Hong Kong-listed coal stocks saw broad gains in early trading, with CHINA SHENHUA (01088.HK) jumping as much as 6% to hit a fresh all-time high. Other notable gainers included Yancoal Australia (03668.HK), up 3.8%, and China Coal Energy (01898.HK) as well as Lilaite Development (01277.HK), both rising over 2%.

Analysts from Guotai Junan Securities noted that the coal sector had bottomed out in Q2 2025, with supply-demand dynamics showing clear signs of reversal after full risk release. Since the rally began on September 15, thermal coal prices have exceeded 770 yuan/ton as of last Friday, surpassing expectations due to multiple favorable factors.

Guosen Securities added that while coal companies faced profit pressures amid earlier price declines through mid-2024, the sector is poised for recovery. With coal prices rebounding in H2 2025 and expected upward momentum in Q4, coupled with the sector's current undervaluation relative to broader market gains, analysts anticipate a strong coal stock rebound this quarter.