煤炭行业周报：供需格局优化，动力煤价稳中有升

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that the supply-demand structure for thermal coal is improving, leading to a stable increase in prices. Short-term recovery in production and low inventory levels are expected to support prices, while medium to long-term price adjustments are anticipated due to supply constraints and resilient demand [4][10][11] Summary by Sections Market Performance - The A-share market shows mixed performance with an average daily trading volume of 2.11 trillion yuan. The coal sector outperformed the index, with coal prices rising by 1.78% during the week [5][19] Thermal Coal - Thermal coal prices are experiencing a steady upward trend, with prices at Qinhuangdao port increasing by 23 yuan/ton to 718 yuan/ton. The average price for Shanxi Datong thermal coal (Q5500) rose by 12 yuan/ton to 577 yuan/ton, while the price for Shaanxi Yulin thermal coal (Q5500) increased by 70 yuan/ton to 650 yuan/ton [11][13][16] - Supply constraints are evident as many private coal mines in major production areas are halting operations for the Spring Festival, leading to a decrease in production capacity utilization [10][12] Coking Coal - The coking coal market remains in a tight balance, with prices showing weak stability. The price for Shanxi Gujiao No. 2 coking coal remains stable at 1250 yuan/ton, while prices for other types of coking coal show slight variations [30][31] - The overall supply remains tight due to production halts in major areas and limited imports, while demand from steel mills is stable [29][30] Shipping Situation - The shipping market shows an increase in volume but a decrease in price. The shipping cost from Qinhuangdao to Guangzhou is reported at 29.20 yuan/ton, down by 1.90 yuan [41] Industry News - The report highlights the establishment of new green coal mines in Xinjiang, with 11 new mines added in 2025. This initiative aims to promote high-quality development in the mining sector [43] - Huaihe Energy's coal sales reached 9.33 million tons in January 2026, reflecting a significant increase compared to the previous year [43]