煤炭开采行业研究简报：俄罗斯煤炭公司Mechel暂停库兹巴斯煤田生产

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [1] Core Views - The report highlights a shift in investment focus from capital expenditure-driven profit growth to prioritizing return on investment and free cash flow for shareholder returns [5] - Positive factors accumulating in the sector include better-than-expected Q3 performance from leading companies, stock buybacks, and a shift in market expectations towards stronger realities [5] - The report emphasizes the resilience of high-calorific coal prices despite fluctuations in the market [33] Summary by Sections Oil - Brent crude oil futures settled at $75.17 per barrel, up $4.13 (+5.81%) from the previous week [4] - WTI crude oil futures settled at $71.24 per barrel, up $4.22 (+6.30%) from the previous week [4] Natural Gas - Northeast Asia LNG spot price was $14.76 per million British thermal units, up $1.19 (+8.7%) from the previous week [4] - Dutch TTF natural gas futures settled at €46.85 per megawatt-hour, down €0.24 (-0.5%) from the previous week [4] Coal - European ARA port coal price (6000K) was $125.5 per ton, up $2.2 (+1.7%) from the previous week [4] - Newcastle port coal price (6000K) was $141.3 per ton, down $0.5 (-0.4%) from the previous week [4] - IPE South African Richards Bay coal futures settled at $112.3 per ton, up $0.3 (+0.3%) from the previous week [4] Key Stocks - China Qinfa (00866.HK) rated "Buy" with an EPS forecast of 0.06 for 2024 [8] - China Shenhua (601088.SH) rated "Buy" with an EPS forecast of 3.02 for 2024 [8] - Zhongmei Energy (601898.SH) rated "Buy" with an EPS forecast of 1.45 for 2024 [8] - Shanxi Coal International (600546.SH) rated "Overweight" with an EPS forecast of 1.49 for 2024 [8]