煤炭行业专题研究：煤炭行业概况及河南发展现状

Investment Rating - The report gives the coal industry an investment rating of "Outperform the Market" [13]. Core Viewpoints - China's coal reserves rank fourth globally, accounting for 13.30% of the world's proven reserves, with significant concentration in Shanxi, Inner Mongolia, Xinjiang, and Shaanxi provinces [4][22]. - The coal industry is undergoing a deep transformation towards green, clean, and intelligent development, with policies aimed at promoting efficient utilization, ecological protection, and enhancing production efficiency through smart technologies [5][24]. - Coal will maintain its status as China's primary energy source for a considerable time, with consumption expected to peak in 2028, followed by a plateau period until 2037 [6][31]. - The coal sector in Henan province is crucial, with a projected production of 10.4 million tons in 2024, although its national share is declining from 5.94% in 2011 to 2.18% [7][11]. Summary by Sections 1. Overview of China's Coal Resources - China's coal reserves are ranked fourth globally, with a total of 2,185.70 billion tons as of the end of 2023, reflecting a 5.6% increase from 2022 [20][21]. - The concentration of coal resources is high, with Shanxi, Inner Mongolia, Xinjiang, and Shaanxi provinces accounting for 73.77% of the total reserves [22]. 2. Current State of the Coal Industry - The coal industry is experiencing a new upturn since 2020, with production expected to grow by 1.3% in 2024, reaching 4.76 billion tons [6][31]. - The demand for coal is supported by electricity, chemical, and construction sectors, despite rising mining and transportation costs [6]. 3. Henan Province Coal Industry - Henan is one of the 14 major coal bases in China, with significant companies like Henan Energy Group and China Pingmei Shenma Group [7]. - The province faces challenges such as insufficient backup resources and uneven geographical distribution, leading to a decline in coal production share [7][11]. 4. Characteristics of the Coal Sector - The coal sector is characterized by low valuations and high dividend yields, with an average yield of 6.41% as of February 7, 2025 [12]. - Major coal companies exhibit stable performance and high return on equity, supported by long-term contracts to stabilize prices [12]. 5. Investment Recommendations - The report suggests focusing on large coal enterprises with high dividend yields and stable performance, as the sector presents good opportunities for low-cost entry during price adjustments [13].