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

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 - 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 total coal inventory (including port storage) was 25.02 million tons, with a week-on-week increase of 2% and a year-on-year decrease of 30.6% [2][7] - The report highlights that the cumulative coal sales for the year reached 50.253 million tons, a 5.6% increase year-on-year [2][30] Demand Side Summary - The report notes 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 price of thermal coal (Q5500K) remained stable at 689 CNY/ton, while the price of imported thermal coal was 977 CNY/ton [3] - The report indicates fluctuations in coal prices at various ports, with some showing increases while others decreased [3][4] - Coking coal prices at major ports remained stable, with slight variations in specific regions [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 include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company among others [6][32]