Everbright's research reports stated that the China Coal Industry Association and China Coal Distribution and Marketing Association will hold the 2025 National Coal Trade Fair in Rizhao City, Shandong Province from December 4th to 6th. This is the largest, highest-level, and most influential coal conference in the domestic coal industry. Prior to this, the National Development and Reform Commission issued the 'Notice on the Signing and Implementation of Medium- and Long-Term Coal Contracts in 2025', stipulating the task volume and performance supervision requirements of the medium- and long-term contracts in 2025, but did not involve information related to long-term benchmark prices. It is expected that more information related to the 2025 long-term benchmark prices will be disclosed before and after the conference.