Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The reference view for power coal is "oscillation" in the short - term and medium - term. The price of domestic power coal has been weakly stable this week. As of September 11, the quotation of 5500K at Qinhuangdao Port was 676 yuan/ton, a week - on - week decrease of 6 yuan/ton. The coal price is driven by weak operation due to the seasonal decline in power plant coal consumption and the lack of obvious improvement in non - power coal demand. The fundamentals of power coal are weakening in the off - season, and the market bearish sentiment still exists. The opportunity for the coal price to stop falling and stabilize may lie in the winter storage replenishment of terminal power plants [4] Group 3: Summary by Related Catalog Price and Market Condition - As of September 11, the quotation of 5500K power coal at Qinhuangdao Port was 676 yuan/ton, a week - on - week decrease of 6 yuan/ton [4] Supply - side Situation - The impact of the September 3 parade on coal mine production has basically faded. After entering the new natural month, the power coal output has gradually returned to the pre - parade level, and the main producing area coal mines maintain normal production. The impact of "anti - involution" has not been further released [4] Demand - side Situation - As of the week of September 4, the daily coal consumption of power plants in 8 coastal provinces was 245.5 million tons, a week - on - week increase of 8.7 million tons; the daily coal consumption of power plants in 17 inland provinces was 355.6 million tons, a week - on - week decrease of 10.3 million tons. The domestic power coal demand has significantly declined compared with the summer peak [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The domestic thermal coal price maintained a strong performance this week. It is expected that the coal price will remain strong in the mid - term due to high temperature in late August and early September, good electricity demand, slow supply growth, and significant inventory reduction [5]. 3. Summary by Related Content Price and Market Performance - As of August 14, the price of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton, up 18 yuan/ton week - on - week, approaching the 700 - yuan mark. The coal price has been rising due to high electricity demand and strong hauling enthusiasm [5]. Supply Aspect - In July, the national raw coal output was 380 million tons, a year - on - year decrease of 3.8%, with a daily average output of 12.29 million tons; from January to July, the cumulative national raw coal output was 2.78 billion tons, a year - on - year increase of 3.8%. Since August, affected by rainfall, over - production inspections, and coal mine maintenance in major producing areas, the thermal coal output has not recovered significantly, and the growth of origin supply is slow [5]. Demand Aspect - As of August 7, the daily coal consumption of 17 inland provinces was 4.092 million tons, a week - on - week increase of 247,000 tons; the daily coal consumption of 8 coastal provinces was 2.518 million tons, a week - on - week increase of 285,000 tons. The National Climate Center predicts that from late August to early September, the temperature in most of East China, Central China, and the northeast of Southwest China will be significantly higher, while the hydropower substitution effect may still be limited [5]. Inventory Aspect - As of August 14, the total coal inventory of 9 ports in the Bohai Rim was 23.636 million tons, with a significant reduction of 1.183 million tons within the week, and 1.182 million tons lower than the same period last year [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View The report predicts that the price of thermal coal will remain strong. The domestic thermal coal price has been running strongly this week, and it is expected to continue this trend due to factors such as high - temperature - driven demand, limited supply growth, and inventory reduction [5]. 3) Summary by Related Content Price and Market Performance - As of August 14, the price of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton, up 18 yuan/ton week - on - week, approaching the 700 - yuan mark [5]. - The overall atmosphere in the coal market is still optimistic, and coal prices are expected to remain strong in the middle and late August due to high temperatures [5]. Supply Side - In July, the national raw coal output was 380 million tons, a year - on - year decrease of 3.8%, with a daily average output of 1.229 million tons; from January to July, the cumulative national raw coal output was 2.78 billion tons, a year - on - year increase of 3.8% [5]. - Since August, affected by rainfall in major production areas, over - production inspections, and coal mine maintenance, thermal coal production has not recovered significantly, and supply growth in production areas is slow [5]. Demand Side - As of August 7, the daily coal consumption of 17 inland provinces was 409,200 tons, an increase of 24,700 tons week - on - week; the daily coal consumption of 8 coastal provinces was 251,800 tons, an increase of 28,500 tons week - on - week [5]. - The National Climate Center predicts that from late August to early September, temperatures in most parts of East China, Central China, and the northeast of Southwest China will be significantly higher, and the hydropower substitution effect may still be limited [5]. Inventory - As of August 14, the total coal inventory of 9 ports in the Bohai Rim was 2.3636 million tons, with a significant inventory reduction of 118,300 tons during the week, and the inventory was 118,200 tons lower than the same period last year [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View The domestic thermal coal price is expected to remain strong. The market atmosphere is optimistic, and with high temperatures persisting in mid - to late August, coal prices are likely to maintain a bullish trend [5]. 3) Summary by Relevant Catalog Price and Market Performance - As of August 14, the price of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton, up 18 yuan/ton week - on - week, approaching the 700 - yuan mark [5]. - As of August 14, the total coal inventory at 9 ports in the Bohai Rim was 23.636 million tons, with a significant weekly de - stocking of 1.183 million tons, and 1.182 million tons lower than the same period last year [5]. Supply - In July, the national raw coal output was 380 million tons, a year - on - year decrease of 3.8%, with a daily average output of 1.229 million tons; from January to July, the cumulative national raw coal output was 2.78 billion tons, a year - on - year increase of 3.8% [5]. - Since August, affected by factors such as rainfall in major producing areas, over - production inspections, and coal mine maintenance, thermal coal production has not recovered significantly, and the growth of origin supply has been slow [5]. Demand - As of August 7, the daily coal consumption of 17 inland provinces was 409,200 tons, a week - on - week increase of 24,700 tons; the daily coal consumption of 8 coastal provinces was 251,800 tons, a week - on - week increase of 28,500 tons [5]. - The National Climate Center predicts that from late August to early September, temperatures will be significantly higher in most parts of East China, Central China, and the northeastern part of Southwest China. Hydropower substitution may still be limited [5].

Group 1: Investment Rating - No investment rating is provided in the report [1][4] Group 2: Core View - The reference view for the intraday and medium - term of thermal coal is "oscillation". The overall thermal coal price is expected to run strongly due to good support from peak - season demand and rapid inventory reduction at northern ports [4] Group 3: Summary by Related Content Supply - At the end of July, some coal mines temporarily stopped production after achieving their production targets, leading to a short - term decline in coal output. However, it is expected to recover rapidly in August. The coal mine over - production rectification by the National Energy Administration has not significantly tightened safety supervision in production areas, and the coal mines in major production areas are fulfilling their responsibility of ensuring supply during the peak season with stable output [4] Demand - The National Climate Center's climate trend forecast for August shows that the temperature in most parts of the country will be close to or higher than the same period of the year. The electricity consumption of the tertiary industry and residents' daily lives will have certain support this summer [4] Inventory - As of July 31, the total coal inventory of 9 ports in the Bohai Rim was 24.847 million tons, with a significant weekly de - stocking of 2.25 million tons, and slightly higher than the same period last year by 235,000 tons [4]

Core Viewpoint - The domestic thermal coal market in China is maintaining a strong upward trend as of early August, with prices supported by both supply and demand factors, although potential resistance from downstream users may lead to a stabilization in prices [1]. Supply and Demand Analysis - As of August 4, the mainstream pithead price for Q6000 thermal coal in the Yulin region is between 560-585 RMB per ton, reflecting a 2.23% increase from the end of July [1]. - Despite some coal mines resuming operations after completing monthly tasks, supply remains tight due to disruptions from rainy weather, limiting production and sales in open-pit mines [1]. - Demand remains robust, driven by high temperatures leading to sustained high daily consumption at power plants, while non-electric terminal demand is stable [1]. Future Outlook - There is an expectation of improved supply as rainy weather decreases, but anticipated strict checks on overproduction and safety inspections in late August may limit the potential increase in supply [1]. - Although downstream users are resistant to high prices due to the continuous price rise, the overall market is expected to experience intensified supply-demand negotiations, leading to a stabilization with narrow adjustments in coal prices [1].

Group 1: Report Industry Investment Rating - No relevant information found Group 2: Core View of the Report - The power coal price is expected to maintain a moderately strong and volatile trend in the near future, but the upside space is limited. The domestic demand for thermal coal is strong during the peak summer period, and the inventory in the middle and lower reaches is gradually depleted, driving the coal price to strengthen slightly. However, the relatively high port inventory still suppresses the rebound of the coal price [5]. Group 3: Summary According to the Directory Power Coal Spot - **Supply**: After the National Safety Production Month ended, coal mines with production suspension and restrictions in the main producing areas resumed production one after another after the rectification was completed, leading to a slight increase in the supply of power coal [5]. - **Demand**: Since July, the domestic temperature has further risen, especially in some coastal provinces such as Jiangsu and Zhejiang, where the maximum temperature has exceeded 40°C, resulting in good residential cooling demand during the peak summer period. The National Climate Center predicts that in July 2025, the temperature in most parts of China will be higher than the same period of the previous year, and the precipitation in the southern part of the southwestern region is expected to be more than the same period of the previous year. Among them, the precipitation in most parts of Yunnan will be 20% - 50% more, and there is room for seasonal improvement in hydropower [5]. - **Port Inventory**: As of July 3, the total coal inventory of the 9 ports in the Bohai Rim was 27.493 million tons, with a weekly de - stocking of 747,000 tons. It is still at a high level in the same period of the past 5 years, and the sufficient coal inventory in the northern ports continues to suppress the coal price [5].

Group 1 - Report industry investment rating: Not provided Group 2 - The core view of the report: The price of domestic thermal coal continued to rebound this week. The supply of medium and low calorific value coal at ports was tight, and its price trend was stronger. The destocking speed of thermal coal slightly slowed down, and the inventory at northern ports remained at the highest level in the past five years, with a good foundation for peak - summer coal consumption. The seasonal support for thermal coal strengthened, and the port coal prices rose across the board. It is expected that the coal price will maintain a strong trend in the short term [5] Group 3 Main varieties price market driving logic - Commodity futures black sector - **品种**: Thermal coal spot - **Intraday view**: Oscillation - **Core logic**: This week, the price of domestic thermal coal continued to rebound. Due to the inverted shipping profit of medium and low calorific value coal at ports before, the supply at ports was tight, and its price trend was stronger. As of June 26, the total coal inventory of 9 ports in the Bohai Rim was 28.24 million tons, a week - on - week decrease of 460,000 tons. The destocking speed slightly slowed down, and the inventory at northern ports remained at the highest level in the past five years, with a good foundation for peak - summer coal consumption. Overall, the seasonal support for thermal coal strengthened, and the port coal prices rose across the board, especially the low - calorific value coal. With the subsequent rise in temperature, it is expected that the coal price will maintain a strong trend in the short term [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The price of 5500K thermal coal at Qinhuangdao Port is expected to remain stable in the short - term. Although the previous supply - guarantee measures have led to sufficient inventory in the industry chain, suppressing the upward space of coal prices, the marginal tightening of supply and the marginal strengthening of demand make it difficult for coal prices to fall [4]. 3. Summary by Relevant Catalogs 3.1 Supply Side - Recent safety production and environmental protection requirements during the national safety production month have had a certain impact on coal mine production. Since the end of May, coal mine accidents in Shanxi and Inner Mongolia have increased, leading to tighter safety supervision in the main production areas, but with a limited impact on overall output [4]. - In May 2025, the national import of coal and lignite was 36.0401 million tons, a month - on - month decrease of 4.7%. Both coal production and imports have started to tighten marginally [4]. 3.2 Demand Side - As of June 5, the daily coal consumption of power plants in 8 coastal provinces was 1.718 million tons, a week - on - week increase of 0.7 thousand tons per day; the daily coal consumption of power plants in 17 inland provinces was 3.136 million tons, a week - on - week increase of 33 thousand tons per day [4]. - The "Climate Trend Forecast from June 23 to July 8" released by the National Climate Center shows that during this period, the temperature in most parts of China will be close to or higher than the same period of the year, indicating good support for the demand of thermal coal during the peak summer season [4].

1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core View of the Report - The price of 5500K thermal coal at Qinhuangdao Port remains stable in the short - term as multiple factors are intertwined. Although the previous supply - guarantee work has led to sufficient inventory in the industry chain, suppressing the upside of coal prices, the marginal tightening of supply and strengthening of demand also create strong resistance to price drops [4]. 3. Summary by Relevant Directory 3.1 Price and Market Conditions - The intraday and medium - term view of thermal coal spot is "sideways" [4]. 3.2 Supply Analysis - Recent national safety production month and environmental protection requirements have had a certain impact on coal mine production. Since the end of May, coal mine accidents in Shanxi and Inner Mongolia have increased, and safety supervision in major production areas has tightened marginally, but the impact on overall output is limited [4]. - In May 2025, China imported 36.0401 million tons of coal and lignite, a month - on - month decrease of 4.7%. Both thermal coal production and imports are starting to tighten marginally [4]. 3.3 Demand Analysis - As of June 5, the daily coal consumption of power plants in 8 coastal provinces was 1.718 million tons, a week - on - week increase of 0.7 thousand tons per day; the daily coal consumption of power plants in 17 inland provinces was 3.136 million tons, a week - on - week increase of 33 thousand tons per day [4]. - The "Climate Trend Forecast from June 23 to July 8" newly released by the National Climate Center shows that during this period, the temperature in most parts of China will be close to or higher than the same period of the year, indicating good support for the demand of thermal coal for peak - summer power generation [4].