Zhi Tong Cai Jing·2025-09-17 05:44Group 1 - The coal stocks have mostly risen, with Yanzhou Coal Mining (01171) up 6.28% to HKD 10.49, China Coal Energy (01898) up 6.08% to HKD 10.12, and China Shenhua Energy (01088) up 2.1% to HKD 38.96 [1][1][1] - According to Mysteel's research, coal mines in Inner Mongolia are exceeding production capacity, with a total capacity of 34.6 million tons per year for mines exceeding 10% of their announced capacity from January to June 2025 [1][1][1] - As of September 16, five coal mines with a total capacity of 19.3 million tons per year have been ordered to suspend operations for 5-7 days due to safety hazards, with four mines having completed rectification and resumed normal production [1][1][1] Group 2 - Shanxi Securities believes that domestic raw coal production is expected to shrink due to policy shifts, with a reduction trend expected to continue in September and October despite some easing in August [1][1][1] - The contraction in domestic supply is leading to an unexpected rise in coal prices, which is driving up coal import demand, with August imports continuing to increase month-on-month [1][1][1] - If coal prices stabilize and rebound, it may further stimulate demand for imported coal [1][1][1]