智通财经网·2025-11-03 03:01Core Viewpoint - Coal stocks are experiencing an upward trend, driven by the onset of the heating season and strengthened safety regulations, which are expected to support coal prices in a fluctuating upward trajectory [1] Group 1: Market Performance - Major coal stocks such as Yanzhou Coal Mining (01171) rose by 5.62% to HKD 11.67, China Qinfa (00866) increased by 4.79% to HKD 3.06, China Coal Energy (01898) gained 3.2% to HKD 11.3, and China Shenhua (01088) went up by 2.47% to HKD 41.46 [1] - Port coal prices have remained above RMB 770 per ton, marking a mid-year high [1] Group 2: Price Outlook - According to Zhongtai Securities, coal prices are expected to maintain a fluctuating upward trend in November due to the heating season and comprehensive safety production assessments [1] - The report highlights that the coal sector has seen a significant cumulative decline this year, leading to low institutional holdings and a healthy chip structure, indicating that trading is not crowded [1] Group 3: Demand and Supply Dynamics - The constraints on coal supply due to "anti-involution" expectations and the release of demand from the "peak winter" expectations are contributing to a stable increase in coal prices [1] - The improvement in supply and demand dynamics is expected to catalyze further strengthening of coal prices, particularly with the non-electric coal entering its peak season [1] Group 4: Company Performance - The third-quarter reports from listed companies indicate a sequential improvement in the performance of thermal coal enterprises, confirming a bottoming out and upward trend in the industry [1] - Coking coal enterprises are experiencing lagging improvements in profitability due to long-term pricing mechanisms, but the overall upward trend remains intact [1] - The company continues to see investment opportunities in the new coal upcycle [1]