CITIC Securities: The coal sector is expected to enter a new round of rebound trend.

CITIC Securities research report stated that the probability of the El Nio phenomenon occurring has increased, which may lead to an increase in the number of hot summer days, benefiting domestic coal demand and possibly driving up India's demand for thermal coal, favoring global coal price expectations. We are optimistic about the performance of coal prices in Q2, even if the conflict in the Middle East eases, energy supply recovery will also take time, combined with the impact of climate factors, domestic and international coal prices may resonate in the later stage of Q2, and the effect of rising coal and chemical prices is also expected to be fully reflected in Q2. We believe that new catalysts for coal price expectations are gradually forming, and the sector is expected to enter a new round of rebound market.