Jing Ji Guan Cha Wang·2026-02-26 09:53Group 1 - The coal market is currently characterized by weak supply and demand, but there is solid price support at the bottom level. During the Spring Festival holiday, coal mines in major production areas suspended operations, leading to a contraction in supply, while industrial electricity demand has reached a low point, with power plants primarily relying on long-term contracts for procurement [1] - As of February 25, 2026, the spot reference price for thermal coal in the Bohai Rim is 717 RMB/ton, with a weekly increase of 0.70%. The closing price for thermal coal at Qinhuangdao Port is 718 RMB/ton, with a weekly increase of 3.31%. International coal prices have been supported by production cuts in Indonesia, which in turn supports domestic coal prices [1] - Coal inventory at ports is at a near three-year low, and the market should pay attention to the pace of supply and demand recovery after the holiday [1] Group 2 - Shanxi Securities believes that the rise in overseas coal prices and domestic supply constraints may support the performance of coal enterprises, recommending attention to leading thermal coal companies such as China Coal Energy [2] - Huayuan Securities also lists China Coal Energy as a stable investment target, emphasizing its benefit from the enhanced pricing power of physical assets [2] - Over the past 90 days, 8 institutions have covered China Coal Energy, with 6 giving a "buy" rating and a target average price of 16.28 RMB [2]