山西证券：煤炭10月进口环比收缩 看好四季度煤炭板块投资机会

Group 1 - Shanxi Securities is optimistic about investment opportunities in the coal sector for Q4, citing that coal prices are unlikely to drop significantly and there is an expectation of high operational levels [1] - The report indicates that Q4 performance may exceed that of Q3, suggesting the sector has investment value, with potential for substantial earnings recovery in 2026 if prices remain high [1] - The trend of shrinking imported coal volumes continues, with a cumulative decline of 11.0% from January to October, and October's imports showing a year-on-year decrease of 9.75% [1] Group 2 - In October, the significant reduction in imported coal volumes, particularly in thermal and lignite coal, is attributed to decreased imports from Mongolia and Indonesia, influenced by transportation issues and domestic production challenges in Mongolia [2] - The political turmoil in Mongolia and the impact of the rainy season in Indonesia have contributed to reduced coal supply, affecting China's procurement strategies [2] - There is a possibility of a rebound in Mongolian coal imports, as the Mongolian Prime Minister reiterated a target of 100 million tons of coal exports to China by 2025, although achieving this target may face challenges [3]