Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The report believes that the spot price of thermal coal is expected to remain weakly running in the near - term, and the callback space of coal prices in this round may be relatively limited due to the supply - side support brought by the "anti - involution" policy [4]. Group 3: Summary by Relevant Content 1. Price and Market Situation - The reference view for the spot price of thermal coal is "oscillation" in the short - term and medium - term. The market atmosphere has turned weak again as the peak season for thermal coal is coming to an end, but the price decline space is limited [4]. 2. Supply - side Factors - In late August, safety supervision in major production areas remained strict. With the approaching of the September 3rd parade, the frequency and thoroughness of coal mine safety supervision increased, suppressing coal mine production [4]. 3. Demand - side Factors - Although the daily consumption of thermal coal remains high in the short - term, as the off - season approaches, terminal enterprises are becoming more and more hesitant, putting downward pressure on coal prices [4]. 4. Inventory Factors - As of August 22, the total coal inventory of 9 ports in the Bohai Rim was 2.3264 million tons, with a significant monthly destocking of 370,500 tons. The inventory was 76,600 tons lower than the same period last year, and the high - inventory advantage in the first half of the year has been basically digested [4].

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - The intraday and mid - term view of the power coal spot is "oscillating". As the peak season approaches, positive factors for power coal are accumulating, but the market is in a stalemate with prices remaining stable for now. The overall pattern of long - term supply - demand surplus for power coal remains unchanged, and there is a high possibility of weak prices during the peak season this summer [4]. 3. Summary by Related Content Power Coal Spot Analysis - **Driving Factors for Price Trends** - **Positive Factors**: As the peak summer season approaches in June, terminal power plants have some demand for peak - season inventory replenishment, which provides slight support to the market sentiment. Also, domestic coal prices are at a low level compared to the international market, leading to a significant decrease in the cost - effectiveness of imported coal in 2025 compared to 2024, resulting in a decline in imports [4]. - **Negative Factors**: The long - term supply - demand situation of power coal remains loose. Current port inventories are at a five - year high for the same period, increasing the likelihood of weak prices during the peak season this summer [4].