Zheng Quan Shi Bao Wang·2025-08-23 02:57Core Viewpoint - Huatai Securities reiterates the view that coal prices may not experience a typical seasonal decline, suggesting that the current high load and reduced import volumes are contributing to an improvement in coal fundamentals [1] Group 1: Market Dynamics - The sustained high load is exceeding expectations, indicating stronger demand for coal [1] - Import volumes are continuing to shrink, which is further supporting the coal market [1] - If "overproduction" leads to supply shocks, it may provide additional momentum for coal price rebounds [1] Group 2: Future Outlook - The potential for a Federal Reserve interest rate cut in the second half of 2025 could catalyze benefits for the coal sector [1] - Companies with high market share and stable profitability in the thermal coal sector are expected to be the primary beneficiaries [1] - There is a recommendation to focus on companies with stable cash flows and high dividend payout ratios [1]