宝城期货动力煤早报（2026年2月5日）-20260205

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term demand for thermal coal is strong, and factors such as continuous inventory reduction at northern ports and the replenishment demand of downstream terminal enterprises support a small rebound in coal prices. However, the medium - and long - term fundamentals of thermal coal still face pressure. It is expected that coal prices will operate in a narrow range at a low level before the Spring Festival, and may maintain a slightly stronger short - term trend [4] Group 3: Summary According to Relevant Catalogs Main Varieties Price Market Driving Logic - Commodity Futures Black Sector - Variety: Thermal coal spot - Intraday and Medium - term View: The reference view is "oscillation" - Core Logic: In the critical period of peak winter, residential electricity consumption has improved significantly. With two weeks until the Spring Festival, industrial electricity consumption has not declined. In the short term, the daily coal consumption of power plants has reached the peak of the year, and the replenishment demand of downstream power plants and other terminal enterprises still exists, supporting a small rebound in coal prices. However, in the context of the peak season in January, the price of 5500K coal at ports only increased by 11 yuan/ton throughout the month, reflecting the weakness of the current coal fundamentals and the market's bearish expectation of the subsequent coal supply - demand pattern [4]