煤炭行业周报（2月第3周）：油煤价差扩大，煤炭资产有望重估-20260301

Investment Rating - The industry rating is "Positive" [1] Core Views - The coal sector has outperformed the CSI 300 index, with a weekly increase of 5.7% compared to a 1.08% rise in the index, resulting in a 4.62 percentage point outperformance [2] - The report highlights a strong support for coal prices due to rising oil prices driven by geopolitical tensions in the Middle East, suggesting a shift in energy consumption patterns towards coal in various sectors [5][24] - The report indicates that the current coal asset dividends are reasonable, maintaining a "Positive" industry rating, and recommends focusing on high-dividend thermal coal companies and flexible coking coal companies [5][24] Summary by Sections Thermal Coal Industry - The price of thermal coal (Q5500K) index is 685 RMB/ton, with a week-on-week increase of 0.44%. The imported thermal coal price index is 958 RMB/ton, up 6.21% week-on-week [2] - Inventory levels at Qinhuangdao port are at 5.08 million tons, an increase of 90,000 tons week-on-week [2] Coking Coal Industry - The price of main coking coal at Jingtang port is 1,700 RMB/ton, unchanged week-on-week. The price of Australian Peak coal has decreased by 0.79% week-on-week [3] - Coking coal futures settled at 1,082.5 RMB/ton, down 3.35% week-on-week [3] - Inventory at Jingtang port for coking coal is 1.7452 million tons, an increase of 10.56% week-on-week [3] Coal Chemical Industry - The price of anthracite coal in Yangquan is 900 RMB/ton, unchanged week-on-week. The methanol market price in East China is 2,168.86 RMB/ton, down 31.59 RMB/ton week-on-week [4] - The price of urea in Henan is 1,780 RMB/ton, up 30 RMB/ton week-on-week [4] Investment Recommendations - The report suggests focusing on companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining for thermal coal, and companies like Hengtai Coal and Electricity, Pingmei Shenma Energy, and Shanxi Coking Coal for coking coal [5][24]