Group 1 - The core viewpoint is that China's coal import policy is highly aligned with long-term industrial policies, with a confirmed peak import volume of 540 million tons in 2025, reflecting a strategic response to the "anti-involution" policy [1] - The import volume of coal has decreased significantly, with a total import of 22.2 million tons in the first half of 2025, a year-on-year decrease of 11.1%, and a sharp drop of 25.9% in June alone [1] - The decline in imports is evident across major supplier countries, with Indonesia leading the decrease at 15.5%, followed by Russia, Mongolia, and Australia, while Colombia experienced a dramatic reduction of 93.1% [1] Group 2 - The primary driver for the shrinkage in imported coal is the loss of price competitiveness, with the price difference between Indonesian coal and Shanxi coal remaining around 40 yuan/ton, leading to a reduction of 16.5 million tons in coal imports in the first half of 2025 [2] - There is a clear differentiation in coal import categories, with thermal coal imports down 13.6% and coking coal imports down 8.0%, indicating a shift in procurement logic towards domestic alternatives [2] - Historical policies demonstrate that import controls have consistently served domestic industrial goals, with measures like customs control and tariff adjustments reflecting a dynamic coordination mechanism based on industrial cycles [3]