GTJA stated that in 2024, amidst increasing downward pressure on overall demand, coal prices have demonstrated unexpected price resilience, reflecting the stability of supply and demand. Looking ahead to 2025, the overall price range of thermal coal may further narrow, maintaining the investment strategy for dividends; while in the coking coal sector, the industry's bottom in 2024 has been confirmed, with downstream steel demand expected to recover in 2025 due to policy incentives, making coking coal potentially the most elastic variety in the coal-to-coke-to-steel industry chain. Shanxi research reports indicate that looking ahead, with intensified efforts in the fourth quarter for stable economic policies and combined with heating demands, it is anticipated that there is still room for growth in industrial electricity consumption and non-electric coal demands. (Securities Times)