BOCI has issued a research report reducing its 2025 full-year spot coal price forecast by 4% in light of the worse-than-expected 2Q25 price levels, even though the current market expectations of relatively low domestic port coal inventory levels could shore up spot thermal coal prices in the winter.Believing that the current valuation levels of China's coal sector lack appeal, BOCI has kept the Neutral rating unchanged for the industry. It has also downgraded CHINA COAL (01898.HK) +0.350 (+3.676%) Short selling $41.54M; Ratio 14.097% 's rating to Sell, as the company may record negative free cash flow this year, and its management seems unwilling to increase the dividend payout ratio. The company's target price has been cut from HKD7.39 to HKD7.21.Related NewsHSBC Research Lifts CHINA SHENHUA (01088.HK) TP to $27, Keeps Rating at UnderweightIn contrast, BOCI continued to rate CHINA SHENHUA (01088.HK) +0.540 (+1.424%) Short selling $91.58M; Ratio 17.385% as Hold and lifted its target price from HKD32.18 to HKD39.48, given its resilient profitability shown in its interim results. The company also logged the smallest decline in unit profit for the coal business during 1H25 when coal prices fell.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-19 16:25.)