宝城期货动力煤早报（2026年2月6日）-20260206

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The short - term demand for thermal coal is strong, the inventory at northern ports is continuously decreasing, and the downstream end - users still have restocking needs, which support the coal price to rebound slightly. However, the medium - and long - term fundamentals of thermal coal still face pressure. It is expected that the coal price will run in a narrow range at a low level before the Spring Festival, and may maintain a slightly stronger trend in the short term [4] Group 3: Summary According to the Catalog 1. Main Variety Price Market Driving Logic - Commodity Futures Black Sector (Thermal Coal Spot) - Intraday and Mid - term View: The reference view is "oscillation". The core logic is that during the critical period of peak winter, residential electricity consumption has improved significantly. With about two weeks to go before 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 restocking demand of downstream power plants and other end - users still exists, which supports the coal price to stabilize and rebound slightly. But 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]