煤炭行业周报：电煤消费淡季来临，预计煤价持续承压，关注非电行业复工进度

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating an expectation for the sector to outperform the overall market [2]. Core Insights - The report highlights that with the arrival of the off-peak season for electricity consumption, coal prices are expected to remain under pressure due to high inventory levels and stable supply from long-term contracts and imports [2][4]. - The report emphasizes the importance of monitoring the recovery progress of non-electric industries, which could impact coal demand [2]. - The report recommends specific companies that are expected to benefit from increased market coal supply and stable operations, including China Shenhua, Shaanxi Coal, and China Coal Energy [2]. Summary by Sections Recent Industry Policies and Dynamics - The National Development and Reform Commission and the National Energy Administration have issued a notice to deepen the market-oriented reform of renewable energy grid prices, promoting sustainable development [8]. - Significant developments in coal exploration and logistics infrastructure were reported, including new coal resource discoveries and the approval of key railway connections for coal transportation [8]. Price Trends - As of February 14, 2025, the price of thermal coal at Qinhuangdao port was reported at 741 RMB/ton, a decrease of 11 RMB/ton week-on-week and 170 RMB/ton year-on-year [2]. - The report notes that coking coal prices remained stable, with Shanxi's main coking coal priced at 1460 RMB/ton as of February 14, 2025 [2][12]. Supply and Demand Dynamics - The average daily coal inflow to the four ports in the Bohai Rim increased to 1.5554 million tons, a week-on-week increase of 16.64% [20]. - The report indicates that coal inventories at the Bohai Rim ports reached 28.29 million tons, reflecting a week-on-week increase of 169.3 thousand tons [20]. Shipping Costs - Domestic coastal shipping costs decreased by 0.31 RMB/ton to 22.59 RMB/ton, a decline of 1.35% [28]. - International shipping costs from Newcastle, Australia to Qingdao, China increased by 0.5 USD/ton, reaching 11.64 USD/ton [28]. Company Valuation - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings per share (EPS) forecasts for 2023 to 2026 [32].