ZCE(SH:600121) 券商中国·2025-07-14 06:47Core Viewpoint - The coal sector is experiencing a significant catalyst with a sharp rise in coal stocks, driven by a recent announcement from the China Coal Transportation and Marketing Association regarding measures to stabilize coal supply and demand, and improve industry self-discipline [1][5]. Group 1: Market Reactions - After the announcement, coal ETFs surged, with China Shenhua's H-shares rising nearly 5% and A-shares increasing over 3% [1][3]. - Zhengzhou Coal Electricity experienced a direct limit-up, indicating strong market confidence in the coal sector [1][3]. Group 2: Industry Insights - The meeting emphasized the need for coal enterprises to recognize the severe imbalance in supply and demand, and to strictly implement long-term contracts for electricity coal [5]. - The association aims to maintain safety and stability, improve coal supply quality, and promote market balance through self-regulation and reducing excessive competition [5]. Group 3: Weather Impact - A report indicated that high temperatures are expected in northern and southern China, which will likely increase electricity demand for cooling, thereby boosting coal consumption [6][7]. Group 4: Long-term Outlook - Analysts believe that the "anti-involution" policy could positively influence the coal industry, with expectations of a seasonal increase in demand for thermal coal as summer peaks [8][9]. - The "anti-involution" narrative is seen as a potential long-term catalyst for market liquidity, similar to past initiatives that spurred significant market movements [9][10].