The government has tried—and failed—to ease the hardship in this one-time coal powerhouse. Locals aren’t waiting for help. “We’re on our own.” https://t.co/rG43BwLY5t ...

Core Insights - The report emphasizes the importance of the recent Central Economic Work Conference in guiding capital market reforms and highlights investment opportunities in the sector [4][10] - The coal industry shows a mixed performance with a month-on-month increase in coal prices, but overall supply and demand dynamics indicate a need for cautious optimism [9][11] Market Trends - Major indices displayed varied performance during the period from December 8 to December 14, with the Shanghai Composite Index decreasing by 0.34% and the ChiNext Index increasing by 2.74% [10] - The average daily trading volume in A-shares reached 1.95 trillion yuan, reflecting a 15.14% increase compared to the previous period [10] Industry Commentary - In November, coal supply showed a marginal decrease, with cumulative production reaching 4.402 billion tons, a year-on-year increase of 1.4%, but a month-on-month decrease of 0.5% [11] - Demand for coal remains weak, with fixed asset investment declining by 2.6% year-on-year, particularly in the real estate sector, which saw a significant drop of 15.9% [12] - Coal prices in November experienced an unexpected increase, with various types of coal showing different degrees of price rise compared to previous months [12] Investment Recommendations - The report suggests focusing on companies that may benefit from a recovery in profitability, particularly in the coal sector, as winter demand is expected to support prices [12] - Specific companies to watch include Shanxi Coal International, Jinko Coal Industry, and Huayang Co., among others, for potential investment opportunities [12]

For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Baytex Energy (BTE) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Oils-Energy sector should help us answer this question.Baytex Energy is a member of our Oils-Energy group, which includes 24 ...

The US government has ordered a Washington State coal plant to continue operating past its scheduled retirement date, marking the third time the Trump administration has invoked emergency authorities to keep a power plant running https://t.co/dfT929PINQ ...

Economic Hardship - The government's efforts to alleviate hardship in a former coal powerhouse have been unsuccessful [1] - Locals are not waiting for government assistance and feel they are responsible for their own well-being ("We're on our own") [1]

Summary of China Basic Materials Monitor - December 2025 Industry Overview - The report focuses on the **China Basic Materials** industry, highlighting trends in demand and pricing for various commodities including steel, copper, aluminum, cement, and coal. Key Points Demand Trends - End-user orderbooks are mostly in line with past seasonal trends as of mid-December, with specific sectors like appliances, solar, construction, and machinery showing weaker demand [1] - Demand for **copper** and **paper packaging** has weakened, while other commodities remain on track [1] - Current Chinese demand is reported to be **3-10% lower year-over-year** for cement and construction steel, and **2-8% lower** for flat steel, copper, and aluminum [1] Pricing and Margins - Despite rising prices for copper and aluminum, the demand response has not been destructive to orderbooks, indicating a cautious procurement pace among end users [1] - There are signs of marginal improvement in steel margins, reflected in higher unit profits, although overall supply work on steel remains limited [1] - Recent weeks have seen improvements in margins/pricing for steel, copper, and lithium, while coal prices have softened, and cement and aluminum prices have remained stable [1] Supply Dynamics - In bulk commodities, general demand has been weak, but policy measures on supply for cement and coal remain intact, including preparations for capacity cuts related to disqualified clinker capacity, which accounts for **4-10%** of total capacity in major producers [1] - Consistent coal supply discipline is maintained through control of excess production and safety inspections [1] Month-over-Month Changes - A proprietary survey indicates that the forward orderbook trend has softened month-over-month, with **11%** of respondents in downstream sectors and **14%** in basic materials reporting a month-over-month pickup in December [2] Additional Insights - The report includes various downstream demand snapshots across sectors such as infrastructure, property, traditional manufacturing, advanced manufacturing, and power, transport, and exports [8] - The report also discusses the implications of commodity price changes and potential risks associated with investment decisions in the basic materials sector [9] Conclusion - The China Basic Materials industry is experiencing signs of bottoming out in bulk commodities, with high metal prices not significantly damaging demand. However, the overall demand remains subdued, and careful monitoring of supply and pricing dynamics is essential for stakeholders in the sector.

December 15, 2025 09:01 PM GMT China Materials | Asia Pacific 2026 Outlook – Equity Implications: Traditional Materials For 2026, we prefer gold, copper and aluminum, with macro and micro factors supporting prices. Demand for copper and aluminium from Energy Storage Systems (ESS) looks bullish, after strong growth in 2025 that we expect to continue in 2026. Suppliers across the supply chain are receiving 50% or higher demand growth from customers for 2026. For every 100GWH produced ESS consumes about 60kt o ...

Core Viewpoint - Hallador Energy Company (NASDAQ:HNRG) has experienced a significant increase in share price, attributed to favorable market conditions and analyst support, positioning it as a strong player in the energy sector [1][3][4]. Company Overview - Hallador Energy Company engages in the production of steam coal for the electric power generation industry in Indiana and has evolved into a vertically integrated Independent Power Producer (IPP) [2]. Market Performance - The share price of Hallador Energy surged by 11.78% from December 5 to December 12, 2025, making it one of the top-performing energy stocks during that week [1]. - Northland Securities reiterated a 'Buy' rating for Hallador Energy on December 3, setting a price target of $29, which suggests a 30% upside potential from the current share price [3]. Industry Context - The rise in natural gas prices has positively impacted American coal producers, including Hallador Energy, as power suppliers are likely to increase output from coal-fired plants due to lower costs compared to natural gas [4]. - Political support, particularly from President Trump, has revitalized the coal sector, leading to plans for capacity expansion among several coal producers [4].

政策方面，中央经济工作会议提出"要坚持稳中求进、提质增效"，明确延续"更加积极的财政政策"和"适度 宽松的货币政策"；此外，两部门部署优化集中式新能源发电企业市场报价，规范电力市场运行秩序。经 济金融数据方面，11月末社会融资规模存量同比增长8.5%，金融总量合理增长；扩内需政策措施继续显 效，11月CPI同比上涨0.7%；此外，11月我国货物贸易进出口3.9万亿元，连续10个月保持同比增长。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周A股主要宽基指数大多收涨 本周A股主要宽基指数大多收涨。从主要宽基指数来看，本周A股主要宽基指数大多收涨，仅上证指数、 上证50、沪深300下跌，其余指数均收涨，其中，创业板指、科创50、中证500涨幅居前。从估值来看，当 前科创5 ...

China’s shift from away from the dirtiest fossil fuel exposes the economic and human toll of winding down the world’s largest coal industry https://t.co/EzBRt6IdBo ...