煤炭股午前走高，截至发稿，兖矿能源(01171)涨3.98%，报10.97港元；兖煤澳大利亚(03668)涨3.09%， 报28港元；中煤能源(01898)涨2%，报10.19港元；中国神华(01088)涨1.68%，报40.06港元。 国泰君安证券发布研报称，周五晚中美贸易问题再起波澜，可能再次明显影响A股情绪，该行认为贸易 冲突再起后可能导致本就有高低切的风格切换诉求来的更加剧烈。那么无论是防守型的红利属性，还是 低位基本面有明显拐点的煤炭可能对于市场的吸引力都在大幅度提升。 消息面上，9月25日，国资委召开部分国有企业经济运行座谈会，聚焦稳电价、稳煤价、防止"内卷 式"恶性竞争等。开源证券表示，当前动力煤和炼焦煤价格仍处于历史低位，为反弹提供了空间。随着 供给端"查超产"政策推动产量收缩，以及需求端"金九银十"旺季非电煤需求预期回暖，煤炭供需基本面 有望持续改善，两类煤种价格均具备向上弹性。 ...

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]