Sou Hu Cai Jing·2025-11-03 02:48Core Viewpoint - The A-share market shows a mixed trend with the coal sector leading the gains, driven by a strong rebound in coal prices and positive market sentiment towards energy stocks [1][5]. Group 1: Market Performance - As of 10:01, the energy ETF (159930) surged over 3%, recovering from the previous day's losses with a trading volume exceeding 45 million yuan [1]. - Major coal and oil stocks, including Shaanxi Coal and China Shenhua, saw increases of over 4% and 2% respectively, indicating a broad-based rally in the energy sector [2][3]. Group 2: Price Dynamics - OPEC+ announced a pause in production increases for the first quarter of next year, which has positively impacted oil prices [5]. - Coal prices are experiencing a strong rebound due to tight supply and insufficient inventory ahead of the peak demand season [5]. - The price of thermal coal is expected to rise, with a target of around 750 yuan per ton by 2025, as the market moves towards a balance between coal and power generation profitability [6]. Group 3: Investment Logic - The coal sector is characterized by both cyclical elasticity and stable dividends, making it an attractive investment option as coal prices remain at historical lows [8]. - The energy sector is highlighted for its high dividend yields, with coal and oil sectors ranking among the top in terms of dividend rates [9]. - The energy ETF (159930) is noted for its low valuation (PB of 1.34), presenting a compelling opportunity for investors seeking to capitalize on the rebound in traditional energy stocks [10].