HK Stock Market Move | Coal stocks collectively rise, overseas coal price advantage disappears, import constraints expected to support domestic coal prices.

Coal stocks collectively rise, as of press time, CHINA QINFA (00866) up 7.51%, at 3.72 Hong Kong dollars; China Coal Energy (01898) up 6.08%, at 12.91 Hong Kong dollars; YANCOAL AUS (03668) up 4.46%, at 33.28 Hong Kong dollars; Yankuang Energy Group (01171) up 3.94%, at 13.98 Hong Kong dollars. On the news front, towards the end of 2025 and the beginning of 2026, the Indonesian coal sector policies continue to be discussed. Indonesian coal mining companies have temporarily suspended coal spot exports due to a reduction in production quotas, attracting market attention. Sealand released a research report stating that due to the increase in overseas coal prices, the cost-effectiveness of imported coal has decreased, and expectations of import constraints provide favorable support for domestic coal prices. Huayuan Securities released a research report stating that in early and late January 2026, due to the impact of the cold wave, temperatures in coastal provinces are generally lower, resulting in high daily coal consumption by power plants, maintaining good overall coal demand. Although power plants are maintaining a lower intensity of coal procurement strategy compared to previous years, as the Spring Festival approaches, supply and demand are not expected to be relaxed. There are few pre-holiday inventory replenishment actions by power plants, as seen from freight rates showing signs of early increase, indicating potential stronger post-holiday support for coal prices compared to previous years.