YANKUANG ENERGY(SH:600188) Zheng Quan Ri Bao Wang·2025-10-15 12:48Core Viewpoint - The coal market is experiencing a warming trend as the strongest cold air mass of the year sweeps across China, leading to a significant drop in temperatures and heightened expectations for coal demand in the fourth quarter [1][2]. Group 1: Supply and Demand Dynamics - The coal industry is expected to maintain a tight supply-demand balance in the fourth quarter, with prices likely to rise due to strong demand and constrained supply [2][3]. - Analysts predict that the prices of thermal coal and coking coal have reached a turning point, with thermal coal prices expected to rebound to long-term contract prices, currently above 700 yuan per ton [2]. - The overall production mindset in coal mines remains cautious, contributing to a marginal contraction in the industry despite ongoing production checks [2]. Group 2: Market Performance - The A-share coal sector has shown strong performance, driven by weather factors and improvements in the fundamental market conditions [2][6]. - Several coal companies are actively preparing for the upcoming winter peak in coal demand by optimizing production and supply chain management [4]. Group 3: Policy Environment - Recent policy changes are creating a favorable environment for the coal industry, focusing on stabilizing electricity and coal prices while preventing excessive competition [4][5]. - The State-owned Assets Supervision and Administration Commission has emphasized the importance of maintaining a good market price order, which is expected to boost market sentiment [5].