KAIYUAN SECURITIES·2025-06-08 04:56Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The coal sector is entering a "Golden Era 2.0," with core value assets expected to rise again. The current weak domestic economy and external pressures, such as tariffs from the Trump administration, along with a downward trend in interest rates, make coal a stable dividend investment. Insurance funds have begun new allocations in coal and other dividend sectors, which are perceived as low-risk due to state-owned backgrounds [4][12]. - The coal market is expected to stabilize and rebound as supply-demand fundamentals improve. Both thermal and coking coal prices are at low levels, with potential for upward movement following the implementation of macroeconomic policies and the upcoming construction season in 2025 [4][12]. - The coal sector is likely to see a renewed investment focus due to supportive macro policies and capital market initiatives. High dividend payouts have become a trend, with several listed coal companies announcing mid-term dividend plans, indicating a positive shift in market sentiment [4][12]. Summary by Sections 1. Investment Logic - The coal sector is viewed as a stable dividend investment due to weak domestic economic performance and favorable macroeconomic conditions. Insurance funds are starting new allocations in coal, which is seen as a low-risk investment [4][12]. 2. Key Indicators Overview - The coal sector experienced a slight decline of 0.5% this week, underperforming the CSI 300 index by 1.38 percentage points. The sector's PE ratio is 11.81, and the PB ratio is 1.18, ranking low among all A-share industries [7][9]. 3. Thermal Coal Industry Chain - As of June 6, the Qinhuangdao port price for Q5500 thermal coal is 609 CNY/ton, a slight decrease of 0.33%. The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.3%, with a minor decline [3][15]. - The inventory at ports in the Bohai Rim has decreased to 29.31 million tons, down 4.1% from the previous week, indicating a continued trend of inventory reduction [3][15]. 4. Coking Coal Industry Chain - The price for main coking coal at the Jing Tang port remains stable at 1270 CNY/ton. However, the market is facing potential supply disruptions due to political changes in Mongolia and domestic cost pressures [3][16]. - The average daily iron output remains above 240 CNY/ton, indicating resilient demand for coking coal despite pressures from the steel industry [3][16]. 5. Company Announcements - Several coal companies have announced plans for stock buybacks and increased shareholder holdings, signaling confidence in the sector's valuation and potential for price appreciation [4][12]. 6. Selected Coal Stocks - Key stocks to watch include China Shenhua, Shaanxi Coal, and China Coal Energy for dividend potential; Pingmei Shenma and Huabei Mining for cyclical logic; and Guanghui Energy and Xinjie Energy for growth potential [4][12].