机构：看好四季度煤炭板块投资机会

Core Viewpoint - The coal market is showing signs of recovery with potential price increases for both thermal and coking coal due to improved supply-demand dynamics and seasonal demand expectations [1][2] Group 1: Price Trends - The Qinhuangdao thermal coal price index reported at 684 RMB/ton, an increase of 4 RMB/ton week-on-week [1] - Current thermal and coking coal prices are at historical lows, providing room for a rebound [1] Group 2: Supply and Demand Dynamics - Supply-side policies aimed at reducing overproduction are expected to lead to a contraction in output [1] - The demand side is anticipated to improve due to seasonal factors, particularly the "golden September and silver October" period, which typically sees increased non-electric coal demand [1] - The overall coal supply is expected to have limited growth in the fourth quarter, supporting coal prices [2] Group 3: Investment Opportunities - The coal sector is viewed positively for the fourth quarter, with expectations of better performance compared to the third quarter [2] - The sector is considered to have configuration value, with low overall valuations and potential for price recovery [2] - Recommended stocks include Jinkong Coal Industry, Shanxi Coal International, and Huayang Co., with a focus on elastic varieties [2]