Xin Lang Cai Jing·2025-11-08 11:14Core Insights - The primary goal is to reverse the PPI trend, with September PPI's year-on-year decline narrowing to 2.3%, indicating a stabilization in PPI driven by coal prices [3] - The coal price is expected to remain stable, with 2025 potentially marking a policy bottom for coal prices, as supply-side policies are anticipated to be introduced [3] - The coal industry is experiencing a transformation, with limited supply elasticity due to strict capacity controls and increasing mining difficulties, particularly in eastern regions [3] Industry Summary - As of November 7, 2025, Qinhuangdao's 5500K thermal coal closing price is 817 RMB/ton, up 6.1% week-on-week, with significant price increases in Inner Mongolia, Shaanxi, and Shanxi [1] - Daily average production of thermal coal from 462 sample mines is 5.493 million tons, a week-on-week increase of 42,000 tons but a year-on-year decrease of 6.2% [1] - Methanol and urea operating rates are at 87.8% and 82.7%, respectively, both above historical levels [1] Company Recommendations - Companies with excellent resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal, are recommended for investment [4] - Companies with production growth potential benefiting from a coal price cycle bottom, including Yanzhou Coal, Huayang Co., Guanghui Energy, Jinkong Coal, and Gansu Energy, are also suggested [4] - Companies with globally scarce resources benefiting from long-term supply tightness, such as Huaibei Mining, Pingmei Shenma, Shanxi Coking Coal, Lu'an Environmental Energy, and Shanmei International, are highlighted [4]