Workflow
煤炭周报:红利价值不改,把握低位布局-2025-03-30
Tebon Securities·2025-03-30 05:47

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal industry is expected to benefit from a recovery in demand and price stabilization, with a focus on the coal-coke-steel value chain [4][5] - The report highlights the potential for price rebounds in coal and coke due to macroeconomic improvements and government policies aimed at boosting domestic demand [4][5] Summary by Sections 1. Industry Data Tracking - Price Analysis: The price of thermal coal has decreased, while coking coal prices remain stable. As of March 28, 2025, the Qinhuangdao Q5500 thermal coal price is 665 CNY/ton, down 6 CNY/ton (-0.89%) from the previous week [9][10] - Supply and Demand Analysis: There has been an increase in railway input volumes, with Qinhuangdao port's railway input rising by 7.44% to 524,000 tons [36][39] - Inventory Analysis: Total coal inventory at major ports has decreased, with southern ports showing a reduction of 2.21% [44][47] 2. Market Performance - The coal sector has outperformed the broader market, with a decline of only 0.1% compared to a 0.4% drop in the Shanghai Composite Index [59] 3. Recent Important Events - The report notes significant developments in the coal sector, including the initiation of a new round of coal mine auctions in India aimed at increasing production capacity [68]