Guotai Hailong: Strategically bullish on thermal coal, domestic and international coal prices are expected to rise in resonance.

Guotai Haitong released a research report stating that from a global perspective, strategically bullish on thermal coal, the core of the bullish view on future demand is the unexpected increase, AI-driven significant increase in electricity demand is reversing the weak electricity consumption situation in developing countries, extreme weather is impacting the existing global power grid, and the trend is resonating positively both domestically and internationally. Looking at the annual output, it is expected that the national output in the second half of the year will decrease slightly compared to the previous year due to the impact of "overproduction inspection", with expected output of 23.5-24 billion tons, and total annual output of 47.5-48 billion tons, basically unchanged from the previous year, coupled with the decrease in certainty of imports, the overall supply is showing a downward trend.