Guotai Junan Securities: The coal industry has escaped from the "prisoner's dilemma under cash flow pressure."

The research report of Guotai Junan Securities and Haitong Securities stated that by comparing the deep-level differences in supply composition between the current coal industry and other cyclical industries, Guotai Junan Securities believes that the coal industry has already broken free from the "prisoner's dilemma under cash flow pressure." The second quarter of 2025 may become the basic bottom area of the industry in the mid-term, and the industry maintains a "buy" rating.