中国煤炭：在结构性低迷中选择-Selective amid a structural downturn

September 1, 2025 09:00 PM GMT China Coal | Asia Pacific Selective amid a structural downturn China's coal segment remains in structural decline amid the energy transition. Thermal coal faces slight oversupply, while coking coal appears broadly balanced this year. "Anti-involution" looks unlikely but would be an upside catalyst if implemented. Policy context - different from 2015. Today's industry backdrop differs from 2015's supply-side reform. We note fewer loss-makers, greater consolidation, and a higher ...