Group 1 - The core viewpoint is that the coal industry is experiencing a recovery in supply-demand dynamics, particularly in the coking coal sector, due to ongoing efforts to combat overproduction and internal competition [1][2] - The coking coal industry is seeing improved profitability as a result of these changes, with companies in the logistics supply chain for imported Mongolian coal expected to enter a rebound phase in Q3 after passing performance tests in Q2 [1] - The average daily iron output from 247 sample steel mills in China increased by 2.63% year-on-year, reaching 2.4 million tons from July to August 2025, indicating a positive trend in the steel industry [1] Group 2 - The average daily customs clearance volume of Mongolian coal at the Ganqimaodu port reached 133,300 tons per day, a 2.84% increase compared to the same period in 2024, suggesting a recovery in import activities [2] - The average price of Shanxi-origin coking coal at the Jingtang Port increased by 13.79% quarter-on-quarter, indicating a positive price trend that benefits the coking coal supply chain [1] - The short-distance transportation price from Chaganhad to Ganqimaodu port has risen to 63 yuan per ton, reflecting the impact of the recent recovery in coking coal prices [2]

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 严天鹏 A0230524090004 yantp@swsresearch.com 联系人 严天鹏 (8621)23297818× yantp@swsresearch.com 2025 年 08 月 25 日 焦钢产业链景气度改善，蒙煤进口 筑底修复 行业点评 表：交通运输行业重点公司估值表 | 证券代码 | 证券简称 | 投资评级 | 2025-08-22 收盘价 | 总市值 | PB | | 申万预测归母净利润(亿元) | | | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2024A | 2024A | 2025E | 2026E | 2027E | 2025E | 2 ...