Open-source securities: The fundamental aspects of supply and demand and inventory are positive, and it is important to focus on coal allocation in adversity.

Open Securities released a research report stating that recently, the marginal stabilization of coal prices at ports, as of May 27, 2025, Qinhuangdao Port Shanxi-produced Q5500 power coal has remained at 611 yuan/ton for 6 consecutive days. Along with the improvement in the supply and demand fundamentals and strict policy maintenance of long-term contracts for electricity coal, the situation of spot prices being lower than the 770 yuan/ton long-term contracts will also bring about a rebound in coal prices. Currently, public funds' holdings in the coal sector are at a low level, and with the improvement in fundamentals, there is potential for sentiment recovery. In addition, with insurance funds expecting dividend income from OCI accounting in June and July, it is recommended to pay attention to overall investment opportunities in the sector. Stocks benefiting from multiple dimensions: stable targets such as China Shenhua, Shaanxi Coal, China Coal Energy, Xinji Energy; flexible targets for power coal such as Yanzhou Coal Energy, Jinkuang Coal Industry, Shanmei International, and rebounding stocks such as Pingmei Shateh, Huaibei Mining.