Core Viewpoint - Coal stocks experienced a rise, driven by expectations of improved coal supply and demand fundamentals, as well as potential upward price elasticity for both thermal and coking coal [1] Group 1: Stock Performance - Yanzhou Coal Mining Company (01171) increased by 3.98%, reaching HKD 10.97 [1] - Yancoal Australia (03668) rose by 3.09%, priced at HKD 28 [1] - China Coal Energy (01898) saw a 2% increase, trading at HKD 10.19 [1] - China Shenhua Energy (01088) gained 1.68%, with a price of HKD 40.06 [1] Group 2: Market Insights - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting on September 25, focusing on stabilizing electricity and coal prices and preventing excessive competition [1] - Current prices for thermal and coking coal remain at historical lows, indicating potential for a rebound [1] - Supply-side policies aimed at reducing overproduction are expected to lead to a contraction in output, while demand is anticipated to recover during the peak season of September and October [1] Group 3: Trade and Market Sentiment - Guotai Junan Securities noted that renewed tensions in US-China trade relations could significantly impact A-share market sentiment [1] - The firm suggests that the resurgence of trade conflicts may intensify the demand for defensive dividend attributes and coal stocks with clear fundamental turning points [1]

Core Viewpoint - Coal stocks have shown a significant increase, driven by expectations of improved supply and demand dynamics in the coal market following recent government discussions on stabilizing coal prices and preventing excessive competition [1] Group 1: Stock Performance - Yanzhou Coal Mining Company (01171) rose by 3.98%, trading at HKD 10.97 [1] - Yancoal Australia (03668) increased by 3.09%, trading at HKD 28 [1] - China Coal Energy (01898) saw a 2% rise, trading at HKD 10.19 [1] - China Shenhua Energy (01088) gained 1.68%, trading at HKD 40.06 [1] Group 2: Market Dynamics - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting on September 25, focusing on stabilizing electricity and coal prices and preventing "involution" competition [1] - Current prices for thermal coal and coking coal are at historical lows, indicating potential for price rebounds [1] - Supply-side policies aimed at curbing overproduction are expected to reduce output, while demand is anticipated to recover during the peak season of September and October [1] Group 3: Investment Sentiment - Guotai Junan Securities noted that renewed trade tensions between China and the U.S. could significantly impact market sentiment, leading to a shift in investment styles [1] - The attractiveness of coal stocks is expected to increase due to their defensive dividend characteristics and the evident turning point in their fundamentals [1]