宝城期货动力煤早报（2026年1月23日）-20260123

Report Summary 1. Report's Investment Rating for the Industry - No relevant information provided. 2. Core View of the Report - The report suggests an overall "oscillating" stance for the medium - term view of the thermal coal spot market. The price increase of domestic thermal coal has narrowed this week and stabilized again. Due to warmer temperatures in coastal cities in mid - January, the demand for residential heating has declined. Although the temperature will drop significantly in late January, as of now, coal stocks at ports and downstream power plants are sufficient, resulting in a weak market atmosphere and low - level price operation [4]. 3. Summary by Relevant Catalog 3.1 Price and Inventory Data - As of January 15, the FOB price of 5500K thermal coal at Qinhuangdao Port was 699 yuan/ton, a week - on - week increase of 6 yuan/ton [4]. - As of January 15, the total coal inventory at 9 ports in the Bohai Rim region was 2705.1 million tons, a week - on - week increase of 33.8 million tons, and 171.2 million tons higher than the same period in 2025 [4]. 3.2 Market Analysis - In mid - January, the temperature in coastal cities in China warmed up, with the maximum temperature in some areas of Jiangsu and Zhejiang returning above 20°C, leading to a decline in residential heating demand [4]. - As of now, coal stocks at ports and downstream power plants are sufficient, and the coal market atmosphere is weak, with prices remaining low [4]. - This week, coal mines in the main production areas maintained normal production, and non - power terminal procurement was relatively stable. However, due to the decline in power coal demand, the shipping pressure of some coal mines increased, and the atmosphere at the mine end began to weaken [4].