煤炭开采：英美资源以38亿美元成功出售焦煤资产于Peabody

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [1]. Core Views - The report highlights a significant transaction where Anglo American successfully sold its coking coal assets to Peabody for $3.78 billion, which is expected to nearly double Peabody's coking coal production within two years [3]. - The report emphasizes a shift in investment focus from capital expenditure-driven profit growth to prioritizing return on investment and free cash flow, indicating a potential revaluation of cyclical stocks [3]. - Several positive factors are accumulating in the sector, including better-than-expected Q3 performance from leading companies, stock buybacks, and a shift from "weak reality, strong expectations" to "strong reality, strong expectations" [3]. Summary by Sections Energy Prices Overview - As of November 29, 2024, Brent crude oil futures settled at $72.94 per barrel, down $2.23 (-2.97%) from the previous week, while WTI crude oil futures settled at $68.00 per barrel, down $3.24 (-4.55%) [3]. - Natural gas prices showed mixed trends, with Northeast Asia LNG spot prices at $14.93 per million British thermal units, up $0.16 (+1.1%) [3]. Coal Market Insights - The report notes that European ARA coal prices decreased by $6.8 to $118.7 per ton (-5.4%), while Newcastle coal prices increased slightly by $0.3 to $141.5 per ton (+0.2%) [3]. - The report identifies key companies to watch, including China Qinfa, China Shenhua, and Shanxi Coal, highlighting their strong performance and potential for recovery [3]. Investment Recommendations - The report recommends focusing on companies with strong earnings and recovery potential, specifically mentioning China Qinfa, China Shenhua, and others as key investment opportunities [3][6]. - The report also highlights the significance of stock buybacks, particularly noting Pingmei Shenhua's announcement of a share repurchase plan worth 500 million to 1 billion yuan, which exceeded market expectations [3].