Industry Overview - As of this year, the prices for thermal coal and coking coal in China are 680 RMB per ton and 1,280 RMB per ton respectively, representing a decline of approximately 50% compared to 2022 [1] - The outlook for the coal industry is neutral, with expectations of price stabilization in the second half of this year and into next year due to a slowdown in supply growth and reduced coal imports, alongside strong coal demand [1] Company Analysis - China Shenhua Energy (01088) has had its earnings forecast for 2025-2027 increased by 7% to 29%, with the target price raised from 32 HKD to 38 HKD, maintaining a "neutral" rating [1] - Yanzhou Coal Mining Company (01171) has seen its earnings forecast for 2026-2027 increased by 20% to 21%, with the target price raised from 8 HKD to 9 HKD, reaffirming a "underperform" rating [1] - China Coal Energy (01898) maintains a "neutral" rating, with the target price increased from 8.5 HKD to 11 HKD [1]