煤炭行业周报：动煤价格支撑增强，焦煤价格下探空间有限

Investment Rating - The report maintains a "Recommended" rating for the coal industry [33] Core Insights - The coal market is experiencing a downward trend, with domestic and international prices declining. However, the price of thermal coal is stabilizing in the range of 760-770 CNY/ton. The supply-demand fundamentals are expected to improve as domestic coal prices have dropped significantly, and the volume of imported coal is likely to decrease [109] - The report highlights that the focus should be on companies with stable performance and high return on equity (ROE), as well as those with growth in coal production and improving corporate governance. Recommended stocks include China Shenhua, Zhongmei Energy, Jinkong Coal, Shanxi Coal International, and others [92] Summary by Sections Weekly Data Tracking - Thermal coal prices are declining due to weak demand and import impacts, with the average daily consumption in coastal provinces increasing to 220.3 thousand tons, up by 3.8 thousand tons week-on-week [22] - As of December 27, the inventory of thermal coal in northern ports is 26.48 million tons, a decrease of 960 thousand tons week-on-week [22] Market Review (12.23-12.27) - The overall coal market is showing a downward trend, with thermal coal prices stabilizing after a decline. The report notes that coal mines that have completed their annual production and sales tasks are gradually reducing or halting production [109] Weekly Outlook (12.22-12.28) - The report emphasizes the importance of selecting stocks based on stable performance and high dividend yields, as well as those with growth potential in coal production. The recommended stocks include China Shenhua, Zhongmei Energy, and others [92]