Investment Rating - The report maintains a positive outlook on the coking coal industry, indicating an "Overweight" rating for the sector [4]. Core Insights - From July 2025 to August 22, 2025, the coking steel industry has shown continuous improvement, with an average daily pig iron output of 2.4097 million tons from 247 sample steel mills, reflecting a year-on-year increase of 2.63% compared to approximately 2.348 million tons in the same period of 2024 [4]. - The average price of Shanxi coking coal at Jingtang Port during the same period was approximately 1,521 RMB/ton, up 13.79% from the Q2 average price of 1,336.91 RMB/ton [4]. - The report highlights a recovery in Mongolian coal imports, with an average daily clearance volume of 133,300 tons at the Ganqimaodu port, a 2.84% increase from 129,600 tons in the same period of 2024 [4]. - The report suggests that the coking coal supply-demand structure is expected to continue improving, leading to a recovery in profits for players in the coking coal industry chain [4]. - The report recommends investing in Jiayou International and monitoring Yidazong as potential beneficiaries of the recovery in the Mongolian coal import sector [4]. Summary by Sections Coking Steel Industry - The coking steel industry is experiencing a recovery phase, with improved production metrics and pricing trends [4]. Mongolian Coal Imports - Mongolian coal imports are showing signs of recovery, with increased daily clearance volumes and rising transportation costs [4]. Investment Recommendations - The report recommends Jiayou International as a key investment opportunity and suggests keeping an eye on Yidazong for potential benefits from the market recovery [4].