1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The demand for thermal coal has increased this week, with obvious recovery in chemical and power demands, while the supply has shown a mixed trend, with domestic production and imports showing different changes [26][29]. 3. Summary by Related Catalogs 3.1 Thermal Coal Fundamentals Data - Thermal coal pit - mouth quotes continue to rise [4]. 3.2 Thermal Coal Supply - **Domestic supply**: As of October 10, the output of 462 sample mines was about 3.8703 billion tons, a week - on - week decrease of 0.24%, and the capacity utilization rate continued to shrink slightly. In August 2025, the total raw coal production was 390.497 million tons, a month - on - month increase of 2% and a year - on - year decrease of 1.5%. The raw coal production in Shaanxi, Shanxi, and Inner Mongolia decreased simultaneously [6][11]. - **Global supply**: The total global coal departure volume has decreased rapidly, and the departure volume from Russia has shrunk significantly. The total volume of coal floating to China has decreased month - on - month. As of October 3, the main arrival volume of thermal coal was 8.291 million tons, a week - on - week increase of 2.1314 million tons and a year - on - year decrease of 1.1501 million tons [18][20][22]. 3.3 Thermal Coal Demand - **Overall demand**: This week, the demand for power, metallurgy, construction, and chemicals has increased month - on - month, and the demand for thermal coal has increased month - on - month [29]. - **Sector - specific demand**: - **Chemical industry**: The demand has recovered month - on - month [30]. - **Power industry**: The inventory of power plants in 8 coastal provinces has decreased, and the coal consumption of power plants in 17 inland provinces has increased month - on - month. The power generation of new energy has weakened, and the thermal power generation has increased year - on - year [32][34][36]. 3.4 Thermal Coal Demand Substitution - The contribution of alternative energy has weakened [39]. 3.5 Total Thermal Coal Demand - The electricity demand provides obvious support, and the coal consumption for construction and metallurgy has increased month - on - month [41]. 3.6 Thermal Coal Inventory - **Mine inventory**: As of October 10, the mine inventory of sample enterprises was 3.184 million tons, a week - on - week increase of 15,000 tons and a year - on - year increase of 1.63 million tons [43]. - **Port inventory**: The inventory of 55 ports has increased slightly [46]. 3.7 Thermal Coal Transportation - The thermal coal freight index has recovered to mid - September, showing a fluctuating upward trend [49].