煤炭开采行业跟踪周报：港口煤价坚挺，预计后续维持震荡走势-20260301

Investment Rating - The industry investment rating is maintained at "Accumulate" [1] Core Viewpoints - The port coal price remains strong, with a current spot price of 751 RMB/ton, reflecting an increase of 29 RMB/ton week-on-week [1] - Supply has slightly improved with an average daily inflow of 1.749 million tons in the Bohai Rim region, up 26.28% from the previous week [1] - Demand has also increased, with an average daily outflow of 1.6735 million tons, marking a 16.03% increase week-on-week [1] - Despite the increase in inventory to 23.968 million tons, the market remains supported by limited low-priced coal offers, leading to stable prices [1] - The report anticipates that coal prices will maintain a fluctuating trend due to weak demand recovery in downstream industrial power plants and high temperatures affecting residential demand [1] Summary by Sections 1. Market Review - The Shanghai Composite Index rose by 1.98% to 4,162.88 points, while the coal sector index increased by 5.92% to 3,179.62 points [10] - The trading volume for the coal sector was 72.994 billion RMB, a slight decrease of 0.79% from the previous week [10] 2. Price Trends - The price of thermal coal at the Daqing South Suburb increased by 37 RMB/ton to 644 RMB/ton, while the price at Yanzhou decreased by 10 RMB/ton to 950 RMB/ton [16] - The Bohai Rim thermal coal price index rose by 3 RMB/ton to 685 RMB/ton [19] 3. Supply and Demand Dynamics - The average daily inflow of coal in the Bohai Rim region increased by 36,400 tons, while the outflow increased by 23,130 tons [29] - The number of anchored vessels in the Bohai Rim region rose by 7.64% to 116 vessels [33] 4. Shipping Costs - Domestic shipping costs increased by 11% to 29.78 RMB/ton [35] 5. Recommendations - The report suggests focusing on resource stocks, particularly recommending Haohua Energy and Guanghui Energy as elastic targets due to their low valuations [38]