Huatai Securities: Optimistic about the stabilizing of the coal price and the dividend logic of the coal industry during the interest rate reduction cycle, recommending leading coal companies.

Huatai Securities research report pointed out that the General Office of the National Development and Reform Commission issued a notice on the supervision of the signing and performance of medium and long-term contracts for the supply of electricity and coal in 2026, clarifying the form, pricing benchmark, and performance supervision of the long-term contracts for electricity and coal in 2026. Huatai Securities believes that the more market-oriented pithead long-term contracts compared to the 2025 version will be beneficial for stabilizing performance rates. They are optimistic about the logic of coal price stability after the centralization of coal prices and the coal dividend during the interest rate reduction cycle, and recommend leading power coal companies.