Core Viewpoint - The 2025 Smokeless Coal Industry Conference and Supply-Demand Connection Meeting was held in Jincheng, Shanxi Province, emphasizing the importance of technological innovation and green low-carbon development in the smokeless coal industry [4][5]. Group 1: Industry Insights - The smokeless coal market is undergoing profound changes, with future trends to be understood through consumption, production, imports, and prices [6]. - The power and steel industries remain the core support for demand, accounting for half and a quarter of consumption, respectively, with a projected national consumption growth rate of 0.9% from 2025 to 2026 [6]. - Emerging fields such as negative electrode materials present new opportunities for green transformation [6]. Group 2: Supply Dynamics - The supply side is showing a trend of "stable but weak, with increased concentration," as domestic production gradually concentrates in Shanxi and large enterprises [6]. - The production volume is expected to reach 395 million tons by 2026, with an additional 18 million tons imported, leading to a total supply of approximately 413 million tons [6]. - With consumption slightly rising to 408 million tons, the market is expected to enter a relatively balanced and slightly tightening state, with the price center for smokeless coal in 2026 likely to be higher than this year [6]. Group 3: Conference Highlights - The conference was hosted by the China Coal Transportation and Marketing Association, with the theme "Gathering Industry Confidence, Cooperating for a Win-Win Future" [6]. - The event included keynote speeches from industry experts and specialized promotional and exhibition activities [6].

Core Viewpoint - The coal industry in China is shifting from "scale expansion" to "quality first," focusing on energy security, green transformation, technological innovation, and social equity [2][5]. Industry Trends - The proportion of coal consumption for power generation is expected to exceed 60% as coal consumption shows new characteristics, with a slight increase in coal usage for the power sector before reaching carbon peak by 2030 [2][10]. - By 2030, electricity is projected to account for 34% of total energy consumption, driven by the growth of new industries and advancements in information technology [4]. Coal and Power Integration - The coal and power sectors have a natural synergy, with coal remaining a cornerstone of electricity generation in the near future [7]. - The number of coal mines in China has decreased from approximately 15,000 in 2014 to around 4,300 by the end of 2024, with large modern coal mines producing 80% of the total output [7][8]. Technological and Structural Adjustments - The coal industry is undergoing structural optimization, with significant investments in modern and intelligent coal mines, totaling about 4.5 trillion yuan over the past decade [7][9]. - Recommendations include establishing flexible production mechanisms, enhancing coal transportation infrastructure, and promoting green and efficient coal utilization [8][9]. Market Dynamics - The coal market is experiencing a decline in prices due to oversupply in late 2024 and increased production in early 2025, with a forecast of fluctuating consumption growth [10].