Open Source Securities: Coal prices are experiencing an inertia-driven upward trend, and the coal supply and demand fundamentals are expected to continue improving

KaiYuan Securities released a research report indicating that the price of thermal coal has accelerated recently due to the dual effects of supply contraction and rising demand. As of October 24, the closing price of Qinhuangdao Q5500 thermal coal was 770 yuan/ton, an increase of 2.94% month-on-month. It is expected that thermal coal prices will continue to rise, with a target range of 800-860 yuan. Coking coal prices have also risen, with the main coking coal price at JingTang Port quoted at 1760 yuan/ton, showing a significant rebound. Overall, the supply and demand fundamentals of coal are expected to continue improving

North Copper: Change in Shareholders' Equity, Shanxi Coking Coal Salt Chemical 7.40% Shares Transferred to Coking Coal Group

North Copper announced that 51% of the equity of Shanxi Coking Coal Salt Chemical was transferred to Shanxi Coking Coal Group free of charge, which controls 7.40% of North Copper's shares through Shanxi Coking Coal Salt Chemical. Coking Coal Group has become the controlling shareholder of Shanxi Coking Coal Salt Chemical, and Shanxi Yunshidai no longer holds its equity. This equity transfer does not involve a tender offer, and the controlling shareholder and actual controller remain unchanged

Huayuan Securities: "Checking Overproduction" Improves Supply and Demand, Coal Price Rebound May Assist in QoQ Growth of Coal Enterprises' Performance in Q3 2025

Huayuan Securities released a research report indicating that the policy's contraction effect on the coal supply side will be a key factor for the stabilization and upward movement of coal prices. Recently, through the "checking overproduction" policy, the balance of coal supply and demand has significantly improved. It is expected that coal prices will slightly rebound in Q3 2025, and the prices of long-term coal contracts for some enterprises are also expected to increase. In July and August 2025, the output of raw coal is expected to decline year-on-year, with the price of Qinhuangdao 5500 kcal thermal coal rising from RMB 621/ton to RMB 699/ton, a cumulative increase of 12.6% in the third quarter

Shanxi Securities: September coal prices remain stable, optimistic about investment opportunities in the sector in the fourth quarter

Shanxi Securities released a research report indicating that after initial fluctuations, coal prices gradually stabilized in September, with thermal coal prices remaining relatively stable, while coking coal prices experienced significant volatility. Although raw coal production contracted in September, demand was still supported by manufacturing and infrastructure. Coal imports increased month-on-month in September, but overall maintained a contraction trend. Shanxi Securities is optimistic about investment opportunities in the fourth quarter

The A-share coal mining and processing sector continues to be strong, with DYEC hitting the daily limit and achieving 6 limit-ups in 7 days. PINGMEI COAL, BNMC, Lu'an EED, Shanxi Coking Coal, and YNCE also saw gains. In terms of related ETFs, the coal ETF rose by 1.88%, with a transaction volume of 74.3899 million yuan