消息面上，据我的钢铁网报道，Mysteel调研内蒙古动力煤矿山超产核查情况，2025年1-6月单月原煤产 量超过公告产能10%的煤矿合计产能3460万吨/年，11处为300万吨产能以下中小型矿山，涉及动力煤矿 山13处，共计产能3220万吨/年。截止9月16日，5处煤矿（产能共计1930万吨/年）已因存在安全隐患， 责令停产整顿5-7天。目前，4处煤矿均已完成全面整改并恢复正常生产。 山西证券认为，随着反内卷带动政策转向，国内原煤产量收缩，尽管8月收缩趋势有所缓和，但9-10月 仍有减量预期。而国内供应收缩带动的煤价超预期上涨也拉动了煤炭进口需求，因此8月进口煤环比继 续提升。若后续煤价企稳反弹，或将继续拉动进口煤需求。 煤炭股多数上扬，截至发稿，兖矿能源（600188）(01171)涨6.28%，报10.49港元；中煤能源（601898） (01898)涨6.08%，报10.12港元；力量发展(01277)涨2.36%，报1.3港元；中国神华（601088）(01088)涨 2.1%，报38.96港元。 ...

Core Viewpoint - The coal production in China shows a cumulative output of 198.537 million tons from January to May, with a year-on-year growth rate of 6.0%, indicating a slight decline in growth momentum compared to previous months [1] Group 1: Production and Capacity - The coal production growth rate has decreased by 0.6 percentage points compared to the growth rate from January to April [1] - In June, there are signs of further production contraction due to safety production month, strict environmental inspections in major production areas, and sales pressure [1] - As of mid-June, the capacity utilization rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is 80.7%, which is lower than the average level in May and down 1.5 percentage points year-on-year [1] Group 2: Market Conditions - Despite stable market prices, sellers are facing significant challenges in actual shipments, compounded by the impact of shipping losses, leading to a continued suppression of spot coal volumes [1] - The coal inventory at major ports in the Bohai Rim region is currently at 28.68 million tons, which has decreased by 4.48 million tons from previous highs, representing a decline of 13.5% [1]