山西证券研究早观点-20250527

Market Overview - The domestic market indices showed slight declines, with the Shanghai Composite Index closing at 3,346.84, down 0.05% [4] - The coal sector experienced a rebound, outperforming major indices, with the CITIC Coal Index rising by 0.98% [8] Coal Industry Insights - The coal production remains stable, with a slight increase in demand due to rising temperatures in northern regions, while southern regions experience increased hydropower output [6] - As of May 23, the spot price of thermal coal in the Bohai Rim was 620 RMB/ton, reflecting a weekly decrease of 1.43% [6] - The metallurgical coal sector is seeing a potential uplift in demand, with production levels stable and expectations for improved demand due to recent monetary policy easing [6][9] Solar Energy Sector - In April 2025, the domestic solar photovoltaic (PV) installations reached 45.2 GW, marking a year-on-year increase of 214.7% and a month-on-month increase of 123.4% [11] - The inverter export value in April was 5.82 billion RMB, showing a year-on-year increase of 17.9% [13] - The solar power generation in April increased by 16.7% year-on-year, contributing to 6.29% of the total industrial power generation [13] Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with low non-coal business ratios such as Xinjie Energy and Huahua Energy [9][19] - Companies with significant non-coal business ratios like Shaanxi Energy and Electric Power Investment Energy are also highlighted as undervalued [9][19] - The report emphasizes the attractiveness of high dividend yield stocks, recommending China Shenhua and Shaanxi Coal and Chemical Industry for stable high dividend yields, while Huabei Mining and Pingmei Shenma are suggested for high elasticity in dividends [9][19]