Group 1 - The market's expectation for short-term coal price increases shows no significant differences, but the divergence lies in the price trends during the off-season, which will impact next year's long-term contract negotiations [1] - Even without the supply shock from the current "overproduction crackdown," coal consumption is expected to increase, leading to a tightening of the supply-demand balance by 110 million tons in Q3 2025 compared to Q2 2025 [1] - The marginal tightening in Q3 2025 is estimated to be between 120 million to 160 million tons, providing support for a sustained rebound in coal prices [1] Group 2 - Based on the sensitivity analysis of leading companies' profitability, Q2 2025 may mark the performance bottom for major coal enterprises [1]