山西证券：研究早观点-20241126

Market Trends - The coal supply has continued to recover, with October coal production reaching 412 million tons, a year-on-year increase of 4.60% [20][21] - Manufacturing investment remains high, with fixed asset investment growing by 3.4% year-on-year in the first ten months of 2024, and manufacturing investment increasing by 9.30% [21] - The average price of thermal coal in October was 865 RMB/ton, a year-on-year decrease of 14.68% but a month-on-month increase of 0.64% [24] Industry Insights - The solar energy sector saw a significant increase in new installations, with October's new capacity growing by 49.9% year-on-year, totaling 20.4 GW [53][57] - The inverter export value in October increased by 17.0% year-on-year, indicating a strong demand for solar technology [53] - The coal industry is expected to maintain a high price level due to seasonal demand increases and stable economic policies [34][26] Investment Recommendations - The report suggests focusing on high-dividend stocks in the coal sector, particularly companies like China Shenhua and Shanxi Coal International, which have strong fundamentals and recovery potential [26][52] - In the solar sector, companies such as LONGi Green Energy and Aiko Solar are recommended due to their leading positions and growth prospects in the photovoltaic market [57] - The report highlights the importance of monitoring the coal supply chain and potential impacts from international coal prices and domestic demand fluctuations [34][52]