Coal-related stocks in Hong Kong experienced a widespread decline. At the time of writing, CHINA QINFA (00866) fell 6.29% to HKD 1.64, YANKUANG ENERGY (01171) dropped 4.6% to HKD 13.91, CHINA COAL (01898) decreased 3.01% to HKD 12.1, and CHINA SHENHUA (01088) slipped 0.56% to HKD 45.9.

On the news front, a coal mine accident in Shanxi on May 22 led to widespread shutdowns of coking coal mines in the province, sparking market expectations of tightened coking coal supply and driving coking coal and coke futures prices higher for two consecutive weeks. However, the Shaanxi Provincial Development and Reform Commission recently issued a "Notice on Ensuring Energy Supply for the 2026 Summer Peak," which directly reversed the previous expectation of supply contraction, causing near-month contracts for coking coal and coke to hit limit-down at one point.

A research report from Cinda Securities stated that the supply-demand dynamic in the coal market is tightening, with ample room for upward price flexibility. The report anticipates that after a short-term consolidation, coal prices are expected to resume their upward trend. It is particularly emphasized that the core long-term impact of the Shanxi Qinyuan mine accident on the domestic coal market is not the short-term price volatility, but rather the long-term constraints it places on the release of effective domestic coal production capacity. This further limits the supply elasticity of coal capacity, especially for underground mines, thereby solidifying the certainty and sustainability of medium to long-term coal prices remaining at medium to high levels. Consequently, the long-term investment value of high-quality coal enterprises has become more robust.