ZHESHANG SECURITIES·2025-03-30 14:32Investment Rating - The report rates the coal industry as "Positive" [1] Core Viewpoints - The coal sector has seen a decline, underperforming the CSI 300 index, with a weekly drop of 0.13% compared to a 0.01% increase in the index [3] - Key coal mines reported an increase in weekly supply, with average daily sales of 7.19 million tons, a 0.2% week-on-week increase and a 2.3% year-on-year increase [3] - The report anticipates a rebound in coal prices due to declining supply and seasonal demand increases, maintaining a "Positive" industry rating [6] Summary by Sections Industry Market Performance Review - The coal industry has underperformed, with a year-to-date decline of 10.03%, lagging behind the CSI 300 index by 9.53 percentage points [25] - The overall price-to-earnings ratio (TTM) for the coal sector is 10.66, reflecting a 0.25 increase from the previous week [25] - Among 37 coal stocks, only 8 saw price increases, with China Shenhua leading at a 3.3% rise [26] Supply and Demand Dynamics - The total coal inventory of monitored enterprises is 35.55 million tons, a 0.3% decrease week-on-week and a 41% increase year-on-year [3][9] - Cumulative coal sales for the year are 583.82 million tons, reflecting a 4.9% year-on-year decline [9] - The report highlights a 19.2% year-on-year increase in chemical industry coal consumption, while power and chemical industries show mixed trends [3][9] Price Trends - The price of thermal coal (Q5500K) is reported at 685 CNY/ton, a 0.15% decrease week-on-week [4] - The price of coking coal remains stable at 1,400 CNY/ton, with no change from the previous week [4] - The report notes fluctuations in chemical product prices, with methanol prices in East China dropping by 18.41 CNY/ton [5] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies such as China Shenhua, Shaanxi Coal and Energy, and China Coal Energy [6] - It also recommends attention to coking coal companies like Huaibei Mining and Lu'an Environmental Energy, as well as coking companies with improved profits like Jinneng Technology and Meijin Energy [6]