Guangfa Securities: The performance of the coal industry in the fourth quarter is expected to continue to improve with coal prices.

Guangfa Securities pointed out that the overall stability of the coal industry's third-quarter report, and the fourth-quarter performance is expected to continue to improve with the coal price. Since the third quarter, the overall supply and demand of coal has been good, especially after the National Day market has shown strong performance. On the one hand, this is due to demand being better than expected, and on the other hand, the overall supply side has declined. It is expected that the coal price in the fourth quarter and 2026 will continue to be stable with a slight bias towards strength. With the market price going up, the profits of various companies are expected to continue to grow, and the sector's valuation and dividend yield advantages are obvious. In the medium to long term, coal demand is expected to maintain resilient growth, while the overall supply side is limited. The supply and demand of coal may continue to be slightly tight but balanced, and the central price of coal is expected to steadily increase, with the sector's valuation and dividend yield advantages being obvious.