Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Viewpoints - In Q3 2025, coking coal prices rebounded, leading to a recovery in profit margins for trading companies in the Mongolian coal import supply chain [1][2] - The supply-demand balance for coking coal is expected to remain tight, providing price support [3] - Mongolian coal import volumes have bottomed out and are expected to increase significantly, with short-distance shipping rates rising [4] Summary by Sections Q3 Performance - In Q3 2025, the average price of Mongolian raw coal at Ganqimaodu port was approximately 920 RMB/ton, a rise of 134 RMB/ton from the previous quarter [2] - The profit margin for coking coal trading is expected to improve significantly in Q3 due to the widening price gap between terminal and long-term contract prices [2] Supply and Demand Dynamics - Domestic iron output remains high, with an average daily production of approximately 2.42 million tons from 247 sample steel mills, up 8% year-on-year [3] - Coal inventory at Ganqimaodu port was about 2.88 million tons as of September 25, 2025, a decrease of 112 tons from the end of Q2 [3] Import Trends - Mongolian coking coal imports turned positive in Q3, with average monthly imports of 5.5 million tons, a year-on-year increase of 13% [4] - Daily average traffic at Ganqimaodu port increased by 20% month-on-month and 85% year-on-year in September [4] Investment Recommendations - The report recommends investing in Jiayou International and suggests paying attention to Yidazong due to the recovery in Mongolian coal import volumes and supply chain trading profits [5]