Group 1 - The core viewpoint indicates that the demand for thermal coal remains strong, leading to a continuous rise in prices, with expectations for further increases in the fourth quarter [1][2] - As of November 10, the reference prices for thermal coal in the Bohai Rim region are reported at 817, 725, and 633 CNY/ton for 5500K, 5000K, and 4500K grades respectively, showing daily increases of 8, 8, and 6 CNY/ton, but still lower year-on-year by 35, 28, and 28 CNY/ton [1] - The report from Zheshang Securities suggests that the coal price may reach 800 CNY/ton, with potential upward movement to 850 CNY/ton due to supply constraints and increased consumption during the winter peak [1] Group 2 - The tightening of supply in the coal industry is becoming a key investment theme, with expectations that the supply-demand imbalance will improve in the fourth quarter, leading to higher coal prices [2] - Companies with a high proportion of long-term contracts, such as Shenhua and China Coal, are expected to have stable performance, while undervalued stocks like Yanzhou Coal may see valuation recovery if coal prices continue to rebound [2] Group 3 - Related Hong Kong-listed coal companies include China Shenhua (01088), China Coal Energy (601898) (01898), Yanzhou Coal (01171), Yancoal Australia (03668), Power Development (01277), Yida Zong (01733), and China Qinfa (00866) [3]
动力煤持续创年内新高 煤炭企业盈利有保障（附概念股）
Zhi Tong Cai Jing·2025-11-11 00:30