宝城期货动力煤早报（2026年2月13日）-20260213

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The domestic thermal coal price stabilized and slightly increased this week. As of February 5th, the quotation of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton, with a week - on - week increase of 1 yuan/ton. The current situation is in the critical period of peak - winter demand. High daily coal consumption of power plants across the country drives inventory depletion in the middle and lower reaches of the industrial chain. However, the thermal coal production is running smoothly, and the market still has a bearish long - term outlook, which suppresses coal prices at a low level [4]. 3. Summary by Relevant Catalog 3.1 Price and Market Situation - The price of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton as of February 5th, with a week - on - week increase of 1 yuan/ton [4]. 3.2 Market Driving Factors - Positive factor: High daily coal consumption of power plants across the country during the peak - winter demand period drives inventory depletion in the middle and lower reaches of the industrial chain [4]. - Negative factor: Stable thermal coal production and the market's bearish long - term outlook on the fundamentals suppress coal prices [4]. 3.3 Market Outlook - The short - term and medium - term view of thermal coal is "oscillation" [4].