Recently, coke futures and spot prices have continued to rise. According to data from the Business News Agency, as of August 20, the benchmark price of coke reached 1868.75 yuan/ton, up 11.40% from May 20; in terms of futures, the main coke 2701 contract has continued to rise since August, with a cumulative increase of 12.85%. Coking coal has also seen significant gains recently. According to data from the Business News Agency, the price of coking coal on August 18 was 1923.75 yuan/ton, up 23.42% from May 18; in terms of futures, the 2701 main contract for coking coal has increased by 18.99% since August. On the demand side, in the first half of this year, the country's electricity demand maintained a vigorous growth trend. The computing power, charging and switching industries developed rapidly, compounded by continued high temperatures, and the electricity consumption growth rate of the whole society accelerated. According to the Securities Times and Databao statistics, as of August 20, 22 listed coal companies have disclosed announcements related to their 2026 semi-annual results. Calculated in the order of net profit in the semi-annual report and the lower limit of the performance forecast, 3 companies turned losses into profits, 6 reduced losses year on year, and 6 achieved a year-on-year increase in net profit, with a happy news ratio of nearly 70%. Among the 3 companies that turned losses into profits, Gansu Energy had the highest net profit. The company expects to achieve net profit of 166 million yuan to mother, mainly due to the year-on-year increase in the average price of coal sales. Judging from the valuation perspective, out of the 15 coal stocks mentioned above, the latest net market ratio of 4 shares is less than 1 times, and is in a “broken” state, including Shanxi Coking, Orchid Science and Technology, Gansu Energy, and Hengyuan Coal and Electricity. The latest net market ratios are 0.6 times, 0.71 times, 0.84 times, and 0.9 times, respectively.

Recently, coke futures and spot prices have continued to rise. According to data from the Business News Agency, as of August 20, the benchmark price of coke reached 1868.75 yuan/ton, up 11.40% from May 20; in terms of futures, the main coke 2701 contract has continued to rise since August, with a cumulative increase of 12.85%. Coking coal has also seen significant gains recently. According to data from the Business News Agency, the price of coking coal on August 18 was 1923.75 yuan/ton, up 23.42% from May 18; in terms of futures, the 2701 main contract for coking coal has increased by 18.99% since August. On the demand side, in the first half of this year, the country's electricity demand maintained a vigorous growth trend. The computing power, charging and switching industries developed rapidly, compounded by continued high temperatures, and the electricity consumption growth rate of the whole society accelerated. According to the Securities Times and Databao statistics, as of August 20, 22 listed coal companies have disclosed announcements related to their 2026 semi-annual results. Calculated in the order of net profit in the semi-annual report and the lower limit of the performance forecast, 3 companies turned losses into profits, 6 reduced losses year on year, and 6 achieved a year-on-year increase in net profit, with a happy news ratio of nearly 70%. Among the 3 companies that turned losses into profits, Gansu Energy had the highest net profit. The company expects to achieve net profit of 166 million yuan to mother, mainly due to the year-on-year increase in the average price of coal sales. Judging from the valuation perspective, out of the 15 coal stocks mentioned above, the latest net market ratio of 4 shares is less than 1 times, and is in a “broken” state, including Shanxi Coking, Orchid Science and Technology, Gansu Energy, and Hengyuan Coal and Electricity. The latest net market ratios are 0.6 times, 0.71 times, 0.84 times, and 0.9 times, respectively.