According to a research report released by Huafu Securities, it is expected that coal supply will decline in 2026, thermal power is expected to improve marginally, non-electricity will stabilize, and the overall coal economy will improve. In terms of coal prices, the central price of thermal coal is expected to rise to 770 yuan in 2026; the bottom of the central price of coking coal is stabilizing, and flexibility is focused on improving demand. It is recommended to focus on: leading enterprises with strong resource endowments, proper cost control, and a high long-term cooperation ratio; benefiting from improving flexible targets in coal prices; coking coal benefits from countercyclical and cross-cycle adjustment policies, and long-term resource scarcity is strong.

According to a research report released by Huafu Securities, it is expected that coal supply will decline in 2026, thermal power is expected to improve marginally, non-electricity will stabilize, and the overall coal economy will improve. In terms of coal prices, the central price of thermal coal is expected to rise to 770 yuan in 2026; the bottom of the central price of coking coal is stabilizing, and flexibility is focused on improving demand. It is recommended to focus on: leading enterprises with strong resource endowments, proper cost control, and a high long-term cooperation ratio; benefiting from improving flexible targets in coal prices; coking coal benefits from countercyclical and cross-cycle adjustment policies, and long-term resource scarcity is strong.