煤炭专题报告：煤炭红利价值演绎与套息交易

Investment Rating - The report maintains an "A" rating for the coal industry, indicating a positive outlook for investment in this sector [1]. Core Insights - The coal sector is experiencing a shift towards dividend stocks due to declining deposit rates, which enhances the appeal of coal stocks as defensive investments. The high dividend yield of coal companies remains attractive despite a slight decrease in yield levels [1][9]. - The internal mechanism for interest arbitrage in coal companies is driven by their dividend rates consistently exceeding external financing costs, making them a preferred choice for investors seeking stable returns [1][21]. - The introduction of new financial tools, such as stock repurchase loans, is expected to deepen interest arbitrage opportunities and enhance the dividend value of coal stocks [1][33]. Summary by Sections 1. Coal Dividend Value Interpretation and Outlook - The decline in deposit rates has led to a shift in funds towards dividend stocks, with coal stocks showing strong defensive characteristics [1][9]. - The coal sector's dividend yield remains the highest across industries, with a static yield of 5.81% as of July 2024, significantly above the market average of 2.65% [22][23]. - The report emphasizes the importance of capturing high dividend trading trajectories in coal stocks, distinguishing between cyclical and high-dividend trading patterns [14][15]. 2. Internal Interest Arbitrage Mechanism - The formation of the internal interest arbitrage mechanism in coal companies is attributed to their dividend rates being higher than external financing costs, encouraging major shareholders to increase their stakes [21][25]. - The report highlights that coal companies have maintained a strong dividend capability and willingness, supported by a low average debt ratio due to years of deleveraging [22][31]. 3. Increasing Arbitrage Methods and Enhanced Dividend Value - The implementation of stock repurchase loans and other financial tools is expected to provide significant arbitrage opportunities for coal companies, indirectly benefiting their stock prices [33][34]. - The report suggests that coal companies with stable high dividends and those with high elasticity in dividend yields should be prioritized for investment [1][33].