Ge Long Hui·2026-01-22 03:32Group 1 - The coal stocks in Hong Kong continue to be active, with notable increases in prices for companies such as Strength Development (up 3.3%), Yancoal Australia (up 2.8% for five consecutive rises), and Yancoal Energy (up 2.6%) [1] - According to a report by Founder Securities, the tightening of supply in the coal industry has become an investment theme, with the oversupply situation expected to reverse. Policies to tighten supply are set to continue until 2026, which may also lead to restrictions on imported coal [1] - Companies with a high proportion of long-term contracts, such as China Shenhua and China Coal Energy, are expected to have stable performance. If coal prices remain high, undervalued stocks like Yancoal Energy (Hong Kong) and China Coal Energy (Hong Kong) may see valuation recovery [1] Group 2 - Since 2025, coal stocks have been negatively impacted by falling coal prices. Following the issuance of Document No. 108, pessimistic expectations for coal stocks have significantly eased. The trend of reducing competition remains unchanged, and there are expectations for improved performance in Q4. If prices remain high in the long term, there is still potential for performance recovery in 2026 [1]