平均期限继续创新高，平煤神马重组利好存量债项 | 投研报告

Group 1 - The coal market experienced a price rebound in Q3 2025, benefiting from a reduction in internal competition, leading to improved industry profitability and a moderation of previous pessimistic market expectations [1][2] - The average duration of coal bonds has reached a new high, raising concerns about the sustainability of the fundamental improvements, which may lead to a change in market recognition of coal credit products [1][2] - Institutions may adopt a strategy of controlling duration more strictly, as there has been a cautious approach towards long-term bonds from various credit levels in the market [2] Group 2 - The strategic restructuring between Pingmei Shenma Group and Henan Energy Group is expected to benefit existing debt instruments, as both companies are significant coal enterprises in Henan province with heavy debt burdens [3] - Following the restructuring, Pingmei Shenma Group is anticipated to significantly enhance its asset scale and coal production capacity, which may improve its competitive advantage [3] - The restructuring is likely to favor the debt instruments related to Henan Energy Group, while also improving the risk resilience of both entities through reduced competition and enhanced upstream and downstream business collaboration [3]