ZHONGTAI SECURITIES·2025-07-05 13:09Investment Rating - The report maintains an "Overweight" rating for the coal industry [6]. Core Views - The report highlights that high temperatures are driving an increase in electricity coal demand, with a notable rise in coal prices due to seasonal consumption peaks [8]. - The "anti-involution" policy may lead to tighter domestic coal supply, despite a temporary increase in production levels [8]. - The report emphasizes the importance of monitoring high-elasticity coal stocks, particularly during the peak demand season [8]. Summary by Sections 1. Core Views and Business Tracking - The report discusses the impact of high temperatures on electricity coal consumption, with daily coal consumption reaching 5.733 million tons as of July 3, 2025, a week-on-week increase of 3.28% and a year-on-year increase of 7.52% [8]. - The "anti-involution" policy is expected to tighten coal supply, as the government aims to eliminate low-efficiency production and promote market consolidation [8]. 2. Coal Price Tracking - The report notes that the price of power coal at the port increased by 3 CNY/ton week-on-week, with the average price at 628 CNY/ton as of July 4, 2025 [9]. - The report tracks the production levels of coal, indicating a daily average production of 5.661 million tons from 462 sample mines, reflecting a week-on-week increase of 1.20% [9]. 3. Company Performance Tracking - Key companies are highlighted for their strong performance and potential for growth, including Yanzhou Coal Mining Company and Guohua Energy [14]. - The report provides insights into dividend policies and growth prospects for various coal companies, indicating a focus on maintaining high dividend payouts and stable earnings [14].