Coal stocks mostly advanced, with China Shenhua (01088) rising 4.13% to HK$42.38 at the time of writing; Yankuang Energy (01171) gained 2.79% to HK$11.43; China Coal (01898) increased 2.55% to HK$11.28; and CHINA QINFA (00866) climbed 1.56% to HK$3.26. Shenwan Hongyuan's research report dated January 26 pointed out that on the demand side, a cold wave has arrived, leading to lower-than-average temperatures in central and eastern regions. According to the China Coal Market Network, the average daily dispatch volume from the four port areas around the Bohai Rim this week was 1.682 million tons, an increase of 142,000 tons from the previous week, representing a 9.19% rise week-on-week, but a 0.8% decrease year-on-year. As of January 23, port inventory stood at 26.28 million tons, a decrease of 906,000 tons from the previous week, down 3.33% week-on-week, but up 3.48% year-on-year. Heightened safety inspections are expected before the Spring Festival; looking ahead, cold air disruptions are anticipated to persist pre-holiday, with daily consumption likely to remain high, supporting thermal coal prices. Cinda Securities stated that, overall, against the backdrop of significant energy inflation, the bank believes the pattern of relatively tight coal supply and demand over the next 3-5 years remains unchanged. High-quality coal enterprises still possess attributes of high barriers, high cash flow, high dividends, and high yields. Combined with coal prices bottoming out, which drives a revaluation of the sector, investments in the sector offer both offensive and defensive characteristics with high cost-effectiveness. Following a recent pullback, the sector has already demonstrated substantial investment value, leading to another recommendation to focus on coal allocation opportunities at the current stage.