智通财经网·2025-10-20 06:20Core Viewpoint - The coal stocks continue their recent upward trend, driven by a significant increase in thermal coal prices, with expectations for further price rises as the heating season begins and demand increases [1] Group 1: Stock Performance - Yanzhou Coal Mining Company (01171) rose by 4.18%, trading at HKD 11.47 [1] - Yancoal Australia (03668) increased by 2.5%, trading at HKD 28.7 [1] - China Coal Energy (01898) saw a rise of 2.41%, trading at HKD 11.06 [1] - China Shenhua Energy (01088) gained 2.29%, trading at HKD 41.08 [1] Group 2: Coal Price Trends - As of October 17, the Qinhuangdao Q5500 thermal coal closing price reached CNY 748 per ton, an increase of CNY 43 per ton, or 6.1% [1] - Other port price indicators have reached approximately CNY 750 per ton, nearing the expected price range of CNY 800-860 [1] - The upcoming heating season and the peak demand for non-electric coal are expected to sustain the upward price trend [1] Group 3: Market Sentiment and Industry Outlook - The industry fundamentals are improving due to positive changes on both supply and demand sides, with coal price increases exceeding expectations [1] - The resurgence of trade conflicts may intensify market volatility, leading to a shift in investment styles [1] - The defensive nature of dividend characteristics and the clear turning point in the low-end fundamentals of coal are significantly enhancing the market's attractiveness [1]