Group 1 - The core viewpoint of the article indicates that the spot price of Qinhuangdao 5500 thermal coal has resumed its decline after summer, reaching 686 yuan per ton on September 10, reflecting a weekly decrease of 0.9% and a monthly decrease of 1.1% [1] - The current coal price is down 19.8% compared to the same period last year and has accumulated a decline of 8.8% year-to-date [1] - The decline in spot coal prices is attributed to increased coal supply following military parades and the main flood season, coupled with weak demand [1] Group 2 - Coal inventory at Qinhuangdao port rose by 2.9% week-on-week to 6.38 million tons as of September 10, which is an increase of 29.7% compared to the same period last year [1] - Citigroup has assigned "Buy" ratings to China Resources Power, Huaneng International Power, and Huadian International Power, with expected returns of 6.4%, 7.9%, and 5.9% respectively for 2025, indicating attractive investment opportunities [1] - Citigroup anticipates that China Resources Power will spin off its renewable energy business in the A-share market between Q4 2025 and H1 2026, which is expected to positively impact potential valuation reassessment and may increase its dividend payout ratio in Hong Kong [1]