lu'an EED(SH:601699) 券商中国·2025-07-29 07:24Group 1 - The coal sector experienced a significant rebound on July 29, with coal ETFs turning from decline to an increase of nearly 1%, and major coal companies like Lu'an Huanneng seeing a surge of nearly 6% [1][3] - The primary driver for this rebound is the rise in Asian coal prices, which have reached a five-month high due to increased electricity demand from air conditioning amid high temperatures and reduced inventory levels [1][3] - Newcastle thermal coal futures in Australia rose to $115.50 per ton, marking the highest level since February of this year, despite still being approximately 75% lower than the peak prices seen after the outbreak of the Russia-Ukraine conflict in 2022 [3] Group 2 - Domestic coal prices are showing signs of increase, with Qinhuangdao port thermal coal prices rising to 645 yuan per ton, an increase of 11 yuan per ton week-on-week as of July 26 [5] - The price of thermal coal from Shanxi reached 580 yuan per ton, up 5 yuan per ton week-on-week, while Inner Mongolia's coal prices also saw increases [5] - According to China International Capital Corporation (CICC), a rebound in thermal coal prices is expected in the second half of the year, particularly as the heating season begins in October, suggesting that the low point for thermal coal prices may have occurred in June [6] Group 3 - The outlook for coking coal prices is also positive, with expectations of a rebound; however, the sustainability of this rebound will depend on whether production cuts are realized [6] - Open-source securities indicate that the coal sector fundamentals remain favorable, with the current low holdings in coal stocks suggesting it may be an opportune time for investment [6]