CITIC Securities: Coal industry's performance significantly improved in the third quarter compared to the previous quarter, and the market trend in the fourth quarter may be sustainable.

The report by CITIC Securities stated that among the sampled coal listed companies, the net profit in the third quarter of 2025 increased by approximately 22% compared to the previous quarter, and the year-on-year decrease in the first three quarters was about 29%. In terms of quarter-on-quarter performance, the performance of thermal coal and anthracite companies improved significantly, but the performance of coking coal companies is still declining. Since the fourth quarter, the early release of winter storage demand has driven coal prices to perform better than expected. As the peak season deepens, the industry may still face a phase of supply tightness, with coal prices in the fourth quarter potentially increasing by over 15% compared to the previous quarter. Currently, the policies, coal prices, and performance expectations of the sector are all improving, and the sector's fourth quarter market performance is sustainable.