HK Stock Market Move | Coal stocks rose in the morning. Raw coal production in August has decreased year-on-year for two consecutive months. It is expected that the growth rate of production for the whole year will narrow.

Coal stocks rose in the morning, as of the time of writing, China Coal Energy (01898) rose 4.41% to HK$9.94; Yankuang Energy Group (01171) rose 4.01% to HK$10.38; China Shenhua Energy (01088) rose 1.9% to HK$38.64; KINETIC DEV (01277) rose 1.57% to HK$1.29. On the news front, according to data from the National Bureau of Statistics, in August, the output of raw coal in large-scale industrial enterprises reached 390 million tons, a year-on-year decrease of 3.2%, with a decrease of 0.6 percentage points compared to July; from January to August, the output of raw coal in large-scale industrial enterprises reached 3.17 billion tons, a year-on-year increase of 2.8%. Guosen Securities pointed out that, looking ahead to 2025, without considering the impact of "anti-inner loop" on output, combined with sorting out the release of coal mine production capacity in 2025, it is estimated that the annual output of thermal coal will continue to grow to reach around 3.88 billion tons, but the growth rate will further narrow to about 1.4%. Zhongtai released a research report stating that the coal sector has experienced a significant cumulative decline this year, institutional holdings hovering at low levels, healthy chip structure, and trading not crowded; the decline in coal prices in the off-season has basically come to an end, and the release of non-electric coal during the peak season and peak winter demand is expected to catalyze further upward movement in coal prices. In the short term, catalyzed by poor interim performance and the impact of the absorption effect of the technology sector, the sector is under pressure, but new allocation opportunities are emerging, and it is recommended to actively position and seize coal investment opportunities.