秋潭无波，静极思变

Group 1 - The coal mining sector is experiencing a slight decline, with the CITIC coal index at 3,236.71 points, down 0.34%, underperforming the CSI 300 index by 0.09 percentage points [2][85] - The report highlights a significant business transformation opportunity for Anyuan Coal Industry due to its change in controlling shareholder to Jiangxi Tungsten Holdings, which may enhance the company's non-coal resource integration [2] Group 2 - In the coking coal market, prices are under pressure due to a combination of weak demand from steel companies and high inventory levels, with the average price for main coking coal reported at 1,070 CNY/ton [42][43] - The supply side is tightening slightly, but overall demand remains weak, leading to a continued accumulation of inventory in the coking coal sector [42][48] - The report emphasizes that the future performance of coking coal prices will depend on several factors, including domestic production cuts due to losses, significant disruptions in coking coal imports, and the implementation of strong stimulus policies [8][9] Group 3 - The thermal coal market is stable, with prices for thermal coal at the North Port reported at 618 CNY/ton, showing no change week-on-week [7][38] - The report notes that while supply is slightly tightening due to environmental inspections and production cuts, overall demand remains subdued, leading to limited price increases [19][39] - The report suggests that the coal market is currently buyer-driven, with procurement strategies significantly influencing coal price movements [7][39] Group 4 - The report identifies key investment targets in the coal sector, recommending companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Xinji Energy, among others, based on their performance and potential for recovery [12][11] - The focus is on companies that are expected to benefit from the ongoing structural changes in the coal industry, particularly those with strong financial performance and operational resilience [12][11]