煤炭重要会议7月举办，行业供改政策也有望出炉，还叠加夏季用电高峰

Group 1 - The summer national coal trading conference will be held on July 10-11, 2025, focusing on efficient resource allocation and dynamic balance of coal supply and demand [1] - The coal price has seen a significant decline from 1615 CNY/ton in October 2021 to approximately 618 CNY/ton by June 2025, marking a cumulative drop of 997 CNY/ton [2] - The China Coal Industry Association and the Coal Sales Association have proposed five strategies to reshape the industry ecosystem, including adjusting production rhythms and strengthening long-term contracts for electric coal [2] Group 2 - The upcoming peak electricity demand season is expected to increase coal consumption, with potential for a seasonal rise in power generation from thermal sources [3] - There are signs of stabilization in the coal market, with expectations for price recovery due to seasonal demand increases and a slowdown in production growth [3] - The coal sector is anticipated to experience a valuation uplift as the bottom support for coal prices is reaffirmed, with a recommendation for stable leading stocks [3] Group 3 - Historical data shows that low-sulfur coking coal prices in Shanxi have a 13% premium over long-term contract prices, indicating a strong market position [4] - The announcement of a dividend by Lanhua Science and Technology, with an annualized dividend yield of 10%, reinforces the high dividend valuation logic in the coal sector [4] - Yunnan Coal Energy has seen significant stock performance, with a maximum increase of over 25% in three days [4] Group 4 - Companies with stable performance and high net cash growth include Jinkong Coal Industry [6] - Industry leaders with stable performance include Shaanxi Coal, China Shenhua, and China Coal Energy [6] - Companies with stable performance and year-on-year production growth include Huayang Co. and Shanxi Coal International [6]