Most coal stocks posted gains, with MONGOL MINING (00975) surging 10.03% to HK$13.6 as of press time; SHOUGANG RES (00639) climbing 5.28% to HK$2.99; CHINA QINFA (00866) advancing 4.47% to HK$3.04; YANCOAL AUS (03668) rising 1.96% to HK$28.04; and CHINA COAL (01898) gaining 1.8% to HK$10.2.

Guosen Securities released a research report stating that after coal prices rebound in the second half of 2025, coal companies' profits are expected to improve with fourth-quarter coal prices showing upward elasticity. Combined with the coal sector's notably weaker performance compared to other sectors following the current market recovery, and with a clear bottom established, the firm is optimistic about a fourth-quarter sector rebound. Post-holiday coal prices quickly stabilized and rebounded, reflecting continuously strengthening expectations of supply tightening, lifting the coal price floor, with peak season demand release potentially opening upward price momentum.

Datong Securities noted that for thermal coal, continuous rainy weather during and after the holidays affected coal supply, while Daqin Railway maintenance, terminal winter stockpiling initiation, and advancing non-electric coal peak season are expected to jointly support stronger coal prices in the short term. For coking coal, downstream molten iron production remains at high levels, but coking enterprises lack confidence in further price increases and mostly maintain a wait-and-see approach. Combined with October still being peak demand season and total coal-coke-steel inventories at relatively low levels, coal prices still have support. In the short term, coking coal is expected to continue its consolidation trend.