According to the Finance and Economics App, coal stocks collectively fell, as of press time, China Coal Energy (01898) fell 5.4%, to HKD 9.29; Yancoal Australia (03668) fell 4.4%, to HKD 31.5; China Shenhua Energy (01088) fell 3.52%, to HKD 38.45; SouthGobi (01878) fell 3.24%, to HKD 3.58.

Shanxi Securities pointed out that last week's high temperature weather weakened and the thermal power load had limited support; non-electricity industries were in a relatively high inventory due to the backup in the previous stage, and the demand for coal increased incrementally, which was restricted. In addition, the increase in new energy and Southern hydropower also affected coal demand, and the rise in thermal coal prices was temporarily suspended. As for coking coal and coke, production site safety supervision continued; demand was affected by the expected changes in crude steel control and carbon reduction policies and the weak demand for steel in the off-season, as well as the high inventory of coal and coke in steel mills, which also affected the rise in prices of metallurgical coke and coking coal.

Guotai Junan stated that the reshaping of the valuation of the coal industry is in progress, reflecting not only the profound changes in the supply and demand structure of the coal industry and the gradual "public utility", but also the investment strategy of high dividend assets that are more favored by the market under the background of asset shortage and the downward trend of risk-free returns. The bank expects that the overall peak price of coal this summer will not exceed the highpoint of 950 yuan/ton after the 24th Spring Festival, and will still be lower than the average price of 957 yuan/ton in the strong electricity season of Q4 2023.