Group 1 - Coal stocks have become active again, with notable price increases for companies such as China Coal Energy (01898) up 4.01% to HKD 11.93, Powerlong Development (01277) up 3.16% to HKD 1.63, Yanzhou Coal Mining (01171) up 2.8% to HKD 11.38, and China Shenhua Energy (01088) up 0.87% to HKD 41.62 [1] - The recent rise in coal prices is driven by increased winter demand and supply constraints, indicating a tightening supply side in the coal industry [1] - According to Founder Securities, the coal supply-demand situation is expected to improve in the fourth quarter, with a potential reversal from oversupply to a more balanced market, leading to further price increases [1] Group 2 - The report highlights that companies with a high proportion of long-term contracts, such as China Shenhua and China Coal, exhibit strong earnings stability [1] - If coal prices continue to rebound, undervalued stocks like Yanzhou Coal Mining (Hong Kong stock) may also experience valuation recovery [1]