According to the Guojin Securities Research Report, in the third quarter of 2026, coal sector profit increased 19.8% year on year, gross profit per ton of coal increased 27% month-on-month, operating cash flow increased 32.9%, and ROE recovered moderately. Supply flexibility is limited under safety supervision, and winter storage of thermal coal plus low inventory supports price increases; coking coal is supported by slow resumption of production and low levels of Mongolian coal, but steel mill profits are under pressure to suppress increases. Coal prices rose in the fourth quarter, profit and dividend sustainability increased, and dividend attributes deepened to support value revaluation.

According to the Guojin Securities Research Report, in the third quarter of 2026, coal sector profit increased 19.8% year on year, gross profit per ton of coal increased 27% month-on-month, operating cash flow increased 32.9%, and ROE recovered moderately. Supply flexibility is limited under safety supervision, and winter storage of thermal coal plus low inventory supports price increases; coking coal is supported by slow resumption of production and low levels of Mongolian coal, but steel mill profits are under pressure to suppress increases. Coal prices rose in the fourth quarter, profit and dividend sustainability increased, and dividend attributes deepened to support value revaluation.