煤炭与消费用燃料行业周报：煤炭会否重现去年今时红利驱动行情？

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [5]. Core Viewpoints - The recent decline in the ten-year treasury yield below 2% has reignited market interest in dividend stocks, particularly in the coal sector, which has shown significant rebound [5][19]. - The coal sector's performance has been strong, with a notable increase since November 2023, outperforming the broader market until March 2024. The report suggests that coal may replicate last year's dividend-driven rally due to favorable market conditions [5][19]. - Current coal valuations do not show significant premiums, and with the year-end adjustments, there is potential for a resurgence in coal prices driven by institutional and fixed-income investments [5][19]. Summary by Sections Weekly Tracking Summary - The coal index (Yangtze) increased by 5.47%, outperforming the CSI 300 index by 4.02 percentage points. The thermal coal price at Qinhuangdao port is 812 RMB/ton, down 6 RMB/ton week-on-week [19][30]. - The report highlights that the demand for coal is expected to rise due to cold weather, with daily coal consumption in 25 provinces increasing by 5.5% week-on-week [19][36]. Coal Supply and Price Situation - As of December 5, 2023, the supply of coal in 25 provinces was 600.6 million tons, up 7.1% from the previous week, while consumption was 589.9 million tons, also up 5.5% [36]. - The report notes that coal inventories are decreasing, with a total of 136.34 million tons available, which is a reduction of 0.5% week-on-week [36]. Focus on Key Companies - The report identifies key companies to watch, including China Shenhua, Shaanxi Coal, and China Coal Energy, which are expected to maintain stable earnings and high dividend yields [5][19]. - Companies with growth potential and cost reduction capabilities, such as Huayang Co., Yanzhou Coal, and Gansu Energy, are also highlighted as attractive investment opportunities [5][19].