Investment Rating - The industry investment rating is maintained as "Accumulate" [1] Core Viewpoints - The report indicates that port coal inventories are continuously decreasing, and the coal prices are expected to rise as the peak season approaches, despite current weak industrial electricity demand limiting upward momentum [1][2] - The average daily coal inflow to the four ports in the Bohai Rim increased by 4.87% week-on-week, while the average daily outflow decreased by 2.68%, indicating a mixed demand-supply scenario [1][30] - The report highlights that the current coal prices are influenced by high inventory levels and weak industrial electricity demand, but with the onset of high temperatures, there is potential for further price increases [1] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 0.81% to 3472.32 points, while the coal sector index increased by 1.26% to 2580.17 points [10] - The trading volume for the coal sector reached 37.196 billion yuan, reflecting an increase of 8.96% [10] 2. Coal Prices - Port coal prices increased by 3 yuan/ton week-on-week, reaching 623 yuan/ton [17] - The average price of coal at production sites remained stable, with specific prices reported for different grades of coal [17] 3. Inventory and Shipping - The inventory at the Bohai Rim ports decreased by 3.21% to 27.33 million tons, indicating a downward trend towards historical normal levels [1][33] - The average daily number of anchored vessels in the Bohai Rim ports decreased by 1.01% [33] 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as elastic targets in the coal sector [2][38]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - The current coal prices are influenced by high inventory levels and weak demand, limiting upward momentum. However, with the onset of high temperatures and the approaching peak season, there is potential for further price recovery [1]. - The average daily coal inflow to the four ports in the Bohai Rim increased by 2.07 million tons week-on-week, while the average daily outflow rose by 13.60 million tons, indicating a growing demand [1][25]. - The report highlights that the average coal inventory at the Bohai Rim ports decreased to 28.24 million tons, down by 0.598 million tons, approaching historical normal levels [1][29]. Summary by Sections 1. Market Review - The Shanghai Composite Index rose by 1.26% during the week, while the coal sector index fell by 1.00% [10]. - The average daily trading volume for coal stocks increased by 7.68% compared to the previous week [10]. 2. Coal Prices - Port coal prices increased by 11 CNY/ton, reaching 620 CNY/ton, while the price for various coal grades at production sites showed mixed trends [17]. - The price index for Bohai Rim coal remained stable at 663 CNY/ton [19]. 3. Supply and Demand Dynamics - Daily average coal inflow and outflow at the Bohai Rim ports both increased, reflecting a positive shift in demand [25][29]. - The number of anchored vessels in the Bohai Rim area rose by 15.83%, indicating increased shipping activity [29]. 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy due to their low valuations and potential for price elasticity [34].

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存仍处高位，煤价震荡运行 2025 年 06 月 15 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（6 月 9 日至 6 月 13 日）港口动力煤现货价环比持平，报收 609 元 /吨。 供给端，本周环渤海四港区日均调入量 182.46 万吨，环比上周增长 7.81 万吨，增幅 4.47%。矿山产地煤矿正常供应，港口供给略有增长。 需求端，本周环渤海四港区日均调出量 189.41 万吨，环比上周减少 2.27 万吨，降幅 1.18%；日均锚地船舶共 75 艘，环比上周增长 7 艘，增幅 10.11%。库存端，环渤海四港区库存端 2868.8 万吨，环比上周下降 63.1 万吨，降幅 2.15%。港口本周日均调出量环比下降，库存绝对值减少， 但绝对值仍处高位，煤价震荡运行。 我们分析认为：煤炭价格目前主要受库存高位影响以及汛期水电稳增 影响导致上涨动能有限，但伴随逐步进入迎峰度夏旺季期，煤价或有进 一步触底上行可能。 估值与建议： 仍旧关注保险资金增量；保费收入维持正增长，且向头部保险集中。固 收类资 ...

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存仍处高位，需求疲弱，煤价震荡运 行 增持（维持） [Table_Tag] [Table_Summary] 行业近况 供给端，本周环渤海四港区日均调入量 174.64 万吨，环比上周减少 3.96 万吨，降幅 2.22%。矿山产地煤矿正常供应，港口供给略有下降。 需求端，本周环渤海四港区日均调出量 191.69 万吨，环比上周减少 12.6 万吨，降幅 6.17%；日均锚地船舶共 68 艘，环比上周减少 14 艘，降幅 17.25%。库存端，环渤海四港区库存端 2931.9 万吨，环比上周减少 125 万吨，降幅 4.1%。港口本周日均调出量环比下降，库存绝对值减少， 但绝对值仍处高位，煤价震荡运行。 我们分析认为：煤炭价格目前主要受库存高位影响以及汛期水电稳增 影响导致上涨动能有限，但伴随逐步进入迎峰度夏旺季期，煤价或有进 一步触底上行可能。 估值与建议： 仍旧关注保险资金增量；保费收入维持正增长，且向头部保险集中。固 收类资产荒依旧，叠加红利资产已经高位，所以关注权益配置变化，预 期更青睐于资源股。 本周（6 月 2 日至 6 月 6 日） ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The current coal prices are primarily influenced by high inventory levels and limited upward momentum due to the stable increase in hydropower during the flood season. However, as the peak summer demand period approaches, there is potential for coal prices to rise further [1] - The report emphasizes the importance of monitoring the incremental insurance funds and the positive growth in premium income, which is increasingly concentrated among leading insurance companies. The ongoing scarcity of fixed-income assets and the high levels of dividend assets suggest a shift towards equity allocation, particularly favoring resource stocks [2][35] - The report recommends focusing on elastic targets in the thermal coal sector, specifically highlighting low-valuation stocks such as Haohua Energy and suggesting attention to Guanghui Energy [2][35] Summary by Sections Current Market Review - From May 26 to May 30, the average daily coal inflow to the four ports in the Bohai Rim was 1.786 million tons, an increase of 28,000 tons week-on-week, representing a growth of 1.59%. The average daily outflow was 2.043 million tons, up by 237,100 tons, a rise of 13.13%. The inventory at the Bohai Rim ports decreased to 30.572 million tons, down by 1.534 million tons, a decline of 4.78% [1][25][30] Price Trends - As of May 30, the price of thermal coal at the Dazhou South Suburb was 506 CNY/ton, up by 32 CNY/ton. The price at Inner Mongolia Chifeng remained stable at 380 CNY/ton, while the price at Yanzhou increased by 140 CNY/ton to 850 CNY/ton. The port price for thermal coal remained stable at 611 CNY/ton [16][18] - The thermal coal price index in the Bohai Rim remained unchanged at 669 CNY/ton, while the Qinhuangdao port price index also held steady at 665 CNY/ton [18] Inventory and Shipping - The number of anchored vessels in the Bohai Rim increased to 82, up by 20 vessels, a rise of 33.18%. The coal inventory at the Bohai Rim ports decreased to 30.572 million tons, down by 1.534 million tons, a decline of 4.78% [30][31] Shipping Costs - The average shipping cost on domestic routes increased by 0.24 CNY/ton to 35.83 CNY/ton, reflecting a rise of 0.68% [32]

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 供需疲弱，港口库存仍处高位，煤价震荡运 行 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（5 月 12 日至 5 月 16 日）港口动力煤现货价环比下跌，报收 614 元/吨。 供给端，本周环渤海四港区日均调入量175.69万吨，环比上周减少28.54 万吨，降幅 1.10%。矿山产地煤矿正常供应，港口供给略有下降。 需求端，本周环渤海四港区日均调出量 181.79 万吨，环比上周增加 7.39 万吨，增幅 4.23%；日均锚地船舶共 46 艘，环比上周增加 3 艘，增幅 7.59%。库存端，环渤海四港区库存端 3292.41 万吨，环比上周增加 89.13 万吨，增幅 2.78%。港口本周日均调出量环比略有增加，受部分电厂补 库需求影响。库存端略有增加，同比仍处高位，叠加下游需求淡季影响， 煤价震荡运行。 我们分析认为：煤炭价格目前主要受库存高位影响、需求刚需为主以及 汛期水电稳增影响导致上涨动能有限，但伴随五一节后将逐步进入迎 峰度夏旺季期，煤价或有进一步上行可能。 估值与建议： 仍旧关注保险资金增量；保费 ...

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存增加，煤价震荡运行 2025 年 05 月 11 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（5 月 5 日至 5 月 9 日）港口动力煤现货价环比下跌，报收 630 元 /吨。 供给端，本周环渤海四港区日均调入量 204.23 万吨，环比上周增加 2.21 万吨，增幅 1.10%。矿山产地煤矿正常供应，港口供给略有回升。 需求端，本周环渤海四港区日均调出量174.40万吨，环比上周减少28.60 万吨，减幅 14.09%；日均锚地船舶共 43 艘，环比上周减少 39 艘，降 幅 47.49%。库存端，环渤海四港区库存端 3305.10 万吨，环比上周增加 99.07 万吨，增幅 3.19%。港口本周日均调出量环比下降，受近期水电 补位较好影响。库存端略有增加，同比仍处高位，叠加下游需求偏弱影 响，煤价震荡运行。 我们分析认为：煤炭价格目前主要受库存高位影响、需求刚需为主以及 汛期水电稳增影响导致上涨动能有限，但伴随五一节后逐步进入迎峰 度夏旺季期，煤价或有进一步上行可能。 估值与建议： 仍旧关注 ...

Investment Rating - The industry investment rating is maintained at "Add" [1] Core Viewpoints - The current coal prices are primarily influenced by high inventory levels, demand being mainly driven by necessity, and limited upward momentum due to the impact of the flood season on hydropower generation. However, following the May Day holiday, the market is expected to enter a peak summer demand period, which may lead to further price increases [1] - The report emphasizes the importance of monitoring the incremental insurance funds and the positive growth in premium income, which is increasingly concentrated among leading insurance companies. The ongoing scarcity of fixed-income assets, combined with high dividend assets, suggests a shift towards equity allocation, with a preference for resource stocks [2][38] Summary by Sections 1. Market Review - From April 21 to April 25, the Shanghai Composite Index closed at 3295.06 points, up 0.56% from the previous week. The coal sector index closed at 2548.73 points, down 0.63% [10] - The average daily coal inventory at the four ports in the Bohai Rim decreased to 31.099 million tons, down 2.66% from the previous week [33] 2. Supply and Demand Dynamics - The average daily coal inflow to the four ports in the Bohai Rim was 1.8863 million tons, an increase of 7.11% week-on-week. The average daily outflow was 2.0124 million tons, up 35.99% week-on-week [29][33] - The report notes a decrease in the number of anchored vessels in the Bohai Rim, with an average of 83 vessels, down 4.58% from the previous week [33] 3. Price Trends - The port price for 5500 kcal thermal coal at Qinhuangdao decreased by 8 yuan/ton to 655 yuan/ton as of April 24 [17] - The price index for thermal coal in the Bohai Rim remained stable at 678 yuan/ton as of April 23 [19] 4. Recommendations - The report recommends focusing on elastic coal stocks, particularly those with low valuations, such as Guanghui Energy and Haohua Energy [2][38]

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存回落，煤价震荡运行 2025 年 04 月 27 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（4 月 21 日至 4 月 25 日）港口动力煤现货价环比下跌，报收 655 元/吨。 供给端，本周环渤海四港区日均调入量188.63万吨，环比上周增加12.51 万吨，增幅 7.11%。矿山产地煤矿正常供应，港口供给略有回升。 需求端，本周环渤海四港区日均调出量201.24万吨，环比上周增加53.26 万吨，增幅 35.99%；日均锚地船舶共 83 艘，环比上周减少 4 艘，降幅 4.58%。库存端，环渤海四港区库存端 3109.9 万吨，环比上周减少 84.9 万吨，降幅 2.66%。港口本周日均调出量环比上涨，受五一节前补库影 响为主。库存端略有下降，同比仍处高位，叠加下游需求淡季影响，煤 价震荡运行。 我们分析认为：煤炭价格目前主要受库存高位影响、需求刚需为主以及 汛期水电稳增影响导致上涨动能有限，但伴随五一节后将逐步进入迎 峰度夏旺季期，煤价或有进一步上行可能。 估值与建议： 仍旧关注保险资金增 ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The current coal prices are primarily influenced by the seasonal decline in demand and the stable increase in hydropower during the flood season, limiting upward momentum [1] - Short-term demand remains reliant on long-term contracts and essential purchases by power plants, while non-electric enterprises show weak demand due to warmer weather and high inventory levels, making significant price increases unlikely in the short term [1][2] Summary by Sections Industry Overview - During the week of April 14 to April 18, the spot price of thermal coal at ports decreased by 27 yuan/ton, closing at 663 yuan/ton [1] - The average daily inflow of coal to the four ports in the Bohai Rim was 1.7611 million tons, a decrease of 75,300 tons week-on-week, down 4.10% [1] - The average daily outflow from the same ports was 1.4799 million tons, a decrease of 371,000 tons week-on-week, down 20.04% [1] - The inventory at the Bohai Rim ports increased to 31.948 million tons, up 2.07 million tons week-on-week, an increase of 6.93% [1] Price Trends - The price of thermal coal at the production site showed a slight decline, with the price for 5500 kcal thermal coal in Datong at 555 yuan/ton, down 27 yuan/ton [18] - The price for 6000 kcal thermal block coal in Yanzhou decreased by 90 yuan/ton, closing at 800 yuan/ton [18] - The Bohai Rim thermal coal price index remained stable at 678 yuan/ton [21] Market Dynamics - The report highlights a continued focus on the influx of insurance capital, with premium income maintaining positive growth concentrated towards leading insurance companies [2][37] - The report recommends focusing on elastic stocks in thermal coal, particularly those with low valuations such as Guanghui Energy and Haohua Energy [2][37] Shipping and Logistics - Domestic shipping costs increased by 2.45 yuan/ton, closing at 37.45 yuan/ton, a rise of 6.95% [35]