The prices of China's thermal coal/ coking coal were RMB680/ RMB1,280 per ton each YTD, a total decline of about 50% from 2022, according to BofA Securities' research report. The broker maintained a neutral view on the coal industry. Due to slowed supply growth and reduced coal imports, coupled with strong coal demand and support for thermal coal prices amid China's anti-involution trend, prices are estimated to stabilize in 2H25 through 2026. BofA Securities raised its 2025/ 2026 contract price forecasts to RMB670 per ton.Related NewsCHINA SHENHUA (01088.HK) Full-Year Net Profit RMB54.218 Billion, Down 8.9%; Final Dividend RMB1.03The broker raised its 2025-2027 earnings forecasts for CHINA SHENHUA (01088.HK) +0.280 (+0.605%) Short selling $174.43M; Ratio 133.672% by 7-29%, and lifted its target price from $32 to $38, with rating kept at Neutral. Moreover, BofA Securities raised its 2026/ 2027 earnings forecasts for YANKUANG ENERGY (01171.HK) +0.440 (+3.114%) Short selling $63.01M; Ratio 34.476% by 20-21%, and added its target price from $8 to $9, with rating reiterated at Underperform. The broker reaffirmed rating at Neutral for CHINA COAL (01898.HK) +0.490 (+3.740%) Short selling $12.09M; Ratio 14.864% , and lifted its target price from $8.5 to $11. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)
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