CITIC Securities forecasts 27% QoQ profit growth for coal firms in Q3 2026

This is a sell-side call, not reported earnings, so its weight rests on CITIC's read of supply dynamics rather than on realized results. The distinction between coking coal and anthracite outperforming thermal coal points to a steel-demand story rather than a broad commodity rally, which matters for how the read-through is applied across the sector. The claim that supply-guarantee policies will not quickly reverse tightness is the load-bearing assumption behind the fourth-quarter price view. Whether that holds as policy layers accumulate is the open question.