山西证券研究早观点-20251218

Core Insights - The report emphasizes the importance of the recent Central Economic Work Conference in guiding capital market reforms and highlights investment opportunities in the sector [4][10] - The coal industry shows a mixed performance with a month-on-month increase in coal prices, but overall supply and demand dynamics indicate a need for cautious optimism [9][11] Market Trends - Major indices displayed varied performance during the period from December 8 to December 14, with the Shanghai Composite Index decreasing by 0.34% and the ChiNext Index increasing by 2.74% [10] - The average daily trading volume in A-shares reached 1.95 trillion yuan, reflecting a 15.14% increase compared to the previous period [10] Industry Commentary - In November, coal supply showed a marginal decrease, with cumulative production reaching 4.402 billion tons, a year-on-year increase of 1.4%, but a month-on-month decrease of 0.5% [11] - Demand for coal remains weak, with fixed asset investment declining by 2.6% year-on-year, particularly in the real estate sector, which saw a significant drop of 15.9% [12] - Coal prices in November experienced an unexpected increase, with various types of coal showing different degrees of price rise compared to previous months [12] Investment Recommendations - The report suggests focusing on companies that may benefit from a recovery in profitability, particularly in the coal sector, as winter demand is expected to support prices [12] - Specific companies to watch include Shanxi Coal International, Jinko Coal Industry, and Huayang Co., among others, for potential investment opportunities [12]