Shanxi Securities·2026-03-02 10:21Investment Rating - The report maintains an "A" rating for the coal industry, indicating an expected performance that leads the market [1]. Core Insights - The report highlights that overseas coal prices are rising due to supply constraints from Indonesia, which is expected to impact domestic coal prices positively [2][4]. - Domestic coal supply is gradually recovering post-holiday, but environmental regulations may tighten in some regions ahead of the March meetings, necessitating close monitoring of market supply conditions [4]. - The demand for Australian coal has increased due to supply issues, pushing prices higher [4]. Summary by Sections 1. Dynamic Data Tracking - Thermal coal production is gradually increasing, leading to tighter market supply. As of February 27, the spot price for thermal coal in the Bohai Rim was 742 RMB/ton, with a weekly change of +2.49%. The Qinhuangdao port price was 751 RMB/ton, with a weekly change of +4.02% [3]. - Metallurgical coal production has not fully recovered, with downstream purchases primarily driven by immediate needs. As of February 27, the price for main coking coal at Jingtang port was 1660 RMB/ton, remaining stable [3]. 2. Investment Recommendations - The report suggests that current conditions favor companies with overseas production capabilities, particularly Yancoal Energy. Other companies expected to benefit include Jincheng Anthracite Mining, Huayang Co., Shanxi Coal International, and others [5]. 3. Market Performance - The coal sector has shown a significant increase, with the coal index rising by 15.93% year-to-date, outperforming major indices [63].