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

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

Henan Shouzheng Innovation Accounting Firm has been suspended from operating by the Ministry of Finance, with YCNE and PINGMEI COAL as its clients

The official website of the China Securities Regulatory Commission disclosed today the list of accounting firms engaged in securities service business with abnormal filings. Henan Shouzheng Innovation Accounting Firm has been legally suspended from operating by the Ministry of Finance, with the suspension period from September 24, 2025, to December 23, 2025. The 2024 annual reports of YCNE and PINGMEI COAL show that their auditing institution is Henan Shouzheng Innovation Accounting Firm

The coal mining sector plummeted, with China Coal Energy and others declining

The coal mining sector plummeted, with China Coal Energy, PINGMEI COAL, Lu'an EED, JHSCIC, and HYGF all declining

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