港股异动 | 煤炭股涨幅居前 市场高度关注行业供给收紧 机构称“反内卷”预期下煤价有望回到合理点位

Group 1 - The coal stocks have shown significant gains, with Mongolian Coking Coal rising by 3.69% to HKD 8.42, China Coal Energy up by 2.85% to HKD 10.47, Yanzhou Coal Mining increasing by 2.85% to HKD 9.75, and China Shenhua Energy rising by 2.78% to HKD 37.6 [1] - The tightening of supply in the coal industry has become a key investment theme, with expectations that the oversupply situation will gradually reverse, leading to an increase in coal prices [1] - As temperatures rise, the demand for thermal power generation is increasing, resulting in a rapid rise in daily coal consumption at thermal power plants, which may improve the coal supply-demand balance [1] Group 2 - The impact of the warm winter in Q1 2025 has passed, and electricity demand is recovering rapidly, with coal demand starting to grow by over 1% since May [2] - The recent policies from the National Energy Administration regarding the coal industry's "anti-involution" and the pressure on profitability at a price of 650 CNY/ton are expected to constrain production, leading to a stable or declining total supply [2] - The combination of reduced imports and the current supply-demand fundamentals suggests that the bottom of the market may have been reached [2]