Group 1 - The core viewpoint indicates that the coal supply-demand situation in China is generally loose, with prices continuing to decline, prompting regulatory measures to stabilize the market [1][2] - The recent increase in coking coal prices is seen as a potential rebound, but its sustainability depends on whether production cuts are realized and if iron output meets expectations [1][2] - The long-term outlook suggests that the supply of premium coking coal will remain tight due to both quality and quantity declines, with domestic high-quality coking coal being irreplaceable by imports [1][2] Group 2 - The report from CICC suggests that coal supply in the second half of the year may be released more rationally, with potential price rebounds aiding industry profitability recovery [2] - It is anticipated that after the summer peak, there may be adjustments in the pace of thermal coal price recovery, but support is expected to strengthen with the onset of the heating season in October [2] - The coal industry chain includes companies such as China Coal Energy (01898), Yancoal Australia (03668), Yanzhou Coal Mining Company (01171), China Shenhua Energy (01088), and China Qinfa (00866) [3]
6月动力煤价格低点或是全年低点 机构看好未来主焦煤供给偏紧+资源稀缺态势延续（附概念股）
Zhi Tong Cai Jing·2025-07-29 00:06