Core Viewpoint - The recent strong performance of the coal sector is attributed to the repricing of high-dividend assets rather than a return to "re-inflation trading" [2][4] - The market is currently prioritizing dividend returns over cyclical resilience, leading to a defensive allocation strategy [1][2] Group 1: Market Dynamics - The coal stocks have seen a significant increase in attractiveness due to high dividend yields, with the industry average expected to exceed 5% in 2024, and some leading companies reaching over 10% [3] - The low-risk interest rate environment and stable bond market have enhanced the appeal of coal stocks as a substitute for traditional fixed-income investments [3] Group 2: Policy Impact - Recent policies, including the strengthening of social security contributions and the revitalization of state-owned assets, have reinforced the market's preference for high-dividend assets [4] - The social security policy aims to stabilize costs for companies, particularly small manufacturers, while the revitalization of state-owned real estate is intended to improve fiscal conditions and liquidity [4] Group 3: Investment Strategy - The company maintains a strategy of combining offensive and defensive approaches, focusing on sectors like technology (AI, robotics, computing power) while also emphasizing high-dividend assets in the Hong Kong market [1][2]
中泰证券:煤炭股趋势上涨是否代表“再通胀交易”回归?