煤炭行业周报（3月第2周）：能源缺口约10亿吨原煤，煤炭有望量价齐升-20260315

Investment Rating - The industry rating is "Positive" [1] Core Insights - The coal sector has shown a significant increase, outperforming the CSI 300 index by 5.23 percentage points, with a weekly increase of 5.42% as of March 13, 2026 [2] - The report indicates a coal energy gap of approximately 1 billion tons of raw coal, suggesting potential for both volume and price increases in the coal market [1][6] - Key coal mining enterprises reported an average daily coal sales of 7.58 million tons, a week-on-week increase of 4.2%, while the total coal inventory reached 25.02 million tons, reflecting a 2% increase week-on-week but a 30.6% decrease year-on-year [2][7] Supply Side Summary - The average daily coal production from monitored enterprises was 7.65 million tons, up 3.4% week-on-week and 1.2% year-on-year [2] - The report highlights that the cumulative coal sales for the year reached 50.253 million tons, a year-on-year increase of 5.6% [2][30] - The report notes that the coal inventory, including port storage, increased by 2% week-on-week but decreased by 30.6% year-on-year [2][30] Demand Side Summary - The report indicates that coal consumption in the power and chemical industries has increased by 1.1% and 9% year-on-year, respectively [2][30] - The iron and steel production has also seen a slight increase of 0.4% year-on-year [2] Price Summary - The report states that the price index for thermal coal (Q5500K) remained stable at 689 CNY/ton, while the price for imported thermal coal was 977 CNY/ton [3] - The report notes fluctuations in coal prices at various ports, with some showing increases while others decreased [3][4] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies, coal chemical companies, and flexible coking coal companies, with specific companies highlighted for investment [6][32] - Companies to watch in the thermal coal sector include China Shenhua, Shaanxi Coal and Chemical Industry, and others, while coking coal companies such as Hengyuan Coal Power and Shanxi Coking Coal are also recommended [6][32]