煤炭行业周报：煤价反弹与财政发力，否极泰来重视煤炭配置价值

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Viewpoints - The report emphasizes the rebound in coal prices and the impact of fiscal policies, highlighting the value of coal asset allocation [4][5] - The coal market is expected to stabilize and rebound due to improved demand and supply dynamics, supported by government policies and fiscal measures [4][5] - The report identifies a "Coal Golden Era 2.0," suggesting that coal stocks are poised for a resurgence in value [5][11] Summary by Sections Investment Logic - The current economic environment is weak domestically, while international factors such as U.S. tariff policies and interest rate cuts are influencing the coal market positively [5][11] - Coal stocks are seen as stable dividend investments, with insurance funds beginning new allocations in the sector [5][11] - The report anticipates a rebound in both thermal and coking coal prices following the March Two Sessions, with demand expected to rise as policies are implemented [5][11] Key Indicators - The coal sector experienced a slight increase of 0.45% this week, underperforming the CSI 300 index by 0.94 percentage points [9] - The current PE ratio for the coal sector is 10.8, and the PB ratio is 1.18, indicating relatively low valuations compared to other sectors [9][11] Coal Price Trends - Recent coal price movements show a rebound after a period of decline, with specific price increases noted for various coal grades [4][17] - The report highlights the importance of long-term contract pricing mechanisms in stabilizing coal prices [4][5] Company Performance - Several coal companies are expected to benefit from the anticipated market recovery, with specific stocks identified for their dividend potential and cyclical recovery [5][11] - The report lists key coal companies and their projected earnings, emphasizing their strong dividend policies and market positions [14][11]