煤炭行业周报：三大因素催化，煤价快速上行

Investment Rating - The report maintains an "Overweight" rating for the coal industry [1]. Core Views - The rapid increase in coal prices is driven by three main factors: declining port inventories, sustained cold weather, and regulatory tightening in Shanxi province [1][35]. - The coal industry is expected to remain in a high-growth phase due to the ongoing supply-side reforms and limited new capacity releases [35]. Summary by Sections Investment Recommendations - Key recommendations include companies in the thermal coal sector such as China Shenhua, Yancoal, and Shaanxi Coal, as well as coking coal companies like Shanxi Coking Coal and Lu'an Energy [1][35]. Market Dynamics - As of February 23, 2024, the price of thermal coal at the Jingtang Port reached 946 CNY/ton, reflecting a 3.28% increase from February 8, 2024 [1]. - The report notes a significant drop in port inventories, which has contributed to rising market prices [1][36]. Company Performance - China Shenhua reported a January 2024 coal production of 27.2 million tons, a year-on-year increase of 1.1%, with sales up 27.9% [2][3]. - Shaanxi Coal's January 2024 production was 13.91 million tons, up 6.27% year-on-year [3]. Price Trends - The report highlights that the average price of thermal coal in the Qinhuangdao market was 730 CNY/ton, with a slight weekly increase [39]. - The report also indicates that the price of coking coal at Jingtang Port was 2,540 CNY/ton, down 40 CNY from the previous week [38]. Regulatory Environment - Regulatory measures in Shanxi province are expected to tighten coal production, which may lead to a favorable price outlook for coal [1][35].