Open Source Securities released a research report saying that currently coal prices have entered an upward stage, and the market is gradually shifting from peak season demand to supply contraction. “Overproduction checks” and stricter safety regulations limit the release of production in major production areas, and it will still take time for supply to recover; as winter storage begins and the peak heating season approaches, the fundamentals of coal supply and demand are expected to improve further. Thermal coal benefits from rising spot prices and the stabilizing effect of long-term cooperation mechanisms on industrial chain profits; coking coal is more marketable, more sensitive to changes in supply and the pace of downstream inventory replenishment, and is relatively more flexible in price and performance. Most coal companies still maintain strong dividend intentions. Against the backdrop of increased fluctuations in the macro environment and capital market, high-dividend assets still have allocation value. As coal prices recover and coal companies' profit expectations improve, the coal sector is expected to gradually shift from a single dividend logic to being driven by both cycles and dividends.

Open Source Securities released a research report saying that currently coal prices have entered an upward stage, and the market is gradually shifting from peak season demand to supply contraction. “Overproduction checks” and stricter safety regulations limit the release of production in major production areas, and it will still take time for supply to recover; as winter storage begins and the peak heating season approaches, the fundamentals of coal supply and demand are expected to improve further. Thermal coal benefits from rising spot prices and the stabilizing effect of long-term cooperation mechanisms on industrial chain profits; coking coal is more marketable, more sensitive to changes in supply and the pace of downstream inventory replenishment, and is relatively more flexible in price and performance. Most coal companies still maintain strong dividend intentions. Against the backdrop of increased fluctuations in the macro environment and capital market, high-dividend assets still have allocation value. As coal prices recover and coal companies' profit expectations improve, the coal sector is expected to gradually shift from a single dividend logic to being driven by both cycles and dividends.