According to the CITIC Construction Investment Research Report, the National Bureau of Statistics and the National Energy Administration recently revealed that 60.64 million tons of coal were imported from January to February, an increase of 70.8% over the previous month, and the growth rate was 70.9 percentage points faster than the previous month. Coal imports rose sharply at the beginning of the year, mainly due to falling overseas coal prices spurring a recovery in import demand. Recently, the Ministry of Commerce stated at a press conference that China implements automatic licensing management for coal imports, and automatic coal licenses can be applied for normally. We judge that Australia's coal imports will continue to recover in the future, effectively complementing China's imported coal supply side. Gradual easing on the supply side of imported coal is expected, on the one hand, to force domestic coal prices to fall, and on the other hand, it is expected to reduce comprehensive coal costs for domestic coastal thermal power plants.