宝城期货动力煤早报（2026年1月27日）-20260127

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The coal industry has a long - term expectation of a loose supply of thermal coal without capacity control policies. Even during the peak winter season, downstream users are cautious in purchasing. Considering the support during the peak season and the anti - involution policy, the thermal coal price is expected to remain in a narrow range in February [4] Group 3: Summary According to Relevant Catalogs Supply Side - In the week of January 16th, the capacity utilization rate of 462 thermal coal mines nationwide was 90.6%, with a daily average raw coal output of 5.467 million tons, returning to the level of mid - December. After entering the new year, some coal mines that had stopped production due to achieving annual targets resumed production, and the coal mines in the production areas were operating stably as the Spring Festival holiday had not yet arrived [4] - In the first two weeks of January, the seaborne coal arrival volume in China was 13.252 million tons, with a daily average arrival volume of 1.104 million tons. This was a month - on - month decrease compared to the daily average arrival volume of 1.317 million tons in December but a 13.8% year - on - year increase [4] Demand Side - In late January, affected by the cold wave, the temperature in coastal cities dropped sharply, and the daily coal consumption of power plants increased [4]