Coal stocks gained ground during the morning session in Hong Kong. As of press time, YANKUANG ENERGY (01171) rose 3.98% to HK$10.97; YANCOAL AUS (03668) climbed 3.09% to HK$28; CHINA COAL (01898) increased 2% to HK$10.19; and CHINA SHENHUA (01088) advanced 1.68% to HK$40.06.

On the news front, on September 25, the State-owned Assets Supervision and Administration Commission convened a symposium with some state-owned enterprises on economic operations, focusing on stabilizing electricity prices, stabilizing coal prices, and preventing "involution-style" vicious competition.

Securities analysts noted that current thermal coal and coking coal prices remain at historically low levels, providing room for rebound. With supply-side policies to "check over-production" driving output contraction, and demand-side expectations for non-power coal demand recovery during the "Golden September and Silver October" peak season, coal supply-demand fundamentals are expected to continue improving, with both coal types possessing upward elasticity in pricing.

Securities research indicates that trade tensions between China and the US resurfaced on Friday evening, which may significantly impact A-share market sentiment again. Analysts believe that the resurgence of trade conflicts may lead to more intense style rotation demands that were already present due to high-low switching. Therefore, whether it's the defensive dividend attributes or coal stocks at low levels with clear fundamental inflection points, their attractiveness to the market may be substantially increasing.