The Zhitong Finance App learned that coal stocks rose collectively. As of press release, Yankuang Energy (01171) rose 7.18% to HK$11.64; China Coal Energy (01898) rose 6.31% to HK$10.61; Power Development (01277) rose 5.7% to HK$1.67; and Shougang Resources (00639) rose 4.85% to HK$2.38.
According to the news, data from the National Bureau of Statistics shows that in June, industrial raw coal production was 380 million tons, down 9.7% year on year, the biggest decline since supply-side reforms. Guosheng Securities pointed out that under the continuing implementation of the 25-year “anti-domestic roll” policy to strictly control supercapacity coal production, domestic thermal coal production was tight in '26. Combined with the impact of the major accident at the end of May, domestic thermal coal supply-side production is expected to continue to shrink in the second half of '26, making it difficult to grow.
Changjiang Securities, on the other hand, said that coal prices have entered an upward channel during the peak season, compounded by the tight supply constraints of 9.7% year-on-year in June production, and cyclical flexibility is being built up. At the same time, the valuation of the coal sector did not overdraft price increases ahead of schedule, and the average dividend rate reached about 5%, which has the triple advantage of “high dividend rate+low valuation+cyclical flexibility” among dividend assets. The coal sector is based on the current dual attributes of “peak season attack+bonus defense”. As a combined bottom position, it is worth focusing on the allocation window period.