Zhi Tong Cai Jing·2026-01-07 06:00Group 1 - The coal stocks have generally risen, with notable increases in companies such as Shougang Resources (up 7.64% to HKD 3.24), China Qinfa (up 5.23% to HKD 3.02), Yanzhou Coal (up 4.57% to HKD 10.53), and China Coal Energy (up 3.65% to HKD 10.78) [1] - On January 7, the Dalian Commodity Exchange's main contract for coking coal hit the limit up at CNY 1164 per ton, reflecting a 7.98% increase, while the main contract for coke rose by 6.7% to CNY 1752 per ton [1] - Guohai Securities forecasts an improvement in the supply-demand relationship in the coal industry by 2026, with expected increases in coal price averages, projecting the northern port thermal coal price to stabilize around CNY 750 and the main coking coal price around CNY 1550, indicating potential recovery in industry profitability [1] Group 2 - Tianfeng Securities reported that Shougang Resources primarily engages in coking coal mining and the production and sale of raw and refined coking coal, with three active coal mines in Shanxi Province, each with a capacity of 1.75 million tons per year, totaling 5.25 million tons [1] - The company exhibits a conservative and stable operational approach, as indicated by its expense ratio and debt-to-asset ratio, while demonstrating strong profitability reflected in its gross and net profit margins [1]