Investment Rating - The industry investment rating is "Maintain Buy" [5] Core Views - India's coking coal imports increased by 6% quarter-on-quarter in Q2 FY2026, reflecting growth in the steel industry's capacity and output [2] - Future months are expected to see increased coking coal import demand due to replenishment needs post-monsoon [3] - Key investment recommendations include companies with strong performance elasticity such as Yancoal Energy, Jinkong Coal Industry, and those focused on smart mining like Keda Automation [3] Summary by Sections Coal Mining - In Q2 FY2026, India imported 16.9 million tons of coking coal, up from 16 million tons in Q1, with Australia being the largest supplier at 9.7 million tons, a 14.1% increase [2] - Coking coal prices at major ports showed slight increases, with Newcastle port at $112.7 per ton (+1.85%) and European ARA ports at $97.15 per ton (+1.20%) [1][35] Key Stocks - Recommended stocks include: - China Qinfa (00866.HK) - Buy, EPS forecast for 2026E is 0.27 [7] - Jiangxi Tungsten (600397.SH) - Buy, EPS forecast for 2026E is 0.03 [7] - China Shenhua (601088.SH) - Buy, EPS forecast for 2026E is 2.71 [7] - Jinkong Coal Industry (601001.SH) - Buy, EPS forecast for 2026E is 1.47 [7] - Yancoal Energy (600188.SH) - Buy, EPS forecast for 2026E is 1.18 [7] - Zhongmei Energy (601898.SH) - Buy, EPS forecast for 2026E is 1.29 [7] - Shaanxi Coal (601225.SH) - Buy, EPS forecast for 2026E is 1.86 [7] Market Trends - The report indicates a marginal increase in coal demand, with a focus on the recovery of coal power generation as seasonal demand begins to rise [37]