2026 年 3 月 4 日 动力煤：上涨支撑不足，短期价格窄幅波动 1. 【基本面跟踪】 动力煤基本面数据 樊园园 投资咨询从业资格号：Z0023682 fanyuanyuan@gtht.com | | 指 标 | 单 位 | 本 期 | 环 比 | 同比去年 | | --- | --- | --- | --- | --- | --- | | 产地价格 | 山西大同5500 | 元/吨 | 603.0 | 5.0 | 45.0 | | | 内蒙古鄂尔多斯5500 | 元/吨 | 544.0 | 0.0 | 59.0 | | | 陕西榆林5800 | 元/吨 | 602.0 | 2.0 | 45.0 | | 港口价格 | 秦港山西产Q5500 | 元/吨 | 753.0 | 0.0 | 67.0 | | | 秦港山西产Q5000 | 元/吨 | 672.0 | 0.0 | 80.0 | | | 秦港山西产Q4500 | 元/吨 | 584.0 | 0.0 | 61.0 | | 海外价格 | 印尼FOB Q3800 | 美元/吨 | 61.0 | 0.7 | 10.0 | | | 澳大利亚FOB Q5500 | ...

2026 年 3 月 3 日 动力煤：产地涨跌互现，涨价动力不足 樊园园 投资咨询从业资格号：Z0023682 fanyuanyuan@gtht.com 1. 【基本面跟踪】 动力煤基本面数据 | | 指 标 | 单 位 | 本 期 | 环 比 | 同比去年 | | --- | --- | --- | --- | --- | --- | | 产地价格 | 山西大同5500 | 元/吨 | 582.0 | 5.0 | 24.0 | | | 内蒙古鄂尔多斯5500 | 元/吨 | 527.0 | 2.0 | 42.0 | | | 陕西榆林5800 | 元/吨 | 598.0 | 2.0 | 47.0 | | 港口价格 | 秦港山西产Q5500 | 元/吨 | 753.0 | 2.0 | 63.0 | | | 秦港山西产Q5000 | 元/吨 | 672.0 | 2.0 | 78.0 | | | 秦港山西产Q4500 | 元/吨 | 584.0 | 0.0 | 59.0 | | 海外价格 | 印尼FOB Q3800 | 美元/吨 | 61.0 | 0.7 | 10.0 | | | 澳大利亚FOB Q5500 | 美 ...

期货研究报告 从业资格证号：F03104274 投资咨询证号：Z0018163 电话：0571-87633890 邮箱：lvzhenxing@bcqhgs.com 报告日期：2026 年 2 月 26 日 作者声明 出具本报告。本报告清晰准确地 反映了本人的研究观点。本人不 会因本报告中的具体推荐意见 或观点而直接或间接接收到任 何形式的报酬。 投资咨询业务资格：证监许可【2011】1778 号 2 月，国内动力煤价格小幅上涨。截至 2 月 24 日，CCTD 秦皇岛港 5500K 动力煤价格报 724 元/吨，月环比上涨 33 元/吨。 供应端，2025 年 12 月全国原煤产量 4.37 亿吨，同比降 1.0%，但绝 对产量依然较高。2 月份，春节假期前，主产区煤矿停产放假范围继续扩 大，国有大矿在安监趋严的背景下也维持谨慎生产，动力煤供应明显收缩， 且节后临近全国两会重要会议，部分煤矿谨慎生产，春节后煤炭产量恢复 偏缓。进口方面，12 月我国进口煤及褐煤 5860 万吨，刷新去年最高单月 进口量，同比增长 11.9%。1~2 月，我国主要外贸煤来源国印尼、蒙古、 俄罗斯、澳大利亚等国进口量平稳，不过 2 ...

宝城期货动力煤早报（2026 年 2 月 24 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 动力煤现货 | | | | 震荡 | 宽松预期尚未扭转，港口煤价低 | | --- | --- | --- | --- | --- | --- | | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 位震荡 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：动力煤现货 日内观点： 中期观点： 参考观点：震荡 核心逻辑：动力煤供应端是后市博弈的主要焦点，除了国内"反内卷政策"的潜在利多风险外， 印尼煤炭出口额度同样是重要不确定因素，在供应端无显著变化的背景下，我国动力煤供需格局 或依然宽松，煤价或维持低位运行。 （仅供参考，不构成任何投资建议） 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The domestic thermal coal price stabilized and slightly increased this week. As of February 5th, the quotation of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton, with a week - on - week increase of 1 yuan/ton. The current situation is in the critical period of peak - winter demand. High daily coal consumption of power plants across the country drives inventory depletion in the middle and lower reaches of the industrial chain. However, the thermal coal production is running smoothly, and the market still has a bearish long - term outlook, which suppresses coal prices at a low level [4]. 3. Summary by Relevant Catalog 3.1 Price and Market Situation - The price of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton as of February 5th, with a week - on - week increase of 1 yuan/ton [4]. 3.2 Market Driving Factors - Positive factor: High daily coal consumption of power plants across the country during the peak - winter demand period drives inventory depletion in the middle and lower reaches of the industrial chain [4]. - Negative factor: Stable thermal coal production and the market's bearish long - term outlook on the fundamentals suppress coal prices [4]. 3.3 Market Outlook - The short - term and medium - term view of thermal coal is "oscillation" [4].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - For the short - term, medium - term, and intraday of thermal coal spot, the view is "oscillation". The core logic is that during the peak winter period, high daily coal consumption in national power plants drives inventory reduction in the middle and lower reaches of the industrial chain. However, stable coal production and a bearish long - term market outlook suppress coal prices at a low level. [1][4] 3. Summary by Relevant Catalogs 3.1 Variety View Reference - The short - term, medium - term, and intraday views of thermal coal spot are all "oscillation". The core logic is that the peak demand season supports a slight increase in port coal prices. [1] 3.2 Main Variety Price Market Driving Logic - Commodity Futures Black Sector - The reference view of thermal coal spot is "oscillation". As of February 5, 2026, the quotation of 5500K thermal coal at Qinhuangdao Port is 692 yuan/ton, with a week - on - week increase of 1 yuan/ton. High daily coal consumption in power plants drives inventory reduction, but stable production and a bearish long - term outlook keep coal prices low. [4]

Report Industry Investment Rating - No information provided Core Viewpoints - On February 9, the trading in the northern port market was sluggish, with upstream quotes slightly rising. The price center of transaction prices moved up slightly. Some market participants believe that the continuous low port shipping and the weakened price advantage of imported coal may prompt some terminals to turn to domestic coal procurement, supporting the market. It is expected that the port prices will remain stable and slightly strong before the festival [2]. - Due to the expected production cut in Indonesia, the tender price of imported thermal coal has increased [2]. - On February 9, it was reported that some leading mines in Indonesia had their RKAB fully approved, and the approval results of other mines were expected to be announced successively. Affected by market sentiment, the quotes for forward futures contracts from miners have risen significantly. The current market quote for Q3800 large - ships is 54 - 56 US dollars per ton, and the FOB quote of some large mines for Q3800 has reached 60 - 61 US dollars per ton, which is different from the market price. Most traders are on the sidelines. Although the tender price of domestic power plants has also increased, traders' enthusiasm for participation has decreased due to high uncertainties in the future market [2]. Summary by Relevant Catalogs Fundamental Tracking - **Origin Prices**: The price of Shanxi Datong 5500 is 567 yuan/ton, unchanged from the previous period and 29 yuan/ton lower than the same period last year; the price of Inner Mongolia Ordos 5500 is 522 yuan/ton, unchanged from the previous period and 24 yuan/ton lower than the same period last year; the price of Shaanxi Yulin 5800 is 598 yuan/ton, unchanged from the previous period and 6 yuan/ton higher than the same period last year [1]. - **Port Prices**: The price of Qinhuangdao Port's Shanxi - produced Q5500 is 697 yuan/ton, up 2 yuan/ton from the previous period and 45 yuan/ton lower than the same period last year; the price of Qinhuangdao Port's Shanxi - produced Q5000 is 617 yuan/ton, up 4 yuan/ton from the previous period and 35 yuan/ton lower than the same period last year; the price of Qinhuangdao Port's Shanxi - produced Q4500 is 534 yuan/ton, up 1 yuan/ton from the previous period and 44 yuan/ton lower than the same period last year [1]. - **Overseas Prices**: The FOB price of Indonesian Q3800 is 53.5 US dollars/ton, up 1.5 US dollars/ton from the previous period and 3.5 US dollars/ton higher than the same period last year; the FOB price of Australian Q5500 is 80 US dollars/ton, up 4.1 US dollars/ton from the previous period and 1 US dollar/ton higher than the same period last year [1]. - **February Long - term Agreement Prices**: The price of port Q5500 is 680 yuan/ton, down 4 yuan/ton from the previous period and 11 yuan/ton lower than the same period last year; the price of Shanxi Q5500 is 517 yuan/ton, down 23 yuan/ton from the previous period; the price of Shaanxi Q5500 is 461 yuan/ton, down 22 yuan/ton from the previous period; the price of Western Inner Mongolia Q5500 is 431 yuan/ton, down 22 yuan/ton from the previous period [1]. Trend Intensity - The trend intensity of thermal coal (based on the spot price of thermal coal in the northern port) is 1 [2].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term demand for thermal coal is strong, and factors such as continuous inventory reduction at northern ports and the replenishment demand of downstream terminal enterprises support a small rebound in coal prices. However, the medium - and long - term fundamentals of thermal coal still face pressure. It is expected that coal prices will operate in a narrow range at a low level before the Spring Festival, and may maintain a slightly stronger short - term trend [4] Group 3: Summary According to Relevant Catalogs Main Varieties Price Market Driving Logic - Commodity Futures Black Sector - **Variety**: Thermal coal spot - **Intraday and Medium - term View**: The reference view is "oscillation" - **Core Logic**: In the critical period of peak winter, residential electricity consumption has improved significantly. With two weeks until the Spring Festival, industrial electricity consumption has not declined. In the short term, the daily coal consumption of power plants has reached the peak of the year, and the replenishment demand of downstream power plants and other terminal enterprises still exists, supporting a small rebound in coal prices. However, in the context of the peak season in January, the price of 5500K coal at ports only increased by 11 yuan/ton throughout the month, reflecting the weakness of the current coal fundamentals and the market's bearish expectation of the subsequent coal supply - demand pattern [4]

1. Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The short - term demand for thermal coal is strong, the inventory at northern ports is continuously decreasing, and downstream terminal enterprises still have restocking needs, which support the coal price to rebound slightly. However, the medium - and long - term fundamentals of thermal coal still face pressure. It is expected that the coal price will run in a narrow range at a low level before the Spring Festival, and may maintain a slightly stronger trend in the short term [4] 3. Summary by Relevant Catalogs 3.1 Time Cycle Explanation - Short - term refers to within one week, and medium - term refers to two weeks to one month [1] 3.2 Calculation of Price Fluctuation - For varieties with night trading, the starting price is the night - trading closing price; for those without night trading, it is the previous day's closing price. The daily - trading closing price is the end price to calculate the price change. A decline of more than 1% is considered weak, a decline between 0 - 1% is oscillating weakly, an increase between 0 - 1% is oscillating strongly, and an increase of more than 1% is strong. Oscillating strongly/weakly only applies to intraday views, and there is no distinction for short - term and medium - term views [2][3] 3.3 Price and Market Logic of Thermal Coal - The intraday and medium - term view of thermal coal is oscillating. The core logic is that during the critical period of peak winter power consumption, residential electricity consumption has improved significantly, and with two weeks to go before the Spring Festival, industrial electricity consumption has not declined. In the short term, the daily coal consumption of power plants has reached the peak of the year, and the restocking demand of downstream power plants and other terminal enterprises still exists, supporting the coal price to stabilize and rebound slightly. However, in the context of the peak season in January, the price of 5500K coal at ports only rose slightly by 11 yuan/ton, which also reflects the current weakness of the coal fundamentals and the market's bearish expectation of the subsequent coal supply - demand pattern [4]

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - In January, domestic thermal coal prices moved within a narrow range, showing a trend of rising first and then falling. As of January 23, the price of 5500K thermal coal at Qinhuangdao Port decreased by 9 yuan/ton month-on-month to 686 yuan/ton, and has maintained a weak and stable operation since the middle of the month [3][57]. - On the supply side, in December 2025, the national raw coal output was 437 million tons, still down 1.0% year-on-year, but the absolute output reached the highest level of the year. In the new year, some coal mines that had stopped production due to the completion of annual targets resumed production one after another, and the coal mines in the producing areas were producing steadily. In terms of imports, in December, China imported 58.6 million tons of coal and lignite, refreshing the highest monthly import volume last year, a year-on-year increase of 11.9%. The stable production of domestic coal mines and the high level of imports still put some pressure on coal prices [3][57]. - On the demand side, in December, the total social electricity consumption was 908 billion kWh, a year-on-year increase of 2.8%; the power generation of industrial enterprises above the designated size was 858.62 billion kWh, a year-on-year increase of 0.1%. In late January, affected by the cold wave, the temperature in coastal cities dropped sharply, and the daily coal consumption of power plants climbed. This winter, the overall temperature in China was relatively warm, and the heating demand in coastal cities only improved significantly in January. In addition, the profit of the non-power chemical industry was under pressure, and the enthusiasm for replenishing inventory was also limited [3][57]. - In terms of inventory, as of January 26, the total inventory of thermal coal at the nine ports in the Bohai Rim was 25.83 million tons, a month-on-month decrease of 3.944 million tons, and slightly higher than the inventory of the same period last year by 347,000 tons. As of January 22, the coal inventory of power plants in 17 inland provinces was 90.104 million tons, with 20.2 days of available coal; the coal inventory of 8 coastal provinces was 32.994 million tons, with 13.7 days of available coal [4][58]. - Overall, in the context of the lack of production capacity control policies in the coal industry, the market has a long-term loose expectation for thermal coal. Even during the peak winter season, downstream users still purchase cautiously. Considering the support during the peak season and the fact that coal prices are difficult to fall sharply under the tone of the anti-involution policy, it is expected that thermal coal prices will still move within a narrow range in February. However, as the peak winter season approaches the end after the Spring Festival, coal prices may be under pressure to weaken under the expectation of the off-season [4][58]. Group 3: Summary According to the Directory Chapter 1: Market Review 1.1 Price Review - In January, domestic thermal coal prices moved within a narrow range, showing a trend of rising first and then falling. As of January 21, the price of 5500K thermal coal at Qinhuangdao Port decreased by 14 yuan/ton month-on-month to 689 yuan/ton, and has maintained a weak and stable operation since the middle of the month. At present, the supply and demand of domestic thermal coal are both strong, but downstream users have a weak expectation of the sustainability of winter demand. Coupled with the acceptable inventory levels in the middle and lower reaches, most enterprises replenish inventory on demand based on long-term agreement coal, with a strong wait-and-see sentiment and weak speculative demand, reflecting the market's cautious expectation of the subsequent price trend. Considering the support of the peak season and the downstream's need to replenish inventory, it is expected that thermal coal prices will still move within a narrow range in February, but as the peak winter season approaches the end after the Spring Festival, coal prices may be under pressure to weaken under the expectation of the off-season [8]. - In the international market, the international mainstream thermal coal price index also moved steadily in January. As of the week of January 23, the European ARA port coal price index reported 95.88 US dollars/ton, flat month-on-month, and 23.37 US dollars lower than the price of the same period last year; the Newcastle NEWC6000 index reported 111.26 US dollars/ton, a month-on-month increase of 4.31 US dollars/ton, and 4.28 US dollars lower than the price of the same period last year; the South African Richards Bay RB index reported 85.25 US dollars/ton, flat month-on-month, and 17.25 US dollars lower than the price of the same period last year [8]. 1.2 Futures-Spot Price Difference - As of January 23, the price of the main thermal coal contract was 115.4 yuan/ton higher than the price of 5500 kcal thermal coal produced in Shanxi at Qinhuangdao Port [13]. Chapter 2: Analysis of Factors Affecting Prices 2.1 Supply Side 2.1.1 Origin Situation - In December 2025, the national raw coal output was 437 million tons, still down 1.0% year-on-year, but the absolute output reached the highest level of the year. In 2025, the cumulative national raw coal output was 4.832 billion tons, a cumulative year-on-year increase of 1.2%. High-frequency data showed that in the week of January 23, the capacity utilization rate of 462 thermal coal mines nationwide was 89.6%, and the average daily raw coal output was 5.41 million tons, a week-on-week decrease of 57,000 tons/day. In the new year, some coal mines that had stopped production due to the completion of annual targets resumed production one after another, and the coal mines in the producing areas were producing steadily. However, in February, with the arrival of the Spring Festival, some private coal mines may enter the shutdown and vacation state in advance, driving the contraction of raw coal output [16]. - In terms of provinces, in December 2025, the raw coal output in Shanxi was 113 million tons, slightly 0.7% lower than the same period last year, and the decline was 2.6 percentage points narrower than that in November; from January to December, the cumulative raw coal output in Shanxi was 1.305 billion tons, a cumulative year-on-year increase of 2.1%. In Inner Mongolia, in December 2025, the raw coal output was 121 million tons, the same as the same period last year; from January to December, the cumulative raw coal output in Inner Mongolia was 1.29 billion tons, a cumulative year-on-year decrease of 1.0%. In Shaanxi, in December 2025, the raw coal output was 74 million tons, a year-on-year increase of 5.9%, and it was the only province in the main producing areas that maintained positive growth; from January to December, the cumulative raw coal output in Shaanxi was 805 million tons, a cumulative year-on-year increase of 2.9%. In Xinjiang, in December 2025, the raw coal output was 54 million tons, a year-on-year decrease of 8.0%; from January to December, the cumulative output in Xinjiang was 553 million tons, a year-on-year increase of 1.9% [17]. - Overall, the impact of the "anti-involution" policy in the coal industry has gradually materialized, and the year-on-year decline in coal production in Shanxi and Inner Mongolia has significantly narrowed. In January, the coal mines in the main producing areas of China were producing steadily, but it is expected that in February, affected by the Spring Festival holiday, coal production will decline seasonally. At the same time, attention should be paid to whether there are new positive signals from the "anti-involution" policy [18]. 2.1.2 Import Volume - In December 2025, China imported 58.6 million tons of coal and lignite, refreshing the highest monthly import volume last year, a month-on-month increase of 33.0% and a year-on-year increase of 11.9%; from January to December, the cumulative import volume was 490.27 million tons, a year-on-year decrease of 9.6%. - High-frequency data showed that in the first two weeks of January, the arrival volume of seaborne coal in China was 13.252 million tons, equivalent to an average daily arrival volume of 1.104 million tons, a month-on-month decline compared with the average daily arrival volume of 1.317 million tons in December, but a year-on-year increase of 13.8%. The Mongolian coal imported by railway increased significantly in December last year. Only at the Ganqimaodu Port, there were 37,291 vehicle passages, a further increase of 27.5% compared with the high import volume in November. In January, the daily vehicle passage number at this port briefly dropped from about 1,500 vehicles to 1,200 vehicles, and gradually recovered in the middle of the month. Data showed that as of January 20, the total customs clearance of Mongolian coal at the Ganqimaodu Port was 19,890 vehicles, a month-on-month decrease of 24.9% and a year-on-year increase of 25.4%. According to reports from information agencies, Mongolia plans to increase its coal exports from 84 million tons in 2026 to 90 million tons, and strive to reach 100 million tons in 2027 [25][26]. 2.2 Intermediate Link Transportation 2.2.1 Datong-Qinhuangdao Railway - In December 2025, the Datong-Qinhuangdao Railway completed a freight volume of 34.43 million tons, a year-on-year decrease of 1.68%, and the average daily freight volume was 1.1106 million tons. From January to December 2025, the Datong-Qinhuangdao Railway cumulatively completed a freight volume of 390.04 million tons, a year-on-year decrease of 0.54%. From a high-frequency data perspective, as of January 22, the Datong-Qinhuangdao Railway completed a freight volume of 22.0872 million tons, a 11.5% decrease compared with December, equivalent to an average daily freight volume of 1.004 million tons [29]. 2.2.2 Ports in the Bohai Rim - iFind data showed that in December 2025, the total railway coal inflow volume of the seven major ports in the Bohai Rim (Qinhuangdao Port, Caofeidian Port, Donggang of Jingtang Port, Jingtang Port Coal Company, Huanghua Port, Huadian Caofeidian Port, and Caofeidian Phase II Port) was 46.556 million tons, a year-on-year decrease of 4.86%, equivalent to an average daily inflow of 1.5018 million tons. As of January 26, 2026, the cumulative inflow of the seven ports in the Bohai Rim was 36.241 million tons, equivalent to an average daily inflow of 1.3939 million tons [30][31]. - In terms of outflow, in December 2025, the total coal outflow of the seven major ports in the Bohai Rim was 46.009 million tons, a year-on-year decrease of 13.48%, equivalent to an average daily outflow of 1.4842 million tons. As of January 26, 2026, the cumulative outflow of the seven ports in the Bohai Rim was 38.248 million tons, equivalent to an average daily outflow of 1.471 million tons. - Since January, the coal outflow efficiency of the port group in the Bohai Rim has basically remained stable, but the inflow volume has decreased month-on-month, showing that the coal inventory in the northern port group has decreased. iFind data showed that as of January 26, the total inventory of thermal coal at the nine ports in the Bohai Rim was 25.83 million tons, a month-on-month decrease of 3.944 million tons, and slightly higher than the inventory of the same period last year by 347,000 tons. Overall, affected by multiple cold snaps, the heating demand of residents in coastal areas has improved, driving the seasonal decrease of coal inventory in northern ports to a level close to that of the same period last year. As of January 22, the coal inventory of 8 coastal provinces was 32.994 million tons, with 13.7 days of available coal. There is still a need to replenish inventory in the short term, but considering the decline in the electricity demand of the secondary industry around the Spring Festival and the gradual warming of the temperature after the festival, the wait-and-see sentiment in the spot market is still getting stronger, downstream users purchase cautiously, and the upward momentum of coal prices is limited [33]. 2.2.3 Shipping Situation - In January, the trends of the domestic and international shipping markets were somewhat differentiated, among which the international dry bulk market fluctuated within a narrow range. iFind data showed that as of January 26, the BDI index closed at 1,780 points, a month-on-month decrease of 5.2% and a year-on-year increase of 133.9%. Looking at the sub-vessel types, the freight rates of Capesize vessels declined during January, the freight rates of Panamax vessels rose significantly, and the freight rates of Supramax vessels were relatively stable. As of January 26, the Capesize (BCI) index closed at 2,626 points, a month-on-month decrease of 20.9% and a year-on-year increase of 174.1%. The Panamax (BPI) index reported 1,612 points, a month-on-month increase of 27.2% and a year-on-year increase of 112.4%. The Supramax (BSI) index reported 1,035 points, a month-on-month decrease of 9.5% and a year-on-year increase of 64.5%. - In the domestic shipping market, as of January 26, the CBCFI index closed at 679.17 points, a month-on-month increase of 12.4% and a year-on-year increase of 42.6%. Affected by the continuous cold air, the daily coal consumption of coastal power plants has entered the peak stage of the year, and the demand for replenishing inventory has been slowly released. At the same time, under extreme weather such as rain and snow, the phenomenon of port closures has increased, the supply of shipping is weak and the demand is strong, and the freight rates have certain support, and may maintain a relatively strong operation in February [36][38]. 2.3 Demand Side 2.3.1 Total Social Electricity Consumption - According to data from the National Energy Administration, the total social electricity consumption in December was 908 billion kWh, a year-on-year increase of 2.8%. In 2025, the cumulative total social electricity consumption was 1.03682 trillion kWh, a year-on-year increase of 5.0%. From the perspective of electricity consumption by industry, the electricity consumption of the primary industry was 14.94 billion kWh, a year-on-year increase of 9.9%; the electricity consumption of the secondary industry was 663.66 billion kWh, a year-on-year increase of 3.7%; the electricity consumption of the tertiary industry was 199.42 billion kWh, a year-on-year increase of 8.2%; the electricity consumption of urban and rural residents' living was 158.8 billion kWh, a year-on-year increase of 6.3%. The electricity consumption of the tertiary industry and urban and rural residents' living contributed 50% to the growth of electricity consumption. The electricity consumption growth rates of the charging and battery swapping service industry and the information transmission, software, and information technology service industry reached 48.8% and 17.0% respectively, which were important reasons for driving the growth of electricity consumption in the tertiary industry [41]. - In January, China entered a critical period for peak winter power consumption, and the coal consumption of power plants across the country entered the peak stage of the year. Data showed that as of January 22, the daily coal consumption of power plants in 17 inland provinces was 4.459 million tons, a week-on-week increase of 337,000 tons/day, the coal inventory was 90.104 million tons, with 20.2 days of available coal; the daily coal consumption of power plants in 8 coastal provinces was 2.417 million tons, a week-on-week increase of 239,000 tons, the coal inventory was 32.994 million tons, with 13.7 days of available coal. Overall, in January, the supply and demand of thermal coal were both strong, but downstream users had a weak expectation of the sustainability of winter demand. Coupled with the acceptable inventory levels in the middle and lower reaches, most enterprises replenished inventory on demand based on long-term agreement coal, with a strong wait-and-see sentiment and weak speculative demand, reflecting the market's cautious expectation of the subsequent price trend. Considering the support of the peak season and the downstream's need to replenish inventory, it is expected that thermal coal prices will still move within a narrow range in February, but