山西证券：11月进口煤价继续提升 行业26年业绩仍具备修复空间

Group 1 - The core viewpoint of Shanxi Securities indicates that the price of all coal types for imports has significantly decreased compared to the same period last year, with an expectation of performance improvement in the coal industry for Q4, and potential recovery in 2026 if prices remain high [1] - The trend of shrinking import coal volume continues to slow down, with a cumulative growth rate of -12.0% from January to November, and a year-on-year decrease of 19.88% in November, although there was a month-on-month increase of 5.53% [1] - In November, the import price of all coal types was $73 per ton, maintaining a year-on-year decline, but with a month-on-month increase of $1.42 per ton [1] Group 2 - The November coal import characteristics show a "reduction in volume and increase in price," suggesting a potential tightening of overseas supply and demand, although domestic coal prices have increased more significantly than overseas prices [2] - There is an expectation of continued reduction in Indonesian coal imports due to the planned imposition of an export tax by the Indonesian government, with rates expected to be between 1-5% starting next year [3]