Huafu Securities: Expected decline in coal supply in 2026, with central thermal coal prices expected to rise.

Huafu Securities released a research report stating that it is expected that the coal supply will decline in 2026, thermal power is expected to marginally improve, non-power enterprises will remain stable, and the overall coal industry will see improved prospects. In terms of coal prices, the central price of thermal coal is expected to move up in 2026, potentially reaching 770 yuan; the central price of coking coal has stabilized at the bottom, with a focus on the elasticity of demand improvement. It is recommended to focus on: prioritize the allocation of leading companies with strong resource endowment, proper cost control and high long-term supply agreement ratio; benefit from the elasticity of coal price improvement targets; coking coal benefits from countercyclical and cross-cycle adjustment policies, with a strong long-term scarcity of resources.