Guotai Junan: The central price of coal in 2025 will remain stable, and the clarity of leading enterprise profitability will continue to increase.

Jinshi News on December 5th, Guotai Junan Securities research report believes that looking ahead to 2025, ‘steady state’ is still the key word for the coal industry, and coal prices have a bottom and are not afraid of marginal supply and demand weakening slightly. It is estimated that the coal supply will be slightly higher than demand by about 1.2% in 2025, slightly higher than 0.9% in 2024. The central coal price may have a slight downward trend, with a clear bottom of 800 yuan/ton and still strong certainty. The investment strategy of dividends is still the core of the zone, and the clarity and predictability of leading companies’ profits will continue to increase in 2025; under the background of the expected increase in policy, the coke zone is the core.