“反内卷”重塑煤炭核心价值

Group 1 - The National Development and Reform Commission, along with five other departments, released guidelines to promote clean and efficient coal utilization, encouraging companies to upgrade existing projects and achieve benchmark levels for new coal development projects [1] - Companies are urged to systematically carry out clean and efficient utilization modifications for existing projects that fall below current benchmark levels, with a focus on reducing pollution and carbon emissions while phasing out outdated capacities and processes [1] - According to Xinda Securities, the coal sector possesses "anti-involution" characteristics and is yet to fully reflect profit recovery expectations, indicating that high-quality coal companies have strong dividend safety margins and potential for price increases and valuation recovery, presenting medium to long-term strategic investment opportunities [1] Group 2 - Kaiyuan Securities suggests that the coal sector is being reshaped by "anti-involution," showcasing both cyclical and dividend attributes, as geopolitical factors and dual carbon policies have weakened the traditional cyclical nature of coal [2] - In a context of weak economic performance and declining overall market yields, coal remains a recognized value asset due to its high dividend yield, making it a preferred investment choice [2] - The dual attributes of cyclical and dividend characteristics in coal are expected to position it as a top asset for market capital allocation, especially if policies and market adjustments lead to short-term supply-demand mismatches [2]