ZHONGTAI SECURITIES·2026-03-07 09:31Investment Rating - The report maintains a rating of "Buy" for several key companies in the coal sector, including Shanxi Coking Coal, Lu'an Huanneng, Yanzhou Coal, and China Shenhua, while recommending "Hold" for Pingmei Shenma [5][8]. Core Insights - The report highlights the upward expectation of global energy prices, suggesting that investors should seize opportunities to increase positions during the seasonal price corrections in coal [1][8]. - The ongoing Middle East conflict is expected to indirectly boost international coal demand, which may support domestic coal prices despite the seasonal downturn [7][8]. - The report emphasizes that domestic coal supply is recovering, but the contribution from imported coal is diminishing, leading to a tighter supply situation [7][8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of 22,288.32 billion [2]. 2. Price Tracking - Domestic coal prices are expected to remain supported during the off-season due to external factors, including rising international coal demand driven by geopolitical tensions [7][8]. - As of March 6, 2026, the average price of power coal at the Qinhuangdao port was 749 RMB/ton, reflecting a week-on-week decrease of 7 RMB/ton but a year-on-year increase of 56 RMB/ton [8]. 3. Supply and Demand Dynamics - Domestic coal production is recovering, with daily port inflow reaching 2 million tons, while the Daqin Railway's transport volume has returned to full capacity [7][8]. - The report notes a significant decrease in Indonesian coal exports, which fell by 6.39% year-on-year in January 2026, indicating a tightening of global supply [7][8]. 4. Company Performance Tracking - The report tracks the operational performance of key companies, highlighting their dividend policies and growth prospects, with companies like China Shenhua and Yanzhou Coal showing strong dividend yields and stable growth [13][14]. - The report suggests that companies with robust dividend policies and growth potential, such as China Shenhua and Yanzhou Coal, are well-positioned for investment [13][14].