Core Viewpoint - The coal industry is expected to maintain a balanced supply and demand in the fourth quarter, with a potential short-term supply gap during the peak season, and coal prices may exceed expectations if the enforcement of anti-involution policies is strengthened [1] Group 1: Industry Outlook - The overall supply and demand balance in the coal industry is projected for the fourth quarter [1] - There may be a temporary supply gap during the peak season [1] - The enforcement of anti-involution policies could lead to higher coal prices than anticipated [1] Group 2: Market Conditions - Current policies, coal prices, and earnings expectations for the sector are improving [1] - The sector is likely to experience sustained excess returns with market style rotation or policy catalysts [1]