities and the release of terminal replenishment demand [4] Group 3: Summary by Related Catalog Main Variety Price Market Driving Logic - Commodity Futures Black Sector - Variety: Thermal coal spot - Intraday View: No specific intraday view is provided - Medium - term View: The reference view is "oscillating". The core logic is that in December, the domestic thermal coal price weakened continuously, and the decline exceeded expectations. The coal market is weak due to unexpectedly weak demand. Under the pattern of stable supply and weak demand, the coal inventory in the industrial chain is high, and the price is weak. Stabilization needs the improvement of coal demand in coastal cities and the release of terminal replenishment demand [4]