Zheng Quan Shi Bao Wang·2025-10-23 02:34Group 1 - The coal sector experienced significant gains on the 23rd, with companies like Shaanxi Black Cat, Yunnan Coal Energy, and Zhengzhou Coal Electricity hitting the daily limit, and Dayou Energy achieving a nearly 150% increase over the last 10 trading days [2] - A "rapid freeze" is expected to sweep across China, prompting early winter storage and supply replenishment in northern regions, while supply constraints are reinforced by ongoing production limits and increased environmental inspections [2] - The supply-demand relationship in the coal market is anticipated to shift from "structural surplus" to "tight balance" due to increased winter heating demand and industrial activity, alongside supply-side tightening policies [2][3] Group 2 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized "stabilizing electricity and coal prices" as key topics, aiming to resist "involution-style" competition, which supports a long-term investment logic in the coal sector [3] - The fourth quarter is expected to present investment opportunities in the coal sector, with potential for better performance compared to the third quarter, driven by seasonal demand and limited supply growth [3][4] - The overall valuation of the coal sector is currently low, with a market style shift expected to enhance the potential for price recovery, making it a favorable time for increased allocation in elastic varieties [4]