Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - Since November, the coal price has declined due to weak demand, leading to a sector pullback. Despite high inventory levels at power plants limiting price increases, low port inventories and tight supply conditions suggest limited downside for prices. The current market presents value in dividend-paying stocks with stable earnings, especially considering year-end demand for insurance capital allocation [2][7] Summary by Sections Market Performance - The coal index (Yangtze) fell by 0.51%, underperforming the CSI 300 index by 2.15 percentage points. The thermal coal price at Qinhuangdao port was 816 CNY/ton, down 18 CNY/ton week-on-week [6][16] Supply and Demand Analysis - As of November 27, the daily coal consumption of power plants in 25 provinces was 5.41 million tons, a year-on-year decrease of 2.7%. Power plant inventories were 137 million tons, with an available days supply of 25.2 days, up 0.6 days year-on-year. Port inventories showed a year-on-year decline of 9.5% [17][37] Price Trends - The price of thermal coal at Qinhuangdao port decreased by 2.16% week-on-week. The price of coking coal at Jingtang port was 1,670 CNY/ton, down 110 CNY/ton week-on-week. The market remains resilient due to low port inventories and seasonal demand [6][44] Investment Recommendations - Stock selection should focus on three strategies: defensive and offensive stocks like Yancoal Energy and Electric Power Investment Energy; stable leaders such as China Coal Energy and Shaanxi Coal and Chemical; and elastic growth stocks like Jinkong Coal and Lu'an Environmental Energy [8]