Huatai Securities: The supply and demand fundamentals are resonating on both sides, and it is reiterated that coal price support is expected to extend into the off-season.

Huatai Securities research report stated that it reiterated its report "Is it possible for coal prices to remain strong in the off-season?" focusing on the view that "if the off-season is not weak, coal prices will not just rebound in the short term." The report indicates that the two major factors of continuous high peak load and sustained shrinkage of imports have gradually improved the fundamentals of the coal market. If the further impact of "curtailing overproduction" brings about a supply shock, the momentum of coal price rebound may be supported. In addition, the potential interest rate cut expectation by the Federal Reserve in the second half of 2025 could serve as a catalyst for dividends. It is expected that the leading power coal companies with high market share and stable profitability will benefit first, and it is recommended to pay attention to related companies with stable cash flow and high dividend payout ratios.