CSEC,China Shenhua(01088) 中金在线·2024-01-30 09:30Core Viewpoint - Despite a decline in the A-share market, China Shenhua (601088.SH), a coal stock, saw a slight increase, closing at 35.76 yuan per share, surpassing the market value of leading new energy company CATL (300750.SZ) [1] Group 1: Company Performance - As of January 29, China Shenhua's stock price reached a new high of 36.03 yuan per share, the highest since early 2008 [1] - In 2024, China Shenhua's A-share market value increased by over 70 billion yuan [1] - The company has been favored by investors, likely due to the recent coal market trends [1] Group 2: Industry Trends - In 2023, China's coal production growth slowed significantly due to reduced new capacity, frequent safety incidents, and stricter regulations [1] - National coal production in 2023 was 4.66 billion tons, a year-on-year increase of 2.9% [1] - The coal price peaked at around 1,050 yuan per ton in mid-October 2023, before stabilizing between 900-980 yuan per ton [1] Group 3: Market Dynamics - The Shenyin & Wanguo coal index (801950) rebounded with a 14.19% increase over four months since September 2023 [1] - Coal imports surged to 474 million tons in 2023, with thermal coal accounting for approximately 370 million tons, an increase of 140 million tons year-on-year [1] - The coal sector's dividend yield reached 8.07% in 2023, the highest since 2015, with China Shenhua's dividend yields from 2020 to 2022 being 10.05%, 11.28%, and 9.23% respectively [1] Group 4: Regulatory Environment - The State-owned Assets Supervision and Administration Commission (SASAC) announced plans to incorporate market value management into the performance assessment of central enterprise leaders [1] - China Shenhua expressed commitment to actively implement the requirements of the market value management assessment [2]