HK Stock Market Move | Coal stocks extend afternoon gains as winter stockpiling and the Daqin Line autumn maintenance approach; coal prices still have room to rise.

Coal stocks extended afternoon gains, with KINETIC DEV(01277) up 6.39% at HK$1.915 as of press time; China Shenhua Energy(01088) up 2.88% at HK$45.02; China Coal Energy(01898) up 2.78% at HK$10.72; YANCOAL AUS(03668) up 1.22% at HK$31.54. On the news front, as of September 24, according to China Coal Market Network, spot prices of Q4500, Q5000, and Q5500 thermal coal at Qinhuangdao Port closed at 807, 888, and 988 yuan/ton, up 14 yuan/ton, 15 yuan/ton, and 17 yuan/ton respectively from last week. Shenwan Hongyuan Group pointed out that looking ahead, safety constraints in major producing areas remain, and combined with winter stockpiling and the expectation of autumn maintenance on the Daqin Line, coal prices still have room to rise. Guotai Haitong pointed out that after the National Day holiday, winter stockpiling in the north will gradually begin, and concentrated restocking may tighten supply and demand in stages, providing support for coal prices, with further upside possible after prices break through 1,000 yuan. However, in terms of pace, it will be more reflected as a phased concentrated release, and its sustainability still needs to be closely observed, while also paying attention to the pace of domestic supply recovery and changes in stable production and supply guarantee policies.