广发证券：各地供应趋紧，预计煤价下行有限，板块估值股息具备优势

Group 1 - The core viewpoint of the article indicates that coal prices have risen significantly since July due to a shift from a loose supply-demand balance to a slightly tighter one [1] - Although there has been some recent price easing, stricter safety regulations and checks on overproduction are expected to limit supply increases, leading to a gradual stabilization and potential recovery of coal prices [1] - In the second quarter, coal prices were at the bottom range, but leading companies have managed cost control effectively, showing strong profit resilience, with expectations of both volume and price increases in the second half of the year [1] Group 2 - The coal sector is anticipated to maintain a strong performance in the fourth quarter, with a steady and slightly stronger trend expected [1] - The valuation and dividend yield advantages of the sector are highlighted, suggesting potential upward elasticity in both valuation and profits [1]