Huatai Securities: Optimistic About the Coal Sector Benefiting from the Continued Outperformance of Thermal and Non-Thermal Coal Demand

On May 15, the domestic thermal coal price reached 835 yuan/ton. The outlook for coal is not only that the off-season remains stable, but it is also benefiting from sustained above-expectation demand for both thermal and non-thermal coal. By 2026, the price of thermal coal is expected to remain steady at a central value of 850 yuan/ton, and may break through the market-expected peak of 900 yuan/ton during the summer high season.