动力煤：上游报价探涨，节前煤价稳中偏强

Report Industry Investment Rating - No information provided Core Viewpoints - On February 9, the trading in the northern port market was sluggish, with upstream quotes slightly rising. The price center of transaction prices moved up slightly. Some market participants believe that the continuous low port shipping and the weakened price advantage of imported coal may prompt some terminals to turn to domestic coal procurement, supporting the market. It is expected that the port prices will remain stable and slightly strong before the festival [2]. - Due to the expected production cut in Indonesia, the tender price of imported thermal coal has increased [2]. - On February 9, it was reported that some leading mines in Indonesia had their RKAB fully approved, and the approval results of other mines were expected to be announced successively. Affected by market sentiment, the quotes for forward futures contracts from miners have risen significantly. The current market quote for Q3800 large - ships is 54 - 56 US dollars per ton, and the FOB quote of some large mines for Q3800 has reached 60 - 61 US dollars per ton, which is different from the market price. Most traders are on the sidelines. Although the tender price of domestic power plants has also increased, traders' enthusiasm for participation has decreased due to high uncertainties in the future market [2]. Summary by Relevant Catalogs Fundamental Tracking - Origin Prices: The price of Shanxi Datong 5500 is 567 yuan/ton, unchanged from the previous period and 29 yuan/ton lower than the same period last year; the price of Inner Mongolia Ordos 5500 is 522 yuan/ton, unchanged from the previous period and 24 yuan/ton lower than the same period last year; the price of Shaanxi Yulin 5800 is 598 yuan/ton, unchanged from the previous period and 6 yuan/ton higher than the same period last year [1]. - Port Prices: The price of Qinhuangdao Port's Shanxi - produced Q5500 is 697 yuan/ton, up 2 yuan/ton from the previous period and 45 yuan/ton lower than the same period last year; the price of Qinhuangdao Port's Shanxi - produced Q5000 is 617 yuan/ton, up 4 yuan/ton from the previous period and 35 yuan/ton lower than the same period last year; the price of Qinhuangdao Port's Shanxi - produced Q4500 is 534 yuan/ton, up 1 yuan/ton from the previous period and 44 yuan/ton lower than the same period last year [1]. - Overseas Prices: The FOB price of Indonesian Q3800 is 53.5 US dollars/ton, up 1.5 US dollars/ton from the previous period and 3.5 US dollars/ton higher than the same period last year; the FOB price of Australian Q5500 is 80 US dollars/ton, up 4.1 US dollars/ton from the previous period and 1 US dollar/ton higher than the same period last year [1]. - February Long - term Agreement Prices: The price of port Q5500 is 680 yuan/ton, down 4 yuan/ton from the previous period and 11 yuan/ton lower than the same period last year; the price of Shanxi Q5500 is 517 yuan/ton, down 23 yuan/ton from the previous period; the price of Shaanxi Q5500 is 461 yuan/ton, down 22 yuan/ton from the previous period; the price of Western Inner Mongolia Q5500 is 431 yuan/ton, down 22 yuan/ton from the previous period [1]. Trend Intensity - The trend intensity of thermal coal (based on the spot price of thermal coal in the northern port) is 1 [2].