煤炭期货大幅拉升，机构称或是行业对“供需平衡重构的提前反应”

Group 1 - The coal and coke futures market experienced a strong increase, with coking coal contracts rising by 4.90% and coke contracts by 3.65%, indicating a robust performance across the coal-coke industry chain [1] - Institutions believe that the significant rise in coal and coke futures reflects the market's anticipation of a restructured supply-demand balance in the industry by 2026, highlighting the sector's resilience [1] - Changjiang Securities forecasts that the coal market will exhibit a pattern of "loose in the off-season, tight in the peak season" in 2026, with overall supply and demand remaining balanced and slightly loose [1] Group 2 - Yanzhou Coal Mining Company is identified as a core enterprise in the domestic coal-coke industry chain, with comprehensive operations in coal mining, washing, processing, and sales, and has rich capacity reserves in high-quality production areas [2] - Yanzhou Coal is actively advancing coal-electricity integration and new energy layouts, with new capacity projects in Xinjiang progressing steadily, positioning the company to benefit from the industry's optimization and price recovery cycle by 2026 [2] - Shanxi Coking Coal Group focuses on the production of coke and chemical products, maintaining a relatively moderate market capitalization and high stock activity, leveraging regional resource advantages and establishing long-term partnerships with several steel enterprises [2]