Group 1 - Coal stocks experienced a rise in early trading, with Yanzhou Coal Mining Company (600188) increasing by 6.67% to HKD 11.98, and Yancoal Australia (03668) rising by 5.84% to HKD 33.34 [1] - The first round of price increases for coke has been successfully implemented, with mainstream steel mills in Tangshan raising wet quenching coke prices by CNY 50 per ton and dry quenching coke by CNY 55 per ton, effective from January 30, 2026 [1] - Other regions such as Xingtai and Tianjin also saw similar price adjustments for coke, indicating a broader trend in the market [1] Group 2 - GF Securities noted that the daily consumption of thermal coal remains at a high level, with expectations for continued stability in coal prices as supply tightens ahead of the Spring Festival [2] - The successful implementation of the first round of coke price increases has improved purchasing sentiment among downstream buyers, suggesting a potential upward trend in coke prices [2] - Looking ahead to 2026, supply growth is expected to significantly decline compared to previous periods, while demand is anticipated to improve, leading to a steady recovery in coal price levels [2]