Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The reference view for thermal coal spot is to oscillate. The supply of thermal coal is stable, while the demand is seasonally weakening. The spot price is supported by downstream replenishment demand in the short term, but the upward momentum after the holiday is limited. The coal price is expected to maintain an oscillating trend in October [4] Group 3: Summary by Related Catalog Supply Situation - The impact of the previous production capacity verification has eased, and coal mines in the main production areas are operating normally. However, at the end of the month, some coal mines slowed down production after reaching their production targets, resulting in overall stable supply of thermal coal [4] Demand Situation - The demand is in a downward trend during the off - season. Since September, the water inflow in Sichuan and Yunnan has significantly improved, and there have been consecutive all - day negative electricity prices in the Sichuan power spot market due to excess new energy output. Inner Mongolia has also entered the windy season, and the increase in new energy output will suppress the demand for thermal coal [4] Inventory Situation - As of September 25, the total coal inventory of 9 ports in the Bohai Rim was 2.277 billion tons, with a weekly decrease of 2 million tons compared to the previous week, and 158.4 million tons lower than the same period last year [4]

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View The domestic thermal coal price has temporarily stopped falling and stabilized this week. However, due to the supply and inventory pressure, especially the rapid increase in port inventory in May, the coal price is expected to remain in low - level fluctuations. Although there are some positive factors such as policy support, a decline in imported coal, and the approaching peak season for power coal, the current supply - demand pattern is still loose, and the expectation of a weak peak season is strong [4]. 3. Summary by Relevant Content - **Price and Supply - Demand Situation**: As of May 22, the price of 5500K coal at Qinhuangdao Port was 613 yuan/ton, a week - on - week decrease of 9 yuan/ton. The supply and inventory pressure of thermal coal still exists. The April production and imports decreased month - on - month, indicating that the supply - side pressure has not further increased. The rapid increase in port inventory in May has strongly suppressed the coal price [4]. - **Inventory Data**: As of May 22, the total coal inventory of 9 ports in the Bohai Rim was 32.105 million tons, 6.458 million tons higher than the same period last year, and the inventory once reached a historical high of 33 million tons within the month [4]. - **Positive Factors**: There are three positive factors in the current coal market. Firstly, the policy has sent positive signals in May, alleviating the pessimistic sentiment in non - power industries. Secondly, the cost - effectiveness of imported coal has decreased, leading to a decline in imports. Thirdly, the peak season for power coal is approaching [4].