煤炭周报：煤价止跌企稳，持续看好红利价值

Investment Rating - The report maintains an "Outperform" rating for the coal mining industry, indicating a positive outlook for dividend value [7][13]. Core Views - The coal price has stabilized after a decline, supported by winter storage demand due to cold weather and resilient non-electric demand [9][10]. - The report anticipates a U-shaped trend for thermal coal prices in 2025, with limited production growth expected [9]. - The overall market sentiment is improving, with expectations of a rebound in demand and prices due to ongoing economic support policies [10][13]. Summary by Sections 1. Industry Data Tracking - Price Analysis: As of December 27, 2024, the CCTD Qinhuangdao Q5500 thermal coal price is 766 CNY/ton, down 1.42% from the previous week [9][11]. - Supply and Demand: There has been a slight decrease in overall supply due to some coal mines halting production as annual targets are met [9]. - Inventory Analysis: Qinhuangdao's coal inventory decreased by 19,000 tons (-2.81%) to 657,000 tons [11][83]. - International Market: The IPE Rotterdam coal price is down 1.98%, and the Australian peak coking coal price has decreased by 6.82% [11][105]. 2. Market Review - The coal sector underperformed the broader market, with a 0.54% decline compared to a 0.95% increase in the Shanghai Composite Index [108]. - The report highlights that thermal coal prices are expected to stabilize, while coking coal prices may rebound in 2025 due to improved macroeconomic expectations [10][13]. 3. Recent Events - The report notes significant developments in the coal industry, including the completion of intelligent coal mines in Shanxi, which now account for over 60% of the province's coal production capacity [112]. - Internationally, coal demand is expected to remain stable, particularly in China, India, and Indonesia, with optimistic signals for the market [112].